Retirement Plans

Oberlin College continues to review the institution's TIAA retirement plans to identify new ways to assist our Faculty and Staff to plan for their retirement. Beginning in April 2024, there will be some important updates to the existing TIAA retirement plans. These updates include two new enhancements that will help in retirement planning. Additionally, Oberlin will begin offering another way to save for retirement through a new after-tax Roth option.

If you have any questions, please consult with TIAA at (800) 842-2252 or contact retirement@oberlin.edu.

Oberlin College offers two retirement plans with TIAA, both are 403(b), tax-advantaged plans:

Defined Contribution Retirement Annuity (RA)

Oberlin will make pre-tax employer contributions after one-year of service and attaining age 26 into the RA plan. Contributions from Oberlin are automatic and do not depend on any employee contribution. Contributions from Oberlin are based on age.

• Age 26-34 5%

• Age 35-44 8%

• Age 45-54 10% on the first $100,000 of salary; 8% on salary above $100,000

• Age 55 + 12% on the first $100,000 of salary; 8% on salary above $100,000

Supplemental Retirement Account Annuity (SRA)

Employees are eligible to participate in the SRA upon hire. Contributions are made on a pre-tax basis from one’s paycheck.

For more information, contact Oberlin’s TIAA representative, Don Denault, at ddenault@tiaa.org for assistance in enrollment.

To schedule an appointment, go to: www.tiaa.org/schedulenow. Select the option for Your Employer click on schedule, then select Ohio, then Oberlin College. Available appointment times will populate. Call to schedule an appointment (800) 732-8353 8 a.m. to 8 p.m., Monday through Friday

For 2024, the annual IRS contribution limits for an individual are:

• Age 50 or less in 2024 = $23,000

• Age 50 or more in 2024 = $30,500

Enrollment in Health Insurance

Medical Mutual Logo

Employees who are eligible to retire and who were covered under one of Oberlin College’s group health plans while in active service, may enroll to continue to participate in the health plan during retirement.

• Retirees under 65 will be enrolled in the Consumer Driven Health Plan with a Health Reimbursement Account (HRA)

• Retirees aged 65 and over will be enrolled in the Medical Mutual Medicare Advantage Plan with SilverScript (prescription coverage).

• Retirees under 65 whose spouse or Domestic Partner is aged 65 and over, and participates in our health plan, will also be enrolled in the Medical Mutual of Ohio Retiree Comp Plan.

Enrollment in Vision and Dental Insurance

To continue or elect coverage in the Vision and/or Dental plans, you must indicate your choice at the time of retirement.

Faculty and staff members who are in active employment and are at least age 52 with a minimum of 10 years of service, are eligible to retire from the college. To learn more, access our Retirement Benefits Program Policy.

You may use this Retirement Checklist if you are planning to retire from the college. To begin the retirement process, you must send a written notification of your retirement to your manager/Dean, with a copy to Human Resources. Once HR receives a copy of your retirement notice, a Retirement Packet will be prepared for you.

Click here to view the current TIAA Webinars

Don Denault comes to campus one to two times a month to meet with employees. Please please view this document for the 2024 dates he will be on campus. Call 1 (800) 732-8353 or visit TIAA.org/schedulenow to schedule an appointment.

Each year during the Open Enrollment period in October, you may change/cancel your coverage. The change will go into effect on January 1, the following year. If you do not need to make any changes to your coverage, you would not need to complete enrollment forms during Open Enrollment. Additional information with respect to plan changes, if any, together with other information will be mailed to each retiree during Open Enrollment.

Benefits coverage for you and your eligible dependents in effect at the time of retirement can continue. Covered dependent children remain on your benefits until they no longer meet eligibility requirements, usually the end of the month in which they turn 23 for vision and dental insurance, or 26 for health insurance. Note: A retiree cannot add a dependent during retirement.

Please review the applicable sections on the Retirement Process web page for information on your Life Insurance, Accidental Death & Dismemberment Insurance, Long Term Care, TIAA Retirement Plan, and Dental and Vision Plans.

Group Life and Accidental Death

Long Term Care & Plans Ending Upon Retirement

Retirees Who Move or Change Address

Additional Retiree Benefits