Office Of Human Resources

TIAA-CREF Retirement

All full-time employees are eligible for the Le Moyne College Retirement Program through membership in TIAA-CREF following the completion of the appropriate waiting period.

The TIAA-CREF annuity contract is a contractual agreement between the individual participant and TIAA-CREF. Full ownership of all retirement benefits earned and accumulated, including benefits from the College's contributions, is vested in the participant. Participation in the program is voluntary. Investment options offered by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), are companion companies incorporated for the purpose of providing pensions and insurance for school and college personnel. TIAA is a fixed annuity fund that invests primarily in bonds, mortgages, and other fixed-dollar obligations. The CREF Stock Account is a variable stock holdings. CREF also offers several other types of variable annuity accounts.

Once enrolled, an employee is required to contribute to the 3.5% of his/her annual salary. The College contributes 9.5% of the salary of an employee. Contributions are made on a tax-deferred basis for federal and state tax purposes.

If an employee dies before retirement, the full current value of his/her accumulation , including any amount attributed by the College's contributions, becomes payable to the employee's designated beneficiary. Several death benefit payment options are available to a beneficiary, including a lump-sum payment.

Summary Plan Information

• Defined Contribution Plan
• Defined Contribution Retirement Plan
• EGTRRA Amendment for 403(b) TDA Plans
• EGTRRA Amendment for 403(b) Voluntary Contributory("Matching") Retirement Plans
• Tax Deferred Annuity
• Tax Deferred Annuity Plan