Staff Policies and Procedures Manual
A. Retirement plan
Reed College reserves the right to change, terminate or otherwise modify any or all provisions of the following benefits at any time and for any reason. This is a summary only; refer to the plan document for specific and complete information.
Because the benefit programs can be complex and terms are usually set by Summary Plan Descriptions (SPDs) from the plan provider, employees are encouraged to promptly bring any questions or concerns to the Human Resources Department for assistance. Questions or concerns regarding coverage, benefit levels, etc. can often be addressed more efficiently and beneficially right up front.
Regular full-time employees and regular part-time employees who work .5 FTE or more annually; who have attained the age of 21; and who have completed one year of service in an eligible class.
The one-year eligibility waiting period for the employer paid group retirement plan may be waived if the following conditions are met: Faculty or Staff were employed with an institution of higher education within 4 months before start of employment with Reed College; were receiving employer paid retirement contributions from the former employer; and have a .50 FTE or greater with Reed College.
A letter from the prior employer is required to document employment. Generally, the Human Resources office at that institution can provide the documentation. The letter can be faxed to 503-777-7775 or sent through the mail.
Written verification is required within 30 days of hire with Reed College for immediate eligibility.
The college pays an annual premium which is currently 10 percent of regular gross salary toward the purchase of an annuity. Contributions are invested at the direction of each employee in one or more of the funding vehicles available under the plan.
This retirement plan is a defined contribution plan with the Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF). Employees are immediately vested when the first contribution is made. Both the TIAA and CREF accumulations belong to the individual, regardless of whether or not he/she continues to work at Reed.
The amount of income an employee will receive at retirement will depend on the employee's age and the value of his/her accumulations at the time benefits begin, as well as the income option selected. Under certain conditions, terminated or retired participants have the option of withdrawing all or part of the funds upon reaching age 55.The descriptions and regulations of the TIAA-CREF retirement plan are available directly from the company, but the Human Resources Office can assist in getting information from TIAA-CREF and in answering questions.
last revised: 2/13/2012
last reviewed: 2/13/2012