We encourage you to begin planning for your future by participating in Macalester’s Retirement Plan.  This plan will provide opportunity for financial growth throughout your employment with Macalester.  Macalester offers a 403(b) plan for faculty & staff invested through Teacher’s Insurance and Annuity Association (TIAA).  Initial contributions are default funded into a target date retirement fund utilizing the participant’s date of birth to align with the corresponding target date retirement fund.  Once enrolled, participants can change allocations of existing balances and future contribution if desired to a variety of available mutual funds and annuities.  Beneficiaries for retirement accounts are entered, updated and maintained through an individual’s online account with TIAA.  New participants will be prompted to enter beneficiary information when establishing initial online account access to TIAA.

Employee Retirement Contribution Limits

 2021 Standard Limit  2021 Age 50+ Limit  2022 Standard Limit  2022 Age 50+ Limit
$19,500 $26,000 $20,500 $27,000

Macalester Retirement Contribution

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 receive Macalester’s contribution to their retirement 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 Retirement Plan cannot be transferred to separate employee contributions. With TIAA’s transfer policy, however, a participant may only transfer 10% per year for 10 years from their TIAA accumulations for all contributions made in their “traditional fund” options. Transfers can take place only once per calendar year. Participants do not have access to retirement funds contributed by Macalester 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.  Macalester’s retirement contributions are made on a pre-tax basis.

Employee Retirement Contributions

All employees are eligible to contribute to the Macalester Retirement Plan on a pre-tax or a post-tax basis starting the first day of any month or immediately upon beginning employment at Macalester.  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.  Annual employee maximum contribution limits include combined limits between the pre-tax and post-tax contributions.  Macalester retirement contributions do not count towards the annual employee contribution limits.  Choices regarding available funds and their allocation are the same as same as Macalester’s contribution to retirement.

Enrolling in Retirement Plans

Changing Retirement Elections

Establishing Online Retirement Account Access & Maintaining Beneficiaries

Visit the TIAA website to establish new user access

Login to your retirement account with TIAA to view individual retirement account information and maintain beneficiaries

Departing Macalester & Retirement Account

  • If you had a retirement account through Macalester from your and/or Macalester contributions and your Macalester account is greater than $5,000, then no action is required.
  • Individuals with account balances less than $5,000 at the time of departure will need to take action.
  • You will receive a notice from TIAA and you must take action by contacting TIAA prior to the deadline listed in your individual notice from TIAA and let them know which option you would like to take.
  • Account balances of less than $1,000 can be rolled over into another existing qualified retirement account or your account balance will be cashed out and taxed accordingly.
  • Account balances of less than $5,000 will be rolled over to an IRA with Millennium Trust Service if no action is taken.  You can also roll these funds into another existing qualified retirement account. It is not recommended that you cash out your retirement funds due to tax penalties.
  • Please follow the instructions received from TIAA following your departure by the deadlines listed to ensure your retirement funds are handled as you prefer.


Plan Documents