Financial Strategies for Retirement
Oberlin College Announces 403(b) Retirement Plan Contribution Rates
Oberlin College has released the contribution rates for its 403(b) retirement plans, which are managed by TIAA. The plans offer two main options: the Defined Contribution Retirement Annuity (RA) and the Supplemental Retirement Account Annuity (SRA).
For the Defined Contribution Retirement Annuity (RA), Oberlin College typically contributes a set percentage of an eligible employee’s salary. The most common employer contribution rate for the RA is 8% of your salary. However, the contribution rates may vary depending on your age. For instance, employees aged 26-34 receive a 5% contribution, while those aged 35-44 and 45-54 receive an 8% contribution on the first $100,000 of salary, with a reduced rate of 8% on any salary above $100,000. Employees aged 55 and above receive a 12% contribution on the first $100,000 of salary, with an 8% rate on any salary above this amount.
The Supplemental Retirement Account Annuity (SRA) is an optional voluntary contribution that employees can make to increase their retirement savings on a pre-tax basis. There is no mandatory employer contribution to the SRA; contribution amounts are determined by the employee within IRS limits. The annual IRS contribution limit for the SRA is $23,000 for individuals aged 50 or less in 2024, and $30,500 for those aged 50 or more in the same year.
Employees at Oberlin College are eligible to participate in the SRA upon hire. To enroll, employees can schedule an appointment with Oberlin's TIAA representative, Don Denault, at [email protected]. Appointments are available from 8 a.m. to 8 p.m., Monday through Friday. To schedule an appointment, visit www.tiaa.org/schedulenow. Alternatively, you can call to schedule an appointment at (800) 732-8353.
Contributions to the SRA are made on a pre-tax basis from one's paycheck, and Oberlin College makes pre-tax employer contributions into the RA plan after one-year of service and attaining age 26. For more information about these plans, please consult Oberlin College’s human resources or benefits office or the official 403(b) plan documents provided by TIAA for the most accurate and current information.
- Personal finance considerations for Oberlin College employees may involve making voluntary contributions to the Supplemental Retirement Account Annuity (SRA), which can help increase retirement savings on a pre-tax basis.
- For those interested in wealth-management and planning their financial future, Oberlin College offers the opportunity to manage retirement savings through their 403(b) plans, which include both the Defined Contribution Retirement Annuity (RA) and the Supplemental Retirement Account Annuity (SRA), with employer contributions in the RA plan and employee-determined contributions in the SRA, all within IRS limits.
