Financial Strategies for Retirement
Oberlin College Offers Enhanced Retirement Savings Plans
Oberlin College is committed to the financial well-being of its employees, offering two retirement savings plans through TIAA: the Defined Contribution Retirement Annuity (RA) and the Supplemental Retirement Account Annuity (SRA).
Upon hire, employees are eligible to participate in both plans. Contributions to the RA are automatic, regardless of any employee contribution, while contributions to the SRA are made on a pre-tax basis from one's paycheck.
The contributions from Oberlin College for the RA plan are based on age and vary as follows:
- Age 26-34: 5%
- Age 35-44: 8%
- Age 45-54: 10% on the first $100,000 of salary, 8% on salary above $100,000
- Age 55 and above: 12% on the first $100,000 of salary, 8% on salary above $100,000
For those interested in enrolling in the SRA, appointments can be scheduled by visiting www.tiaa.org/schedulenow. Alternatively, you can call (800) 732-8353 between 8 a.m. and 8 p.m., Monday through Friday. To access Ohio-specific appointments, select Oberlin College, and available appointment times will populate.
For more information about enrollment in the RA or SRA, contact Oberlin's TIAA representative, Don Denault, at [email protected].
Please note that the IRS contribution limits for 2024 are as follows:
- Employee elective deferral limit: $23,000 for individuals under 50.
- Catch-up contribution for those 50 and older: Additional $7,500.
- Total contribution limit (employee + employer): $66,000 or 100% of compensation, whichever is less.
For more detailed plan info, such as contribution details, matching, or vesting schedules, it is best to consult Oberlin College’s Human Resources department or TIAA plan documents directly. These details can vary by employer plan design and year.
For general knowledge, the Defined Contribution Retirement Annuity (RA) and Supplemental Retirement Account Annuity (SRA) plans are types of retirement plans often offered through TIAA to college employees. Contributions are typically made pre-tax and may be a percentage of your salary or a fixed amount.
Engaging in personal-finance planning, it's essential for Oberlin College employees to consider the two retirement savings plans offered: the Defined Contribution Retirement Annuity (RA) and the Supplemental Retirement Account Annuity (SRA). With the RA, Oberlin College contributes a percentage of your salary based on your age, while the SRA allows for pre-tax contributions from your paycheck. To learn more about enrollment and the specific contribution details of these investing options, consult Oberlin College’s Human Resources department or TIAA plan documents directly.
