3.9 Employee Benefits
3.9.17 Retirement Plan Choices
Normal retirement begins on the first day of the month following the
employee's 65th birthday for employees in benefits group III and the end
of the fiscal year in which 65 is reached for faculty and staff in groups
I and II.
An employee may elect to retire early or may continue to work beyond
normal retirement age.
Employees should make an appointment to meet with the director of benefits
at least three months prior to their 65th birthday (or the date they wish
to retire, if different) to discuss retirement benefits, including Social
Security and the Ithaca College Staff Pension Plan or TIAA/CREF Basic
Retirement Plan. The Benefits Department also holds informational sessions
at various times during the year on retirement planning and retirement
plans offered at the College. Supervisors should encourage employees to
attend these sessions.
The College offers one basic retirement plan, which is the TIAA/CREF
Basic Retirement Plan. Eligible employees may participate in this plan,
provided they meet the specified criteria. In addition to this plan, the
College offers all employees (including those that are not eligible for
benefits) voluntary participation in a TIAA/CREF group supplemental retirement
annuity (GSRA).
(The College previously offered employees the option of participating
in the defined-benefit Ithaca College Staff Pension Plan. This plan has
been closed to new participants; however, those employees who enrolled
prior to 1998 and wish to continue in this plan have been permitted to
do so.) (See section 3.9.17.1 below.)
3.9.17.1 Ithaca College Staff Pension Plan
The Ithaca College Staff Pension Plan covers employees in benefits group
III (grades 1-9) who work at least 1,000 hours in a plan year and were
hired prior to June 1, 1998. The plan year is the 12-month period beginning
June 1st.
Specific information about the plan is found in the summary plan description
issued to all participants and available from human resources. The complete
plan document may also be reviewed in the Office of Human Resources.
The Staff Pension Plan is a non-contributory plan. The College makes
all contributions necessary to provide benefits and cover the cost of
administering the plan. Although the employee cannot make additional contributions
to the Staff Pension Plan, employees may contribute to a TIAA/CREF group
supplemental retirement annuity (GSRA).
3.9.17.2 TIAA/CREF Basic Retirement Plan
The Teachers Insurance and Annuity Association (TIAA) and College Retirement
Equities Fund (CREF) is a combined contributory plan available to all
eligible employees. The service requirement for each benefits group is
explained in the summary plan description. In certain circumstances, the
service requirement is waived if an employee was enrolled in TIAA/CREF
with the employee's last employer. The College contributes an amount equivalent
to a certain percent of the employee's base salary, and the employee is
required to contribute a certain amount. The employee may elect to make
additional contributions to this plan or to a TIAA/CREF group supplemental
retirement annuity.
Specific details of this plan may be found in the summary plan description
and in booklets and pamphlets available from the Office of Human Resources.
3.9.17.3 TIAA/CREF Group Supplemental Retirement
Annuity (GSRA)
The College offers voluntary participation in a TIAA/CREF group supplemental
retirement annuity. Employee contributions must be made by salary reduction
(before-tax dollars). All employees, including participants in the Ithaca
College Staff Pension Plan or in the TIAA/CREF Basic Retirement Plan,
as well as those who are ineligible for these plans, may make voluntary
contributions to a GSRA. There are no College contributions to this plan.
Specific details of this plan may be found in the plan description or
in booklets available from the Office of Human Resources. |
