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A Culture of Care >> Read Smith’s plans for the fall 2021 semester.

Retirement Planning

Section 406

The college's Retirement Plan provides a significant contribution to income replacement for employees upon retirement. The college pays 9% of your eligible earnings up to an integration level and 13.3% of your earnings above the integration level to your retirement account. The integration level is adjusted each year. The Retirement Plan is fully funded by the college and you are not required to make any matching contribution. The college's contributions to your retirement account are fully vested beginning with the first contribution.

The college sends retirement contributions to an account which has been established in your name with the plan's recordkeeper with whom the college contracts.

The Retirement Plan is structured so that, after a 30-year career at the college, you can expect to receive approximately 67% of your final year's salary in retirement income from a combination of Social Security and retirement plan benefits. While the college cannot guarantee that you will meet this objective, you have the opportunity to make investment decisions that fit your particular goals.

For a detailed description of Smith College's retirement plan, please refer to our Summary Plan Description. An overview of the plan is also available at Additional information, including retirement vendor contact information, is available on the Benefits page.

Voluntary Contributions

All active employees, except for student employees, are eligible to make pre-tax retirement contributions and/or Roth (after-tax) contributions through payroll deduction upon their date of hire. To start, change, or stop voluntary contributions, submit to Human Resources a new "Retirement Plan Election Form/Salary Reduction Agreement" which is available on our Forms page.

Health Insurance for Early Retirees

Employees who retire from Smith College between the ages of 62 and 65, and who have a minimum of 10 years of consecutive service in a regular position at Smith College immediately prior to retirement, may continue to participate in the college's group health plan until age 65, with the college paying half its normal benefit. To apply, please contact Human Resources.

For other retiring employees, Medicare Part A (hospital insurance) and Part B (medical insurance) are available beginning at age 65.

Pre-Retirement Counseling

The college sponsors educational programs to help you acquire the knowledge you need to make appropriate investment decisions and to plan for your retirement. Please visit the Benefits webpage for instructions to schedule an appointment.