You may hear other faculty & staff members discuss Vanguard as an option, however, Vanguard can only be used as a separate account (i.e. contributions beyond the College’s matching plan).
Below are listed the amounts that you may choose to contribute and the accompanying matching amount from the College.Salary Deferral Amount *Employer Match:
_______ 0% of pay 0% of pay _______ 1% of pay 1.8% of pay _______ 2% of pay 3.6% of pay _______ 3% of pay 5.4% of pay _______ 4% of pay 7.2% of pay _______ 5% of pay 9.0% of pay _______ 6% of pay 9.0% of pay _______ 7% of pay 9.0% of pay_______ 8% of pay 9.0% of pay_______ 9% of pay 9.0% of pay_______ 10% of pay 9.0% of pay_______ greater than 10% of pay 9.0% of payEmployees are eligible for the matching contribution only after completion of one Year of Service and after attaining age 21. **Develop an initial retirement plan goal - i.e. the income level in retirement, time you expect to be in retirement & the desired age you want to start retirement. If you are young when you start your plan, it may be wise to limit dependence on Social Security (reduce reliance to 50-60% of current projected benefits)
**Determine how much risk you think you can tolerate, evaluate your goals and then determine the level of risk you are willing to take to meet retirement income goals.
**During the application process you will need to select from different investment options. This would be a good time to talk with your Retirement Benefits Coordinator and to ask other faculty and staff about their thoughts on how to allocate retirement plan contributions. Most participants with TIAA-CREF now allocate their contributions amongst several investment categories to include: Equities (stock mutual funds), Fixed Income (Bond funds), Real Estate, Guaranteed (TIAA), and Multi Asset (TIAA-CREF Life Cycle funds), etc.
**See the options on the Randolph-Macon College and the TIAA-CREF website: http://www1.tiaa-cref.org/public/rmc/index.html**Your final chore in starting your retirement plan is to fill out the appropriate application and sign a salary reduction form to initiate your monthly contribution.
Many retirement plan participants believe they are finished with their retirement planning at this point. It’s your money, it’s your retirement, make sure you continue to evaluate your progress toward your goal. Remember to look at your investment options/strategies at least once every year or two. Take full advantage of the great opportunity of investing and saving, tax-deferred. If you find yourself in the position to invest more at a later date, always consider using the maximum limit given by the IRS (adjusted annually, but is scheduled to be $16,500 for all, and an additional $5,500 for those that are age 50 or older in calendar year 2010).
Note: When and if you decide to contribute more than 5% of your salary, consider establishing a Separate Retirement Account (SRA). You have the same tax benefits but you have a little more flexibility with the money in an SRA.
Your Benefits Coordinator is available to discuss any of your questions and help you make your choices.
Sharon Jackson, ext. 3747Retirement Benefits CoordinatorTIAA-Cref Toll-Free Contact Information:800 842-2252Available 24 hours a day.For the hearing impairedIf you use TDD or a telecommunications service, please call 800 842-2755.
Retirement plans800 842-2776Monday - Friday, 8 a.m. - 10 p.m. (ET)Saturday, 9 a.m. - 6 p.m. (ET)Please note that the busiest time at the above number is Monday from noon to 2 p.m. (ET).
The Randolph-Macon College Retirement Plan is a defined contribution plan (403b) for all eligible employees. Eligible employees include all full-time faculty and staff that have completed 12 consecutive months of service and part-time employees (working 1,000 hours, or more, in any 12 consecutive months). The defined contribution for eligible employees currently includes contributions of 9% from the College and 5% contribution by participating employees. Randolph-Macon College (RMC) current annuity plan carrier for our defined contributions Retirement Annuities (RA) account participants is TIAA-CREF. All employees of the College, regardless of the eligibility status for the Retirement Plan, can participate in salary reduction to a Supplemental Retirement Annuities (SRA) account with employee only contributions. SRA carriers include TIAA-CREF or The Vanguard Group. All TIAA-CREF (http://www.tiaa-cref.org/ ) and Vanguard (https://investor.vanguard.com/corporate-portal/ ) investment options are available to RMC participants. To contact TIAA-Cref by telephone, see the information noted above. Vanguard may be reached by phone at 877-662-7447.
The College has a Retirement Benefits Coordinator to counsel (but does not give investment advice) to employees on retirement plan issues. The Retirement Benefit Coordinator provides all employees with the following services:
Randolph-Macon's Retirement Benefits Coordinator is Sharon Jackson, Director of Human Resources, who may be reached at ext. 3747 for information about the retirement plan.