Human Resources: The R-MC Plan

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 a 5% contribution by participating employees. Participation is mandatory as a condition of employment for all eligible employees when they reach the age of 30.

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 (http://www.vanguard.com/ ) investment options are available to RMC participants.

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:

• help with initial application/signup for retirement plans (RAs & SRAs);
• investment information; computes maximum employee contributions allowed by the IRS (using TIAA-CREF supplied software)
• provides an assessment overview of future retirement assets (using commercial computer software)
• discusses allocation distribution strategies for individual retirement savings; updates Retirement Plan changes
• reviews retirement income options for those employees nearing retirement; and assists in applying for retirement income at the time of retirement from the College.

The current Retirement Benefits Coordinator is a full-time employee of the College that dedicates approximately one-half day per week (Wednesday afternoons) to retirement issues and employee appointments.

For additional information, call Tom Copler at ext. 7263.