Regardless of your age, the time to think about retirement is now. With careful planning, you increase the likelihood that your retirement experience will be a positive one – for you and your family. Ithaca College provides access to important components of a successful retirement such as a retirement savings plan and financial planning guidance, but it’s ultimately up to you to make the available resources work for you.
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Retirement Savings Plan
The Ithaca College 403(b) Retirement Plan is an essential part of your future financial security. All employees of the College, except for student workers, who receive compensation reportable on an IRS Form W-2 are eligible to participate in the Ithaca College 403(b) Retirement Plan, provided they contribute at least $200 per year.
In addition, Ithaca College helps faculty, staff and administrators contribute even more to their financial security by allowing eligible employees to contribute a percentage of their base pay and in return, receive a generous matching contribution from the College. TIAA-CREF administers the plan and provides educational and planning resources.
Emeriti Retiree Health Care Program
The Emeriti program provides a tax-favored way for employees to put money away for their healthcare expenses in retirement. Eligible employees receive an annual contribution from the College. The Emeriti Program provides a tax free means to pay for Qualified Medical Expenses in retirement as well as access to health insurance options that complement Medicare.
Only you can decide the best time for you to retire, but there are certain criteria you must satisfy before you are eligible to retire from Ithaca College and receive retiree benefits. The College’s Retiree Program recognizes longevity of service and offers important benefits for eligible retirees.
Knowing what happens to your benefits when you retiree is an important part of planning for your retirement. The more you know before you retire, the smoother your transition to retirement will be.