Agnes Scott College Pension Plan: Full-time or half-time employees who complete at least 1,000 continuous work hours each year are eligible and are required to participate in the College's 403(b) Defined Contribution Retirement Plan. The Agnes Scott College Defined Contribution Retirement Plan is provided through Teachers Insurance Annuity Association - College Retirement Equities Fund (TIAA-CREF). Participants have an option of contributing 5 percent of their salary to this fund with Agnes Scott College contributing 10 percent, or they may contribute 3.5 percent with Agnes Scott contributing 7 percent. In either case, the College is contributing on a 2-for-1 basis. Contributions can be made on a tax-sheltered ("salary reduction") basis, or on a regular deduction basis. Contributions made by Agnes Scott College on behalf of the employees enrolling in the plan before July 1, 1998, will be immediately vested. Accumulations attributable to College contributions for employees enrolled in the plan on or after July 1, 1998, will be fully vested and non-forfeitable to the participant upon completion of two years of service at the College or at normal retirement age, death or disability. Salary reduction agreements can only be changed once each calendar year. Plan summary information, details and enrollment forms are available in the Office of Human Resources. Once enrolled, TIAA-CREF will send quarterly and annual reports to all participants. Visit the TIAA-CREF Web site.
Also, employees can Tax Shelter additional reductions into the Defined Contribution Retirement Plan that are not matched by the College, or employees may contribute to a Supplemental or Additional Retirement Annuity (SRA) fund. Contributions are subject to current IRS restrictions.
Payroll Savings: A full range of bank services is available through Georgia Federal Credit Union. Visit the Georgia Federal Credit Union Web site.