The Davidson College Retirement Plan is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code. Davidson College has two annuity vendors, Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA/CREF) and Fidelity Investments (as of March 3, 2008). CoverageDavidson College contributes 8.5% of the salary up to the Social Security wage base (which will be $106,800 in 2009) and 12.5% over the Social Security wage base up to the Internal Revenue Code limit (which will be $245,000 in 2009). The employee is 100% vested in this annuity after 3 years of employment. In addition, the college will contribute 9.5% instead of 8.5% if the employee contributes at least 1% of his or her annual salary to a Supplemental Retirement Annuity account. To calculate the amount that qualifies for the additional 1% per pay period, see the following examples: Annual Salary Examples | Calculation of 1% | Amount per pay period |
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$20,000 | $20,000 x .01 = $200 | Bi-weekly: $200/26= $7.69/period
Monthly: $200/12= $16.67 /period | $30,000 | $30,000 x .01 = $300 | Bi-weekly: $300/26=11.54/period
Monthly: $300/12= $25/period |
Supplemental Retirement AnnuityIf you are not yet contributing and would like to start a Supplemental Retirement Annuity, you have the choice of opening an annuity with TIAA/CREF or Fidelity. You may email or call Diann Cavin for a packet with enrollment information, or stop by the Human Resources Office. You must complete an Agreement for Salary Reduction and return it to the Human Resources Office. You may schedule an appointment with our representatives: TIAA/CREFFidelity- To schedule an appointment with our representative, visit the Fidelity website (http://www.fidelity.com/atwork/reservations) or call 800-642-7131
- To enroll online, visit the Fidelity enrollment site and create a Personal Identification Number (PIN)
- You will need the following plan numbers to begin the enrollment process:
- 73214 Davidson College Paid Plan
- 73738 Supplemental Tax Deferred Annuity Plan - You must enroll in both plans to avoid processing delays
- In addition, you must complete an Agreement for Salary Reduction and return it to the Davidson college Human Resources office
- For questions regarding this process, contact a Fidelity Retirement Services Specialist at 800-343-0860 Monday through Friday 8:00 am - Midnight EST. For more information about Fidelity after enrollment, please visit http://www.fidelity.com/atwork.
Additional Information- The maximum annual contribution amount for contributions into an SRA is $16,500 for 2009. Individuals age 50+ may contribute up to $22,000.
- SRA contribution amounts may be changed up to 3 times per calendar year.
EligibilityCollege-Paid Retirement: Once an employee works in a regular position for Davidson College for one year (budgeted for at least 1,000 hours/year), the College opens a college-paid annuity for the employee. The employee is 100% vested in the college-paid annuity after 3 years of employment. If you have at least 12-months consecutive employment as a full-time, benefited employee with another educational institution, the one-year waiting period will be waived. Supplemental Retirement Annuity: This benefit is open to all employees and participation may begin immediately upon employment with Davidson College. CostThere is no cost to the employee for the college-paid retirement annuity. The Supplemental Retirement Annuity is voluntary and is a pre-tax deduction. As such, the total amount of contributions made for any year will not exceed the limits imposed by section 415 and section 403(b) of the Internal Revenue Code. Forms, Links and Vendor InformationSalary Reduction Agreement Designation of College Paid Funds Agreement TIAA-CREF Fidelity College-Paid Retirement (Plan Description) Supplemental Retirement Annuity (Plan Description) Plan Administrator TIAA-CREF
800-842-2776 (Monday - Friday 8:00 a.m.-10:00 p.m. ET and Saturday 9:00 a.m.- 6:00 p.m. ET). Fidelity
800-343-0860
Last Update 10/22/08
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