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. Retirement funds are held by TIAA (Teachers Insurance and Annuity Association and College Retirement Equities Fund) and employees choose from among a variety of investment options. The full description of Lewis & Clark’s 403(b) retirement plan is available on the TIAA website or call 800-842-2776 to speak with a TIAA representative.
Employee Contributions (SRA):
- Contributions - All employees can contribute to this plan up to the annual IRS limit. The limit for 2018 is $18,500. If you are age 50 or above, you can contribute an additional $6,000.
- Eligibility - 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. New hires will be automatically enrolled in a 3% employee contribution to the plan and have 60 days to opt out if they do not wish to contribute.
Employer Contributions (GRA):
- Contributions - Each month, Lewis & Clark contributes 9% of your monthly base salary with no employee match required. The college’s contributions are immediately vested meaning that they belong to the individual regardless of whether or not he/she continues to work at Lewis & Clark
- Eligibility - 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 to participate in this benefit. There is a one year waiting period before Lewis & Clark will begin making contributions to your retirement account. This waiting period can be waived if a new employee was (1) employed for at least 1000 hours at an institution of higher education for a minimum of one year (2) within six months before the first day with Lewis & Clark and (3) the former employer made contributions to his/her retirement account. New employees must provide proof of participation in their former employer’s retirement plan within the first 30 days of employment Lewis & Clark.
- Policy - For more details on the College’s GRA plan, please see our Retirement Plan Policy.
FAQ & Tips
- Secure: your personal information is protected
- Convenient: enroll any time day or night
- Simple: step-by-step instructions and progress meter guide you through the process
TIAA Account Advisor for Lewis & Clark College: