Effective Date: 10/1/99
Centenary College established a defined contribution Retirement Plan that operates under the Section 403B of the Internal Revenue Code. This Plan was established on January 1, 1973. The purpose of the Plan is to provide retirement benefits for participating employees. Benefits are provided through TIAA (Teachers Insurance and Annuity Association) and CREF (College Retirement Equities Fund).
All eligible full time regular employees and part time regular employees working a minimum of 20 hours a week (or a minimum of 1000 hours per year) are eligible to participate in the Plan after one year of service. If a new employee is employed by the College and has an active retirement plan through any other school, the one year waiting period may be waived.
The Plan is split into two categories:
- Faculty and Administrative (exempt) Staff - mandatory
- Non-exempt Staff (hourly) - voluntary
Eligible Faculty and Administrative Staff hired on or after January 1, 1996 must participate in the Plan. Eligible Faculty and Administrative Staff hired prior to January 1, 1996 and support staff may, on a voluntary basis, begin participation in the plan.
The minimum an employee can contribute is 5% of his gross salary. The employees maximum contributions fall under the Federal guidelines.
Centenary College will hold two open enrollments per year other than the mandatory enrollments and new employee enrollments, June and November. This will allow employees the opportunity to change their contribution amounts and percentages, as well as new enrollments, twice a year.
See the Retirement Plan document for more information on the Retirement plan.
Last updated 20 July 2000