We encourage you to begin planning for your future by participating in Macalester’s Retirement Benefits. These benefits are designed to provide opportunity for financial growth throughout your employment with Macalester. Macalester offers a 403(b) plan for faculty & staff through two retirement vendors: Teacher's Insurance and Annuity Association (TIAA) and College Retirement Equity Fund (CREF) or The Vanguard Group.
2016 Employee Retirement Contribution Limits
- $18,000 - Standard Limit
- $24,000 - Age 50+ Limit
Regular Retirement Plan
All employees (exclusive of members of collective bargaining units) who have completed one year of eligibility service and are appointed to work 1,000 or more hours of service per year are eligible to participate in the Regular Retirement Plan on the first day of the following quarter (January 1, April 1, July 1, or October 1). The one year waiting period is waived for any eligible employee who was employed by another college or university where the institution contributed to that employee’s retirement plan, within six months prior to being employed by Macalester. Once eligibility requirements have been met, Macalester will begin contributing 10% of regular employment salary with immediate vesting. Macalester’s contributions to your Regular Retirement Plan cannot be transferred to the Supplemental Retirement Plan. Macalester offers 100% transferability, at any time, from one carrier to another. With TIAA‐CREF's transfer policy, however, a participant may only transfer 10% per year for 10 years from their TIAA accumulations for all employer sourced contributions made in their “traditional fund" options. Transfers can take place only once per calendar year. Participants do not have access to retirement funds while actively employed by the College unless the participant is at least age 59 1/2. Upon retirement or termination, participants may take cash distribution of up to 100% from their accounts. Exception: Dollars invested in TIAA traditional would be paid out over a ten year period unless the total amount is less than $2,000.
Supplemental Retirement Plan
All employees are eligible to contribute to a Supplemental Retirement Plan on a pre-tax basis through one of our two retirement plan vendors, TIAA-CREF and The Vanguard Group, starting the first day of any month. There is no waiting period and all contributions are made by the participant. Participants may contribute any amount up to his/her individual IRS annual maximum. The individual maximum is based on age, length of service and salary. The minimum annual contribution required is $200. Choices regarding available funds and their allocation are the same as the Regular Retirement Plan.
All employees are eligible to contribute to a Roth 403(b) Retirement Account on a post-tax basis through one of our two retirement plan vendors, TIAA-CREF or The Vanguard Group. There is no waiting period and all contributions are made by the participant. Participants may contribute any amount up to his/her individual IRS annual maximum. The individual maximum is based on age, length of service and military service. Annual maximum limits include combined limits between the Supplemental Retirement Plan and Roth 403(b). The minimum annual contribution required is $200. Choices regarding available funds and their allocation are the same as the Supplemental Retirement Plan.
For More Information
- Plan Documents
- Online Roth 403(b) Tutorial
- Roth Assessment Tool
- Roth 403(b) - Option Summary and FAQ (TIAA)
- Roth 403(b) - Overview (Vanguard)
- Roth 403(b) - Summary (Vanguard)
Enrolling in Retirement Plans
- Contact Jason Dempster in Employment Services at 651-696-6454 or firstname.lastname@example.org