- Defined Contribution Plan or 403 (b) Plan (for Non-Union Employees & Union employees hired on or after 07/01/13)
- Defined Benefit Plan or Cash Balance Plan (for Union Employees hired before 07/01/13)
- Voluntary Contributions to 403 (b) for all Employees (except student employees)
All employees (except student employees) are eligible to make voluntary contributions to the 403(b) plan on either a pre-tax or Roth basis. Start your voluntary contributions by filling out this form and sending it to Human Resources.
Defined Contribution Plan or 403 (b) Plan
(for Non-Union Employees & Union employees hired on or after 07/01/13)
- Mandatory Participation and Automatic Enrollment after 1 year of service: Eligible employees who have completed one year of service (with at least 756 hours of service) are required to contribute 5% on earnings over $30,000. (Effective since 07/01/12)
- College’s Contribution to Plan is 10.5% of compensation.
- Voya (formerly ING) is the current record keeper.
- Participants in the plan have the opportunity to invest into a variety of selected funds/ asset classes or, if they choose, they may select their own funds through a 'brokerage window'.
- Meet with a financial adviser
- How to access your VOYA account
- Plan Overview
- In-service Withdrawals
- Termination Withdrawals
- Preparing to request a withdrawal
- Changing Beneficiaries
- Death Benefits
Defined Benefit Plan or Cash Balance Plan
(for Union Employees hired before 07/01/13)
- College’s Contribution to Plan is 10.5% of base salary
- Employees are not permitted to contribute to plan
- Plan ‘credits’ an employee’s account with a percentage of salary each year plus a set interest rate that is applied to an employee’s balance. Our interest rate is a fixed 5%
- Eligible participants are members of the SEIU bargaining unit(s) and newer members of the UAW bargaining unit. Participants are automatically enrolled after one year of service and attainment of age 26.
- USI Consulting is the third party administrator of the plan. They provide actuarial services and participant support.
- Aetna Life Insurance Company processes the distribution of the assets of the plan (e.g. annuities, lump sum).
Voluntary Contributions to 403 (b)
(for all Employees, except student employees)
- Employees can make: Pre-Tax Savings Contributions and/or After-Tax Roth Contributions to the Plan through payroll deduction.
- $18,000 is the regular annual limit for 2015.
- $24,000 is the limit for employees over the age of 50.
- There is no minimum contribution.
Learn more about the Advantages of Voluntary Contributions.
The Pension Protection Act requires that sponsors of 403(b) plan assume greater fiduciary responsibility. Mount Holyoke College meets its responsibility through the work of the Investment Committee. This committee is charged to monitor the funds and fees associated with the 403(b) plan.
Learn more about the Investment Committee's work.
- Fidelity Investments
- Vanguard Investments
- Customer Service Phone Numbers - Fidelity, TIAA/CREF and Voya