Retirement Benefits

[Faculty Handbook Category #4]

St. Olaf College reserves the right to change its Retirement Plan at any time, with or without notice. The descriptions of the retirement benefits contained in this Handbook are not summary plan descriptions or other plan documents. Any variations between the information contained herein and official plan documents will be governed by the plan document.

ST. OLAF COLLEGE 403(b) RETIREMENT PLAN

The St. Olaf College 403(b) Retirement Plan is a “Defined Contribution Plan.”

Faculty with an FTE of 0.50 or greater, who have reached the age of 21, and who have completed one year of service are eligible to participate in the St. Olaf College 403(b) Retirement Plan. The one year of service requirement is waived for faculty who have been previously employed by an educational or church institution for at least one year with a minimum of 0.50 FTE.

Employee pre-tax contributions starting at 1% are matched by an equal percentage contribution plus an additional 6% from the college. Employees can choose contributions by full percentage points. Although employees may contribute more than 3%, the college contribution will not exceed 9%.

Employee Contribution College Contribution
1% 7%
2% 8%
3% 9%

The employee election of a contribution level may be made at the initial time of eligibility, and following that, once per month.

The employee’s and the college’s contributions to the St. Olaf College 403(b) Retirement Plan will be invested in TIAA. Employees will determine how their contributions will be invested and can change the allocations once they are on the plan.  Employees who wish to participate in the St. Olaf College 403(b) Retirement Plan must complete a TIAA application and a college salary reduction agreement.

EMERITI retirement HEALTH ACCOUNT (VEBA)

The Emerita Health Account is a “Defined Contribution” plan that will be available tax-free in retirement for payment of health insurance premiums and reimbursement of other qualified medical expenses.

Contributions to the plan by the college will begin when an employee with a FTE of 0.50 or greater reaches age 40, with contributions for 25 years or to age 65. The college will determine the amount of the contribution.

Please consult the Human Resources website for the current plan description.

Emeriti RETIREE HEALTH PLAN

St. Olaf College offers the Emeriti Retiree Health Plan as a supplemental plan to Medicare to employees who retire and meet the following eligibility criteria:

  • age 55 or older,
  • five years of service with St. Olaf College, and
  • active participant in the St. Olaf College health plan at time of retirement.

Please consult the Human Resources website for the current plan description.

Updated 10/14/2020