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Faculty Personnel Policies

B21   Retirement Benefits

  1. Social Security

    All faculty members are enrolled in the social security program during the calendar year. The amounts paid by the faculty member and by the College change as the social security laws change.

  2. INVEST

    All full-time regular faculty members are covered by a noncontributory retirement plan entitled INVEST. This defined contribution plan allows faculty to choose from several investment companies preselected by the College.

    Details of the various investment options are available from the Office of Human Resources.

    The College contributes an amount equal to 10.5% of the annual contract salary for faculty. Special assignments and summer work are excluded from INVEST contributions. Faculty members may opt to invest a portion of their salary also in INVEST or any of the other 403b Tax Deferred Annuity Contracts. Such contribution can be made on a tax-deferred basis through a payroll salary reduction agreement. Income tax on these contributions is thus deferred until payment at retirement, when the tax rate may be lower.

    The INVEST plan is fully vested and participants retain ownership of their funds should they leave the College.