77 Mac Room 201
11.11 Regular Retirement Plan
All employees (exclusive of members of collective bargaining units) who work 1,000 hours or more on a regular basis in a Plan Year (January 1 - December 31) are eligible to participate in the retirement plan. You are eligible for participation on the first day of the calendar quarter (January 1, April 1, July 1, or October 1) following completion of a 12 month period that constitutes any "year of service" at the College without a break in service. For any eligible employee who was employed by another college or university where they participated in that institutions's retirement plan, within six months prior to being employed by Macalester the one year waiting period is waived.
The program is provided through Teacher's Insurance and Annuity Association (TIAA) and College Retirement Equity Fund (CREF) or The Vanguard Group. These annuities are fully funded with immediate vesting.
The College provides a contribution of 10% of regular employment salary. College contributions 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. 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 a 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 $2,000.00.