Employees working at least .50 FTE or more will begin participation in the Central College defined contribution plan, after completing one continuous year of benefit eligible employment. After one year of service, the college contributes 3% of the employee’s base annual salary to the plan. The contribution increases by 1% each additional year of eligible service to a maximum of 10%. All contributions are fully vested (owned) by the employee from the time of the contribution.
Employees hired before 12/31/16: As of 1/1/17, a mandatory employee contribution will be 1%, increasing to 2% on 1/1/18, and up to the maximum of 3% on 1/1/19.
Employees hired on 1/1/17 or after: A mandatory employee contribution of 3% will begin upon completion of one continuous year of benefit eligible employment.
The employee directs the investment of his or her premium contribution between various investment vehicles available, including stocks, bonds, money market, and mutual funds. Additional information concerning the Central College Retirement Plan will be provided to an employee when he or she becomes eligible.
Supplemental Retirement Plan
The college provides a tax deferred 403(b) salary reduction program to the limit imposed by the IRS through the TIAA/CREF supplemental retirement annuity (SRA). All employees are eligible upon hire to enroll and contribute to an SRA. Contact the Office of Human Resources for details.