Based On: Board Policies 3, 4, and 8
Procedure Number: 2.35
Date Adopted/Revised: November 20, 2001; November 21, 2006; May 15, 2007; May 5, 2015; July 20, 2016
Employees one-half time (50%) or greater are eligible to participate in one of the Retirement Plans offered by the College. All eligible employees of the College shall participate in one of the plans. Such election shall be made within thirty-one (31) days from the date the employee begins employment, and the election shall be irrevocable unless future elections are allowed by law. By accepting employment with the College, the employee consents and agrees to complete all necessary documents by the due date for enrollment. Listed below is a brief summary of the retirement plans.
Teachers Insurance and Annuity Association/College Retirement Equities Fund
TIAA/CREF is a defined contribution 403(b) plan as defined by Internal Revenue Service Code. College Employees contribute 6 – 8% of their gross salaries and the institution will contribute 10% of the employee’s gross salaries. Employee contributions are made on a “tax sheltered” basis.
A few employees were grandfathered in who continued to contribute 4-5% with the College contributing 6-8%.
Arkansas Teacher Retirement System
The Arkansas Teacher Retirement System (ATRS), is a defined benefit pension plan. ATRS provides retirement and disability benefits, cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefit and contribution provisions are established by the Arkansas General Assembly.
ATRS has contributory and non-contributory plans. Contributory members are required by code to contribute 6% of their salary. The College is required by code to contribute at a rate established by the Arkansas General Assembly.
Arkansas Public Employees Retirement System
The Arkansas Public Employees Retirement System (APERS), is a defined benefit pension plan. APERS provides retirement and disability benefits, cost adjustments, and death benefits to plan members and beneficiaries. Benefit and contribution provisions are established by the Arkansas General Assembly.