Human Resources
Retirement Programs
Regular Retirement Account (RRA)
Washington College offers the TIAA-CREF retirement plan to all regular full-time employees with one year of service unless the employee has an existing TIAA-CREF contract or has worked for two full years at another college or university. Part-time regular employees who work over 1,000 hours per year are eligible to participate in the retirement plan after one year of employment. This is a defined contribution plan through which the College makes contributions to the employee's account. The employee may also make pre-tax contributions to their retirement account on a tax-deferred basis subject to the rules governing tax-deferred annuities. The contributions are immediately 100% vested and the employee has full control of how the contributions are invested in the various investment options TIAA-CREF offers. A full description of the investment options is provided upon eligibility.
Supplemental Retirement Account (SRA)
An additional way to save for retirement is through the Supplemental Retirement Account offered through TIAA-CREF. The College does not contribute to this account, but you determine how much you can afford to save each month. To meet your goals and comfort level, you choose how to allocate your pre-tax contributions from a wide range of investment options.
TIAA-CREF issues a quarterly statement illustrating both employee and employer contributions and the performance of your investments.
Contact Human Resources for specific details on plans and investment options.
TIAA-CREF may be contacted at (800) 842-2776 or on the Web at www.tiaa-cref.org.
Social Security/Medicare
Washington College contributes 6.2% of your earnings (up to the Social Security maximum) each year toward Social Security and 1.45% to Medicare. You contribute an equal amount out of your paycheck. These combined contributions help pay for your retirement, disability, survivor, and medical benefits. For more information, contact the Social Security Administration at (800) 772-1213, or on the Web at www.ssa.gov and Medicare on the Web at www.medicare.gov.
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