2019 Retirement & Financial Planning

Defined Contribution Plan - TIAA

  • Non-union employees participate in the TIAA 403(b) retirement plan. Participation is mandatory.  Carleton contributes 10% of base wage on behalf of the employee and, the employee contributes 2%. Contributions are deducted on a pre-tax basis. Employees are vested on their first day of employment.

IUOE Central Pension Fund - IUOE Central Pension Fund

  • Union employees participate in the IUOE Central Pension Fund after completing their probationary period and achieving seniority.  Carleton contributes 10% of the employee's base wage.

Supplemental Retirement Plan - TIAA

  • Non-union & Union employees who are age 21 and older, and who have a 0.1-1.0 FTE are eligible to participate in the voluntary Supplemental Retirement Account 403(b). Employees can choose to have their contribution deduction be pre-tax or post-tax (Roth).
  • Contribution limits are guided by the IRS. Employees who are age 50 and older have the option to make additional "catch-up" and lifetime maximum contributions.
Type of Account Taxation Type 2019 Contribution Maximum 2019 Over 50 Catch-up Contribution Amount
Group Supplemental Retirement Account (GSRA): Pre-Tax $19,000/yr. $6,000/yr.
Roth 403b: Post-Tax $19,000/yr. $6,000/yr.

Staff Handbook - Retirement Criteria | Staff Handbook-Defined Contribution Plan

Financial Planning

Employees are eligible to receive reimbursement for financial planning costs. The program guidelines and eligibility requirements are on the Application for Financial Reimbursement