Retirement Income Plan with TIAA-CREF

Your retirement plan through Lewis & Clark is an important part of your total compensation package. As a valued employee, we want to help you build a more financially secure future. Please see the questions below and the plan document (23 pgs) for more information about your retirement plan.

• How much does the College contribute towards my retirement?
• Who do I contact if I have questions?
• When can I start contributing toward my retirement?
• How much can I contribute toward my retirement in 2011?
• How do I make changes to my contributions?
• What are my investment options?
• How can I build and protect my retirement savings?
• What happens if I leave the College?
• Retirement Plan Investment Committee

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 How much does the College contribute towards my retirement?

9% of your monthly base salary with no employee match required (unless covered by a collective bargaining agreement that says otherwise). Even more amazing is that your retirement contributions are immediately fully vested. We are serious about our commitment to providing you with income during your retirement.

Who is eligible for the College’s contribution? You must be 21 years or older and a regular (not adjunct) faculty or staff member, who works at least 1000 hours or more per year.

When do I start receiving the College’s contribution? If you are a new employee, who did not come from another institution of higher education, the College will make its first contribution toward your Group Retirement Annuity (GRA) plan on the first day of the month following a year of service. For example, if your hire date is on September 8th, the College’s retirement contributions will begin on October 1st of the following year. However, if you can prove that you have completed 12 months of service in which you worked at least 1,000 hours with another institution of higher education within 6 months of starting your employment with Lewis & Clark College, you may be eligible to waive the one year waiting period. A letter from your former employer is required to document employment. Please see the Sample Eligibility Letter for more information. For more details on the College’s GRA plan, please see our Retirement Plan Policy.

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 How do I schedule a counseling session?

To schedule your appointment, please call TIAA-CREF at their special scheduling number, (800) 732-8353. Licensed representatives will be available to speak to you about your planning goals and needs via phone and, if you prefer to discuss these issues face-to-face, will be able to set up an appointment time that is convenient for you.

We also have a customized website for managing your TIAA-CREF accounts and scheduling Counseling Sessions with a TIAA-CREF Individual Consultant. Visit the site http://enroll.tiaa-cref.org/lclark/ any time from anywhere for information about TIAA-CREF and your investment choices, as well as access to retirement planning tools and more. To schedule a counseling session:

1. Go to http://enroll.tiaa-cref.org/lclark/
2. Click “Tools & Education”
3. On the right-hand side, under “Additional Information”, click “Consultations & Seminars”
4. “Login to your account” or Register for online access (a contract number will be required for registration, your contract number is located on your TIAA quarterly statements)
5. Once logged in use the calendar of available dates to schedule your one on one consultation.

Upcoming dates:

June 19 - 21

July 17 -19

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Who do I contact if I have additional questions?

Your 403(b) retirement plan is carried by the Teachers Insurance and Annuity Association (TIAA) and the College Retirement Equities Fund (CREF).

Please contact TIAA-CREF directly to:

• change your fund allocations.
• change your address.
• get a prospectus on an individual fund.
• transfer money from one retirement account into another.
• recieve some investment advice or retirement counseling.
• check on your online balance.
• change the beneficiary on your retirement account.
• get a pre-retirement illustration.

Do you have your online account?

It’s fast and easy to enroll and you can do so much online. Take a guided tour to find out more, then register for your online account.

TIAA-CREF Contact Info

Group #:	GRA: 101700 GSRA: 101701
Hours:	8:00 a.m. - 6:00 p.m. (ET)
Phone:	800-842-2776
Email:	Secure e-mail
Website:	www.tiaa-cref.org
Address:	TIAA-CREF P.O. Box 1259 Charlotte, NC 28201

Please contact HR at (503) 768-6235 or hr@lclark.edu to:

• check if you are eligible to participate in the retirement plan.
• learn more about how to enroll and make changes.
• request a retirement enrollment packet.
• learn about your voluntary limit for the year.
• make an appointment.

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 When can I start contributing toward my retirement?

You can start contributing toward your retirement the month following your hire date. All of our employees are welcome to participate, including our adjunct faculty and temporary employees.

We make it very easy for you to save by offering payroll deductions. Please get started by completing this Salary Reduction Form. Let us know how much you would like to save (either a dollar amount or a percentage), your tax preferences (pre-tax or post-tax), and your retirement contributions will be deducted into the College’s Supplemental Retirement Annuity (GSRA) 403(b) plan.

There is a minimum contribution of at least $200 per calendar year into the plan. For more details on your GRSA plan, please see our Supplemental Retirement Policy.

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 How much can I contribute toward my retirement in 2012?

The basic annual contribution limit based on IRC code 402(g) is $17,000 maximum for the calendar year 2012. The total amount you contribute into the College’s GRA and SRA plans cannot exceed this amount, unless you elect the catch-up provision listed below:

“Age 50” Rule:
IRC Section 414(v) allows individuals who are age 50 or older at the end of the calendar year to exceed the basic 402(g) contribution limit by an additional $5,500 in the year 2012.

Retirement Contribution Limits	2012	2011
403(b) Plan Elective Deferral Maximum	$17,000	$16,500
“Age 50” Rule: Catch-up Contribution	$5,500	$5,500

If you would like to contribute the maximum amount under the law, check the box on the salary reduction form as well as any additional catch-up contribution rules that apply to you and we will calculate the monthly deduction for you.

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 How do I make changes to my retirement contributions?

You can change your amount, start or stop your contribution at any time by completing a new Salary Reduction Form. You are not limited to making changes during the “open enrollment” period.

Your changes are not official until your completed salary reduction form is turned in to the HR Office. Please keep in mind that your changes may be delayed by one month when your form is not submitted before the payroll deadline for that month.

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 What are my investment options?

TIAA is a non-profit legal reserve insurance company that invests in a broadly diversified group of direct loans to business and industry, government and corporate bonds, and commercial mortgages and income-producing real estate. CREF is a separate, non-profit corporation which manages a diverse complement of variable annuities and Mutual Funds. These investment options cover the different styles and risk levels which help create a well balanced portfolio. Please see their website for more information about your investment choices and performance.

Simple Choice

TIAA-CREF’s Open Plan Solutions, introduced in March 2006, is a life cycle fund that can help simplify your retirement investing. Life cycle funds are alternative for those who don’t have the time, desire, or investment knowledge to research, create, and manage a well-diversified portfolio on their own. Each fund invests in a combination of well-established mutual funds, and is professionally managed to provide a consistent retirement investment strategy over time.

This may be a good decision for you if you want to make a single decision based on your projected retirement age and have your portfolios automatically rebalanced and adjusted as you get closer to retirement. Or, if you wish to manage your own asset allocation, you can choose to invest in a life cycle fund as a complement to your other investment options.

Would you like your contributions to be Pre-tax or Post-tax?

With your retirement funds you have the choice to contribute on a traditional pre-tax basis, on an after-tax basis, or a combination of the two as long as you don’t exceed the total IRS contribution limit for the year. In making this decision, you will want to consider what is best for your personal circumstances and savings goals.

Pre-tax: With a traditional pre-tax contribution, the money you invest is tax deductible, but the money you pull out at retirement will be taxed at the then-current rate.

After-tax: When you contribute on an after-tax basis your contributions will be taxed, but at retirement, your earnings can be withdrawn tax-free. You may want to contribute on an after tax basis if you wish to minimize taxable income upon retirement.

Combination: When you choose a combination, your money in an after-tax contribution is taxed at the front end, but your money in a traditional pre-tax contribution is taxed at the back end. This is another method that people use to diversify their retirement assets.

For more information please see this flyer from TIAA-CREF.

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 How can I build and protect my retirement savings?

Saving For Retirement Booklet (TIAA-CREF) - for tips to help you to take advantage of the power of compounding, maximizing your workplace savings, and some ideas on where to find the extra money to save.

Retirement Webinars (TIAA-CREF) - a great variety of educational topics to help you on your road to retirement.

Retirement Estimator (Social Security Administration) - a online retirement calculator designed to help people plan for retirement. The SSA’s Retirement Estimator automatically pulls information from a person’s actual Social Security earnings record.

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 What happens if I leave the College?

I am under age 59 1/2:

When you separate from the College and you are not age 59 1/2 or older, please call TIAA-CREF at 1-800-842-2776 to discuss your distribution options with a plan representative. You have a few options to manage the funds on your retirement accounts, they are:

1. Leave the funds with TIAA-CREF.
2. Roll the funds into an IRA.
3. Roll the funds into another tax-deferred retirement plan, such as a 403(b), 401(k) or 457(b).
4. Make a cash withdrawal within 120 days of your termination date. There will be a 10-12.5% penalty incurred and 20% withheld for federal taxes at the time of withdrawal. State income taxes would also be applicable

How do I roll over my retirement funds with LC?

Call TIAA-CREF at 1-800-842-2776 or go online to request a cash withdrawal form. Please complete the form and be sure to put the details of your new account with your new retirement plan information in the rollover section. You may skip the employer authorization section as the Human Resource Office has already updated your information with TIAA-CREF online. Return your form back to TIAA-CREF and they will work with your new retirement plan for the rest of the transfer.

I am planning to retire:

Congratulations on your upcoming retirement!

Please contact the Human Resource Office at 503-768-6235 or hr@lclark.edu to schedule an appointment. We are happy to speak with you about the details of your retirement benefits.  In advance of your meeting,  we recommend the following information for your review.

TIAA-CREF WebSeminar - Choosing Income: One Year Until Retirement
Living Well In Retirement - Resources & Tools

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 The Lewis & Clark College Retirement Plan Investment Committee

The Retirement Investment Committee serves in an advisory capacity to the Office of Human Resources in connection with the day-to-day administration of the retirement plan and the investment of the plan’s funds for the benefit of employees who participate. The Committee meets regularly, with assistance of outside investment experts, in order to evaluate the various investment options available to employees under the plan, and review overall plan administration to ensure compliance.

In general, the Committee has the responsibility to manage the operation and administration of the Plan.  The Committee’s specific duties include, but are not limited to, the following:

• Oversight of day-to-day Plan administration;
• Interpretation of Plan provisions;
• Development of procedures regarding the Plan’s administration;
• Selection, approval, and oversight of third-party service providers, such as recordkeepers, trustees, consultants, legal counsel, auditors, and others, who may or may not exercise discretionary authority over the Plan and who may or may not be considered “fiduciaries” under ERISA;
• Evaluation, selection and oversight of Plan investments; and
• Review of benefit claims and appeals.

Under ERISA, the Committee Members must discharge their duties:

• Solely in the interest of Plan participants and beneficiaries for the exclusive purpose of providing benefits and defraying reasonable costs of the Plan’s administration;
• With the care, skill, prudence and diligence under the circumstances that a prudent man acting in a like capacity and familiar with retirement plan matters would use in a similar situation; and
• In accordance with plan documents.

The Committee is comprised of George Battistel, Larry Brown, Mary Clare, Isaac Dixon, David Ellis, Brian King, Harry Schleeff, Tom Stephenson, Carl Vance, Erik Daley (Multhnomah Group) and Gina Gurgiolo (Multnomah Group).