Young Harris College      Young Harris College Employee Handbook
Policy

Retirement Plan

Regular full-time Employees are eligible to participate in the College's retirement plan, which is a 403b plan offered through TIAA ' Cref.

Exempt Employees and Non-Exempt salaried Employees are eligible for participation in the College's retirement plan upon employment and no "introductory" period will apply. Non-Exempt hourly Employees for the first 60 working days after the date of hire are considered "introductory" Employees. Introductory Employees will not be allowed to participate in the College's retirement plan until they have satisfactorily completed the 60 working day period, at which time participation will be allowed and retirement benefits will be retroactively applied to the Employee's first day of employment. If a non-Exempt hourly Employee fails to satisfactorily complete the introductory period, no retirement benefits will be earned.

The eligible Employee chooses which investment vehicles to use from those offered by TIAA-Cref, the financial services Company the College utilizes for its retirement plan.

All Employees must provide information and complete the necessary forms prior to participating in the plan. Non-Exempt hourly Employees must present proper certification from their Supervisor that they have satisfactorily completed their Introductory period. Both Exempt and non-Exempt Employees must present all required forms, properly completed, before the College can make contributions to their account. If an Employee fails to notify or present the required properly-completed forms to the Human Resources Department, no contributions will be made by the College to the Employee's account. Upon notification or receipt of the required forms, retirement benefits will be retroactively applied to the Employee's first day of employment. No contributions are required by Employees of the College. Additional contributions may be made voluntarily, up to certain statutory limits.

College contributions are made in the following amounts:

Years of ServiceCollege % of Base Pay

1 through 9: 6%

10 through 19: 8%

20 and above: 10%

Contributions are vested in the Employee's account immediately.

The College's Plan Administrator is the VP of Finance.

Voluntary Employee contributions are deducted from an Employee's paycheck and are not subject to federal or state income tax.


Policy No.  380  Issued  3/1/2009    

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