After two years of employment, full-time employees are eligible to participate in the Iona College 403(b) Defined Contribution Retirement Plan, with TIAA.
To enroll, eligible employees must contribute a minimum of 5 percent (pre-tax) in order to receive the College's 5 percent contribution. Participants may defer up to the calendar year IRS maximums, currently $19,500 for employees under age 50 and $26,000 for employees age 50 or higher as of December 31, 2020.
Employees who have previously worked at an institution of higher learning, the waiting period may be waived. Please contact the Office of Human Resources for more information.
If you wish to update your home address or beneficiaries, make allocation changes, transfer money between your Iona College TIAA accounts, or request Rollover or Loan paperwork, please visit the TIAA website or contact TIAA directly at (800) 842-2733.
|Years of Service||College Contribution|
|Two (2) to seven (7) completed years of full-time service||2.5%|
|After seven (7) years of full-time service||3.75%|
|After eleven (11) years of full time service||5.0%|
Supplementary Retirement Annuity Plan (SRA)
Employees not meeting the time requirement for the RA plan may enroll in the SRA account. The College does not contribute to this plan.
The above plans are 403 (b) tax-sheltered plans and are required to be filed with the Internal Revenue Service.
The Human Resources Department offers further information on RA and SRA accounts.
For questions, please contact the Office for Human Resources at (914) 633-2496.