Gettysburg College provides a retirement program for employees who work 1,000 hours or more per year. There is a two-year waiting period before the college begins making a contribution to your retirement. The College makes a contribution of 7% of base salary to a retirement annuity with TIAA.
The waiting period may be waived for an eligible employee who has fully vested and funded benefits under the terms of a retirement plan of a previous educational institution.
If you have contracts, it is imperative that you notify the Human Resources Office, and that you supply us with your contract certificate number(s).
Gettysburg College will not reimburse your account if you delay to provide the Human Resources Office with this information.
Employees may immediately contribute to a Supplemental Retirement Annuity (Tax-deferred Annuity). Those are offered through TIAA.
Starting January 1, 2024, we will be adding a ROTH option to our 403b investment menu. This tax-saving investment option allows employees to make after-tax contributions and accumulate earnings tax free. This is a great way to enhance your retirement plan by offering additional ways to save more for retirement.
The maximum tax-deferred contribution for January 1, 2024, for those under age 50 is $23,000.00; for those age 50 or over the maximum is $30,500.00.
Since 2024 has 26 pay periods, the maximum allowed contribution for those under age 50 is $884.60 per pay; for age 50 or older the maximum is $1173.06 per pay.
You may contribute a flat dollar amount, or you may contribute a percentage of pay. If you are not contributing the maximum amount per year, you may want to use a percentage (ex: 10%) in order for your contribution to increase automatically when your salary increases.
Please remember you may make changes to your voluntary contribution at any time throughout the year. Please log onto PeopleSoft Self-service found on the Employee Landing page and make changes through the benefit dashboard.
TIAA in TIAA Retirement Plans
Emeriti Programs for Active Employees