Page 25 - CC 2017 Benefits Booklet

2017 EMPLOYEE BENEFITS GUIDE
RETIREMENT

Columbia College 403 (b) Plan

The retirement plan (Plan) is a defined contribution tax deferred 403B plan, set up under
Internal Revenue Service Code 403(b), with its plan year beginning on July 1 each year and
ending on June 30. It is mandatory, both as a condition of employment, and as required by
the Plan, that all eligible employees participate in the Plan.

The Columbia College 403(b) plan provides At its discretion, the Columbia College may
one of the best ways to save money for contribute a certain percentage of annual

retirement while deferring current income eligible wages to the retirement plan. This
taxes. The plan allows both voluntary amount will be determined annually by the
and College contributions (for eligible Board of Trustees and will be announced
employees). at the beginning of each plan year on July
1. Employees vest 20% in their account
Employees must satisfy an eligibility waiting balance during the first year in the plan, and
period of one (1) year, be 21 years of age, an additional 20% in each year of eligible

and worked at least 1,000 hours or more service thereafter. Employees are fully vested
per Plan year in order to receive College’s in the retirement plan after 6 full years of
contribution. Part-time employees are continuous employment.
eligible for the College’s contribution if they
work 1,000 hours or more in a plan year. It is not mandatory that an employee
Adjunct Faculty are not eligible for College’s contribute to the retirement plan. However,
contribution. for retirement purposes, he/she may elect
to contribute up to a certain maximum
After the eligibility requirements are met, percentage of his/her annual wages

employees are able to enroll in the College’s (excluding the College’s contribution) toward
contribution in the first quarter following a his/her retirement. The elective maximum
year of service. percentage allowed is controlled by Internal
Revenue Service regulations.

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