| 5.1 Retirement Plan | 5.2 Voluntary Supplemental Retirement Annuity |
| 5.3 Health Insurance in Retirement | 5.4 Retirement Gift |
If you are a non-exempt employee and work at least 1,000 hours per calendar year, you are eligible to participate in the college's retirement plan on the first day of the month after you have completed one year of employment. The college's retirement fund is with the Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA/CREF). When you enroll, you will be asked to allocate the college's contributions among TIAA and CREF accounts.
If you were fully vested in a previous employer's contributions to a retirement plan, and you can provide written verification of your enrollment in that plan, and you begin your employment at the college on the first working day of the month, you will be eligible to enroll in the college's retirement plan that month. If you do not begin work on the first working day of the month, you will be eligible on the first day of the month following your first day of work.
The college contributes 10% of your annual gross salary to your retirement plan. These contributions are tax-deferred. Therefore, you pay no taxes on the college's contribution until you begin to draw your retirement benefits.
TIAA/CREF provides on-campus workshops, quarterly and annual reports on accumulation totals and account activity, a toll-free telephone network, newsletters, publications, video information, and counseling programs.
TIAA/CREF offers a supplemental retirement annuity (SRA) program to Grinnell College employees. You are eligible to participate in this program upon employment. To participate you will need to determine the level at which you wish to contribute, sign a salary reduction agreement form, and complete a TIAA/CREF SRA application form. These forms are available at the Treasurer's Office.
· Your contributions are made on a tax-deferred basis. You pay no taxes on your contributions until you begin to draw your retirement benefits.
· The SRA program makes available the same investment choices as the basic retirement plan.
· Your contribution limits are regulated by federal law. Contact the Office of the Treasurer to determine your contribution limit.
· The college also honors salary reduction agreements with other non-college sponsored annuity programs and insurance companies. Contact the Office of Human Resources for a list.
You are eligible to participate in the college's group medical policy for retirees if you have completed 10 years of service.
· If you complete 10 years of employment and you retire at age 62, you will be required to pay the full cost of the health insurance plan until you reach the age of 65. At age 65, your health insurance will move to the college's retiree group and the college will pay one-half (1/2) of the insurance premium.
· If you complete 10 years of employment and you retire at age 65, you will be required to pay only for one-half (1/2) of the health insurance premium. The college will subsidize the major medical benefits portion of the plan.
· When you reach age 65, Medicare Parts A and B will become your primary insurer and the college's retiree group plan will become your secondary insurer.
· You are encouraged to discuss your retirement plans and group insurance eligibility options with the Office of the Treasurer.
An employee who retires at the age of 62 or older and after 15 continuous years of service will receive a Grinnell College chair.