Retirement Plan And Supplemental Retirement Plan
Retirement Plan
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 annual salary to the plan. The contribution increases by 1% each additional year of eligible service to a maximum of 10%. The plan also requires a mandatory employee contribution of 3%. This coincides with the college contribution at the second year of employment and remains at 3% in the subsequent plan years. All contributions are fully vested (owned) by the employee from the time of the contribution.
The employee directs the investment of the contributions from a menu of various funds available, including stocks, bonds, money market, and mutual funds. Additional information regarding the Central College Retirement Plan will be provided to the employee upon eligibility.
Supplemental Retirement Plan
The college provides a tax deferred 403(b) salary reduction program to the limit imposed by the IRS through a 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.
Updated 18 February 2021