Human Resources & Organizational Development
Effective October 1, 2014, important changes happened to the Champlain College Retirement Plan. For more information, please refer to the Transition Guide and Upcoming Informational Seminars and Sessions included below.
The College offers the opportunity for employees who are scheduled to work 20 or more hours per week to defer into a tax-deferred investment plan. Individuals have the option of choosing their investments through TIAA-CREF and/or the Newport Group. A ROTH option is available.
Coverage for full-time (37.5-40 hours per week) faculty and staff and part time employees scheduled to work at least 20 hours per week. The College will match an individual's contribution for the 403(b) plan up to 5% of their earnings per pay with a 2:1 match. This means for every dollar you contribute up to 5% of your earnings, the College will contribute two dollars.
As mentioned in our 2014 Open Enrollment guide, Champlain College has added a Roth deferral option to the 403(b) Plan. This option is now available for both TIAA-CREF and The Newport Group and can be elected at any time through Workday.
Currently your 403(b) contributions are taken on a pre-tax basis and you do not pay tax on this money until you trigger a distribution event. A Roth option allows you to have your contributions taken on an after-tax basis, which means a qualified distribution is taken on a tax-free basis.
Visit TIAA-CREF website
Visit Destination Newport Group website
The consultant for TIAA CREF is Erik Moreau at (603)653-5145 or (866)904-7801 x275145
The consultant at Newport Group is Dean Pelkey at (802)652-6038 or Chris Dubie at (802)652-6069
If you would like to speak to a non-affiliated consultant please contact Bob Nevins, (802)865-8055 x2315, at Hickok & Boardman