The Ithaca College 403(b) Retirement Plan provides all employees of the College, who receive compensation reportable on an IRS Form W-2, the opportunity to save for their retirement. Student workers are not eligible to participate in the plan. Participants must contribute at least $200 per year and be at least 21 years of age. The Plan which is administered by TIAA is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code (IRC). Participation is voluntary.
403(b) Retirement Savings Plan
2020/2021 Employer Contribution Message
Please note that Ithaca College’s employer contributions to the 403b retirement plan have been temporarily paused for the period of July 1, 2020 to June 30, 2021.
New eligible employees, hired after June 1, 2013, are automatically enrolled at a 5% employee contribution rate. Ithaca College will provide a matching contribution. Participation is voluntary and employees can change or stop their contributions at any time. See the Automatic Enrollment and Qualified Default Investment Alternative Initial Notice for more information.
If you wish to opt-out of the Ithaca College 403(b) Retirement Plan, complete the Agreement for Opting Out.
Eligibility to Make Elective Deferrals
All employees who meet the above criteria are eligible to contribute a portion of their pay into the Plan as a pre-tax Deferral and/or a Roth Deferral. Roth deferrals are made with after-tax dollars, and any qualified distributions of the contributions plus earnings are tax-free. Please see the Universal Availability Notice for more information.
Eligibility to Receive Matching Contributions
When eligible employees set aside 5% of their base salary to the plan, Ithaca College will provide a matching contribution of 9% of the base salary.
Eligible faculty members holding the rank of Professor or Associate Professor, or Administrators with Group I Benefits are eligible to receive matching contributions immediately upon employment.
Other eligible faculty members (other than those holding the rank of Professor or Associate Professor), or eligible Administrators and Staff with Group II benefits are eligible to receive matching contributions after one year of eligible service at the College. The one-year waiting period may be waived if you were participating in an employer-funded 403(b) retirement plan under the terms of a retirement plan of a two- or four-year college or university in the twelve-month period immediately preceding employment at Ithaca College. To request that the waiting period be waived please complete the Application for Waiver form.
Plan Contribution Limits
Contributions made by an employee as well as contributions the College makes on an employee’s behalf are subject to a number of complex Internal Revenue Code limits. Contributions made to another employer’s retirement plan in the same calendar year may limit contributions to IC’s plan. Please contact a member of the ICHR benefits team for more information.