Retirement

Who is eligible?

All College employees, with the exception of certain student employees, are eligible to participate in our 403(b) Plan immediately upon hire. You may contribute to the Plan through payroll deductions by way of traditional pre-tax and/or Roth after-tax deferrals.

Advantages

A key benefit of employer-sponsored plans like our 403(b) plan is that contribution limits are significantly higher than what is allowed under Individual Retirement Accounts. You can save more under our tax-advantaged savings plan.

College’s Discretionary Matching Contribution

Most employees regularly scheduled to work 20 or more hours per week are eligible for the College’s discretionary matching contribution. If you contribute 3% or more to the Plan, the College will provide a 3% match. If you contribute less than 3%, the match will be prorated.

And more good news – the College matching contributions are immediately 100% vested – meaning you fully own any match you receive. Contact Your Benefits Team if you have questions about your eligibility.

Note, adjunct faculty and student employees are not eligible for the employer match.

Contributions

You may contribute to the Plan through payroll deductions by way of traditional pre-tax and/or Roth after-tax deferrals.

Eligible employees can elect or modify payroll contributions by logging into Oracle. Please use the step-by-step Changing Your 403(b) Contribution for guidance. If you have questions about your contribution set-up, you may reach out to Your Benefits Team at benefits@gmhec.org or 802-443-5485.

Accessing Your Account

When TIAA receives your first contributions, they will create your account. Then, after you set-up a username and password, you can make investment choices, assign beneficiaries, use planning tools, and explore learning resources.

Need experienced assistance? Call and speak to a TIAA representative at 800-842-2252 weekdays from 8:00 a.m. until 10:00 p.m. EST.