Trustees' Handbook For Managers
5. SALARIES AND BENEFITS
5.8 TIAA-CREF Retirement Annuity Plan
All regular full-time employees working at least 1,000 hours per year shall be enrolled in the Teachers Insurance and Annuity Association (TIAA) retirement program on the first day of the month following the completion of two consecutive years of full-time service. This preliminary service period is waived for any new employee who, at the time of employment at Muhlenberg, has a fully vested annuity contract that is in force and to which the previous employer is contributing.
Under the College retirement plan, the College makes contributions to individual TIAA-CREF retirement annuity contracts for each eligible employee. No employee contribution is required. Employees receive information from the Human Resources Office regarding the annuity contract applications they must complete when they become eligible to participate. Descriptive materials on the retirement program may be secured from the Human Resources Office.
5.8.1 TIAA-CREF Supplemental Retirement Annuity Program
Under a salary reduction agreement made through the Human Resources Office, in accord with section 403b of the Internal Revenue code, employees may, from the time of employment, request that the College reduce their salary on a monthly schedule and purchase supplemental annuities from Teachers Insurance and Annuity Association.