Hampshire College offers two types of retirement plans through TIAA: a defined contribution plan and a supplemental retirement annuity plan. There is an array of investment options available in which to allocate contributions. Details on enrollment and investments are available from the human resources office and online at the TIAA website.
Below are the 2020 dates available for employees to schedule TIAA-CREF individual counseling sessions. Schedule your private appointment online or call 800.732.8353. Visit the TIAA website to view available webinars that can help you guide and plan your retirement.
Hampshire College provides a defined contribution retirement plan through TIAA to benefited employees. Employees become eligible for membership on the first day of the month following a year of eligibility service. Participation is mandatory after the completion of one year of service and attainment of age 30.
You will also receive credit for years of eligibility service performed with other institutions of higher education immediately prior to hire with the College, as applicable.
Mandatory Contributions: Once you have met the eligibility requirements for purposes of College contributions and have reached age 30 and completed one year of service, you are required, as a condition of employment, to contribute 3% of compensation to the plan. If you have met the eligibility requirements for purposes of College contributions and have reached the later of age 30 and 3 years of service, you are required, as a condition of employment, to contribute 5% of compensation.
|Defined Contribution Plan||College Contribution||Participant Contribution (less than 3 years of Completed Service)||Participant Contribution (more than 3 years of Completed Service)|
|On the Portion of Compensation within the Social Security Earnings Base||9.5%,
8% after 7/1/2018
|On any Compensation above the Social Security Earnings Base||10%,
8% after 7/1/2018
A group supplemental retirement annuity plan (SRA) complements the basic TIAA retirement plan offered by Hampshire College. Contributions to the SRA plan are made entirely by the employee. Employees are eligible to make pre-tax savings contributions as of their date of hire by the College.
Each plan year you may make a pre-tax savings contribution to the plan through payroll deduction up to a maximum amount allowed by law, but in no event, more than $19,500 for 2020.
If you are age 50 before the end of the plan year, you will be able to make additional pre-tax savings contributions in the amount of $6,500 for 2020.
In addition, for any calendar year in which you have completed at least 15 years of service with the College, you may be eligible to make an additional salary deferral contribution (a "15-year catch-up" contribution). Complex calculations by TIAA are required each year to determine your eligibility for the 15-year catch-up contribution. Please contact human resources if you are interested in learning more about this.
If you are interested in signing up for a retirement plan, you may enroll online (pdf) or contact human resources at 413.559.5495.
To make changes to your investment allocation or beneficiaries, you must contact TIAA directly or log in to your account on the TIAA website.
To contact the TIAA customer service center, call 800.842.2776 or go online to their website at www.tiaa.org.
This website is intended as a general overview of Hampshire College benefits plans only. Every effort has been made to summarize these programs accurately. In all cases, the actual provisions of each benefit plan will govern if there is any inconsistency between this site and Hampshire's formal plans or contracts.