Defined Contribution Plan (Mandatory)
This program is mandatory for all full-time employees, age 18 or older, upon hire. Full-time employees are those employed on a regular basis who are hired to work a full daily schedule each week (35 hours or more). The eligible employee contributes a minimum of 4% of his/her base salary. The College contributes 4% of the same salary base.
Tax-Deferred Annuity Plan (Elective Deferrals)
All employees of the college (full-time and part-time) may participate in a tax deferral arrangement authorized in Section 403(b).
Available through our tax-deferred annuity plan, Voluntary Retirement Contracts provide the opportunity for all employees to make contributions to a retirement plan on a pre-tax basis through TIAA-CREF. There is neither a minimum age requirement nor any waiting period to join. The College makes no contribution to this plan. Contributions made to the Retirement Contract Plus Plans are not a substitute for participation in the regular defined contribution retirement plan when one qualifies for that Plan.
You can make changes to your Retirement contribution through Oracle. Feel free to reach out for assistance via benefits@ursinus.edu.
Roth Contribution Option available January 1, 2024
Roth Accounts are an additional option, effective January 1, 2024 as a voluntary contribution option. In your retirement plan, your pretax contributions accumulate tax deferred, and withdrawals are taxable. With the “designated Roth” option, your after-tax Roth contributions also accumulate tax deferred, but may be taken tax free in a qualified distribution. See flyer for more information.