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The decision to retire should be made after
several years of careful thought and planning. Financial considerations are a major
factor in this decision, and the retirement plan options may help to meet your goals.
For questions regarding retirement benefits, contact Human Resources at (413) 585-2275.
Retirement Plan (GRA)
The Smith College 403(b) retirement plan provides
eligible faculty and staff with a significant contribution to income replacement.
Smith will contribute 9 percent of eligible earnings up to a specific amount established
each year (this amount is called the integration level) and a 13.3 percent contribution
on earnings above the integration level.
The plan is fully funded by the college and you are
not required to make any matching contributions. Smith College employees can direct
their investment to any of the approved investment companies;
- American
Century
- Fidelity Investments
- TIAA-CREF
- Pax World Funds (Please note, effective 1/1/09 Pax World will be closed for new contributions)
The college's contributions to your retirement plan
are fully vested (owned by you) beginning with the first premium payment.
Tax Deferred Salary Planning (GSRA)
The Internal Revenue Service (IRS) allows employees
of colleges, universities and certain other non-profit organizations to allocate
a portion of salary on a federal and state tax deferred basis to a voluntary 403(b)
retirement account (GSRA). There are significant tax advantages to utilizing this
option. Pre-tax contribution amounts may be changed at any time; participation is
voluntary and there is no waiting period.
Pre-Retirement Counseling
Smith College sponsors educational programs to help
you plan and acquire the knowledge you need to make appropriate decisions about retirement.
Consultants from the approved investment companies come to campus and are available
for individual meetings.
Health Insurance for Early Retirees (ERO)
Employees who retire between the ages of 62 and 65 and
who have 10 years of consecutive service at Smith College may continue to participate
in the health and dental plan until age 65, with the college paying half of its normal
contribution.
For other retiring employees Medicare Part A and B are
available when you reach age 65. For information about Medicare please contact the
Social Security Administration. You may also want to consider Medigap insurance.
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