{"id":270,"date":"2013-12-10T14:30:58","date_gmt":"2013-12-10T20:30:58","guid":{"rendered":"https:\/\/wp.stolaf.edu\/facultyhandbook\/?page_id=270"},"modified":"2024-12-12T13:53:18","modified_gmt":"2024-12-12T19:53:18","slug":"retirement-benefits","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/facultyhandbook\/retirement-benefits\/","title":{"rendered":"Retirement Benefits"},"content":{"rendered":"
\n

[Faculty Handbook Category #4]<\/i><\/p>\n

St.\u00a0Olaf\u00a0College\u00a0reserves the right to change its Retirement Plan at any time, with or without notice. The descriptions of the retirement benefits contained in this\u00a0Handbook<\/i>\u00a0are 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.<\/p>\n

ST. OLAF COLLEGE 403(b) RETIREMENT PLAN<\/b><\/h6>\n

The St. Olaf College 403(b) Retirement Plan is a \u201cDefined Contribution Plan.\u201d<\/p>\n

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.\u00a0The 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.<\/p>\n

Employee pre-tax contributions starting at 1% are matched by an equal percentage contribution plus an additional 6% from the college.\u00a0Employees can choose contributions by full percentage points. Although employees\u00a0may\u00a0contribute more than 3%, the college contribution will not exceed 9%.<\/p>\n

\n\n\n\n\n\n\n
Employee Contribution<\/td>\nCollege Contribution<\/td>\n<\/tr>\n
1%<\/td>\n7%<\/td>\n<\/tr>\n
2%<\/td>\n8%<\/td>\n<\/tr>\n
3%<\/td>\n9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The employee election of a contribution level may be made at the initial time of eligibility, and following that, once per month.<\/p>\n<\/div>\n

The employee\u2019s 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.\u00a0\u00a0Employees who wish to participate in the St. Olaf College 403(b) Retirement Plan must complete a TIAA application and\u00a0a college salary reduction agreement.<\/p>\n

EMERITI retirement HEALTH ACCOUNT (VEBA)<\/b><\/h6>\n

The Emerita Health Account is a \u201cDefined Contribution\u201d plan that will be available tax-free in retirement for payment of health insurance premiums and reimbursement of other qualified medical expenses.<\/p>\n

Please consult the Human Resources website<\/a> for the current plan description.<\/p>\n

Emeriti RETIREE HEALTH PLAN<\/b><\/h6>\n

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:<\/p>\n