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 Janet Leonard, HR Senior Plan Administrator at jleonard@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
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.