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403 (b)
Retirement plan Employees are strongly encouraged to review their investment options on an annual basis. TIAA-CREF visits the campus monthly and conducts at least two investment seminars each year. To schedule an individual session with Katharine Klipstein from TIAA-CREF, please call (866) 904-7802. Fidelity also visits the campus several times each year and conducts investment seminars. To schedule an individual session with Ashley Taylor from Fidelity, please call (800) 642-7131.

After retirement, an individual has full access to his or her funds subject to plan limitations. Under IRS regulations there is an early withdrawal penalty if a person is under 59 1/2 years of age and takes a cash withdrawal.

Financial Planning
In addition to the opportunity for free consultations with representatives from TIAA-CREF and Fidelity, the college will issue a one-time taxable stipend to regular faculty members and senior lecturers (age 62 or older) of up to $250 to assist with the cost of a consultation with the financial planner of their choice. For information regarding reimbursement, contact Saari Greylock, Budget and Faculty Recruitment Specialist in the Office of the Provost ( or ext. 3007).

Social Security
Full Social Security benefits normally begin (depending in part on date of birth) as early as age 65. Reduced benefits (equal to approximately 80 percent of the full benefit) are normally available at age 62. Contact the local Social Security Administration (SSA) office or contact Social Security through their Web site to determine the terms of eligibility. If one retires at age 65 or older, the Social Security Administration requires that one enroll in Medicare Part B. If one does not enroll at the end of the Medicare Enrollment Period that applies to their situation, the Social Security Administration imposes an ongoing premium penalty of 10 percent for each 12-month period that one could have had Medicare Part B but did not sign up. If one elects Medicare Part B when one's employment ends, there will be no penalty. Generally, this means one should sign up for Medicare Part B even if one elects COBRA coverage. There are different Medicare Enrollment Periods for different situations. We strongly recommend that anyone near retirement contact the local Social Security Administration office or contact Social Security via the Web site and to determine the requirements for her or his personal situation. SSA Offices: Holyoke, (413)536-3649; Greenfield, (413)774-6031; toll-free, (800)772-1213. Staff in the Office of Human Resources will be glad to help those considering retirement understand circumstances that affect the timing of Medicare and Social Security benefits and direct them to the appropriate federal office for additional information.

Loan Repayment
The balance on all outstanding loans from the college other than a loan under the college's second mortgage plan must be paid on the date of retirement. The outstanding balance on a college second mortgage must be paid within 30 days of the date of retirement. Participants are eligible to accelerate second mortgage payments before their date of retirement.

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