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
2023 Employer Contribution Message
Ithaca College’s employer contribution to the IC 403(b) Retirement Plan was reinstated on July 1, 2021. The current employer contribution rate is 7.5%. (This rate change occurred on 7-1-2023.)
Newly eligible employees, hired after June 1, 2013, are automatically enrolled into the Plan. As of August 1, 2022, employees will be automatically enrolled at 3% employee contribution rate. Ithaca College may provide a matching contribution for employees who are eligible. If eligible, the employer match is made on a per pay period basis. If you do not contribute in the pay period, there is no match in that pay period. There is no annual true-up provision. Participation is voluntary and employees can change or stop their contributions at any time.
- Auto Enrollment Notification
- Initial Eligibility Letter
- Auto Increase - 30 Day Notification
- Auto Increase Confirmation
- Ithaca Opt Out Confirmation
- Universal Availability Notice
Once you receive your auto enrollment notice, you will have 30 days to change your contribution amount or opt out of the Plan. Once enrolled you can log in at any time to change your contribution or stop contributing by setting your contribution rate to zero. If you wish to opt-out of the Ithaca College 403(b) Retirement Plan, contact TIAA directly at 800.842.2252 or visit www.tiaa.org/ithaca and Log in. If you’re new to TIAA, select Log in, then Register for online access. Follow the on-screen directions to access your account.
Eligibility to Make Elective Deferrals
All eligible employees 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 (above) for more information.
Making a Change to Your Contributions
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.