TIAA-CREF Retirement Plan
Purpose: To provide eligible employees with annuity income during retirement.
Policy Statement: Eligible employees, defined as all employees except adjunct faculty, temporary employees or employees whose employment is incidental to their education program, may participate in the retirement plan the first of the month following one year of service, provided they are at least 21 years of age. A year of service is defined as 1000 hours in a 12-month period.
New employees who have completed at least one year of service with a minimum of 1000 hours at another institute of higher education within six (6) months of starting work at Lewis & Clark College may begin participation the first of the month following date of hire , provided they are at least 21 years of age.
Participants are subject to eligibility rules and receive benefits as outlined in the plan document, which may be amended during the plan year.
1. The Office of Human Resources will notify employees upon attainment of eligibility.
2. Participation in the retirement plan begins at the first of the month following the establishment of eligibility. Full participation enrollment may be delayed one month when enrollment forms are not submitted to Human Resources by the payroll deadline. Employees will be provided with assistance by Human Resource Office staff upon request.
3. Employees are not required to make contributions to the retirement plan in order to participate.
4. Participants may choose to make tax deferred contributions up to federally mandated limits for 403(b) plans.
5. Upon separation from the College, participants may choose to withdraw accumulated funds within plan guidelines; cash withdrawals are subject to income taxes and tax penalties. It is, however, the College's intention that funds deposited into retirement accounts be used for income during retirement.
6. Participants may change their contribution amount, or may begin or discontinue contributions at any time during the plan year by completing a new salary reduction authorization form. Changes are not limited to the annual "open enrollment" period.
7. All contributions to the retirement plan by the College and by the employee will cease upon employment termination.Approved by the Executive Council, June 24, 1992.
Revised on May 31, 2002.