Retirement Plans
Gettysburg College offers a retirement program for employees who work at least 1,000 hours annually. After a two-year waiting period, the College will contribute 7% of your base salary to a retirement annuity with TIAA.
Waiving the Waiting Period: The two-year waiting period can be waived for eligible employees who have participated in a 403(b), 401(a), or another retirement plan at a college or university within one year of their hire date and received fully vested employer contributions during that period. To qualify, you must provide the Human Resources Office with satisfactory proof of this prior participation.
New employees must submit a Documentation of Service Form to request the waiver. Please note that Gettysburg College will not retroactively reimburse contributions if this documentation is not received in a timely manner.
Supplemental Retirement Annuity: You may immediately contribute to a Supplemental Retirement Annuity (Tax-Deferred Annuity) through TIAA. Please log into PeopleSoft self-service and use the benefits dashboard to start, stop, or update your voluntary contribution.
ROTH Option We now offer a ROTH option for current employees. This allows you to make after-tax contributions and accumulate earnings tax-free, enhancing your retirement savings.
Contribution Limits for 2025
- For those under age 50: Maximum annual tax-deferred contribution is $23,500; per pay period (with 26 pay periods) is $903.84
- For those age 50 and over: Maximum annual tax-deferred contribution is $31,000; per pay period is $1,192.30.
You can choose to contribute a flat dollar amount or a percentage of your pay. If you're not contributing the maximum amount, using a percentage (e.g., 10%) can help ensure your contributions increase with salary changes.
You can adjust your voluntary contributions at any time throughout the year by logging into PeopleSoft Self-Service on the Employee Landing page and making changes through the benefit dashboard.