Page 2 - Columbia University Retirement Brochure - Officers

Retirement Savings Programs

Columbia University’s Retirement Programs help employees plan for the
future and provide a foundation of retirement income in addition
to personal savings, investments and Social Security benefits.

The average retiree will need to replace 70% - 80% of annual income in
retirement. Saving while you work is important for your long-term financial
well-being. It’s up to you to take an active role in planning and saving for
your future.

There are two retirement programs available to Officers:

Voluntary Retirement Officers’

Savings Plan (VRSP) Retirement Plan

Eligible on date of hire Eligibility varies and may include a
two-year waiting period
Contribute on a pre-tax and/or Roth
after-tax basis through convenient The University makes core contributions
payroll deductions to this retirement plan based on your age
and years of service
Contribute between 1% - 80% in
half percent increments up to the IRS No enrollment required but you must
annual limit. The limit applies to your choose one carrier, TIAA or Vanguard
combined contributions, pre-tax and Roth
after-tax Contributions vary by your age and length
of service
You are always 100% entitled to the
contributions you made to the plan when Wide range of investment funds through
you leave the University the carrier you select, TIAA or Vanguard

Wide range of investment funds You are always fully vested and entitled
through the carrier you select, TIAA to 100% of the contributions the University
and/or Vanguard made on your behalf when you leave
the University
Additional catch-up contributions if age 50
or over Matching contributions are deposited
into this plan as long as you contribute
Prior contributions to a 403(b) or 401(k) to the VRSP
plan can be rolled over to the VRSP

For more information, go to humanresources.columbia.edu/retirement