Saving For Retirement
College-Paid Retirement Account
(Defined Contribution Plan)
The Davidson College Retirement Plan is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code. Davidson College has two retirement vendors, The Teachers Insurance and Annuities Association (TIAA) and Fidelity Investments.
Davidson College contributes 8.5 percent of the salary up to the Social Security wage base ($126,200 in 2017) and 12.5 percent over the Social Security wage base up to the Internal Revenue Code limit. The employee is 100 percent vested in this plan after three years of employment.
In addition, the college will contribute 9.5 percent instead of 8.5 percent if the employee contributes at least 1 percent of his or her annual salary to an Employee Contribution Account.
Employee Contribution Retirement Account
(Tax-Deferred Annuity Plan)
The Employee Contribution Account is an account into which an employee may make volutnary pre-tax contributions to save for retirement. As such, the total amount of contributions made for any year cannot exceed the limits imposed by section 415 and section 403(b) of the Internal Revenue Code.
You have the choice of opening an account with TIAA or Fidelity.
- College-Paid Retirement: Once an employee works in a regular position for Davidson College for one year (worked at least 1,000 hours/year), the college opens a college-paid plan for the employee. The employee is 100 percent vested in the college-paid annuity after three years of employment.
- If you have at least 12 months consecutive employment as a full-time, benefited employee with another educational institution within the three years immediately preceding your employment with Davidson College, the one-year waiting period will be waived. It is the employee's responsibility to notify Human Resources if they are eligible for early enrollment into the defined contribution plan.
- Employee Contribution Account: This benefit is open to all employees and participation may begin immediately upon employment with Davidson College.
Davidson Contributions and Maximums
To calculate the amount that qualifies for the additional 1 percent per pay period, see the following examples:
|Annual Salary Examples||Calculation of 1 percent||Amount Per Pay Period|
|$20,000||$20,000 X .01=$200||Biweekly:$200/26=$7.69/period
|$30,000||$30,000 x .01=$300||Biweekly:$300/26=$11.54/period
Monthly: $300/12= $25/period
Retirement Planning Resources
Access the Davidson College Retirement Planning website (both Fidelity and TIAA).
Representatives from our retirement vendors are on campus once a month to provide one on one appointments with employees.
- Fidelity: To schedule an appointment with our representative, visit the Fidelity website or call 800-642-7131.
- TIAA: To schedule an appointment with our representative, visit the TIAA website or call 877-267-4505, ext. 0.
Documents And Forms
- Retirement Planning Website Directions (PDF)
- Retirement Plan Enhancements (PDF)
- 2014 Retirement Enhancement Presentation (PDF)
- Davidson College Defined Contribution Plan Description (PDF)
- Summary Annual Report for Davidson College Retirement Plan (PDF)
- Qualified Default Investment Alternative (QDIA) Annual Notice (PDF)