Upon employment, the new employee may choose one of the three following plans. The choice is non-revocable.

TIAA/CREF
This is a defined contribution plan, which provides a retirement account for employees with immediate vesting. The employee contributes 5 percent and the College contributes 10 percent of the employee’s salary to the retirement fund.

TIAA/CREF  Website

Pennsylvania Public School Employees’ Retirement System (PSERS)
This is a defined benefit retirement plan providing a monthly income when the employee retires. A five-year vesting period is required. The plan also provides for disability payments after vesting under defined conditions. New employees contribute 7.5 percent; the College contributes a percentage, which may vary from year to year based on legislation and plan funding requirements.

Pennsylvania Public School Employees’ Retirement System (PSERS) Website

Pennsylvania State Employee’s Retirement System (SERS)
This is a defined benefit retirement plan providing a monthly income when the employee retires. A five-year vesting period is required. The plan also provides for disability payments after vesting under defined conditions. The employee contributes 6.25 percent, and the College contributes a percentage, which may vary from year to year based on legislation and plan funding requirements.

Pennsylvania State Employees’ Retirement System (SERS) Website

Supplemental Retirement Plans
The employee may elect to contribute additional amounts into a supplemental retirement savings plan, on a tax deferred basis, up to limits prescribed by law. The Supplemental Retirement Plans are offered through either TIAA/CREF or Fidelity.

Fidelity Website
TIAA/CREF Website

Federal Insurance Contribution Act (FICA)
This Federal system provides a monthly income upon retirement at age 62 or full retirement-age based on a Social Security Administration schedule, or under specific conditions, in the event of disability, as well as medical coverage. The employee pays 6.2 percent Social Security and 1.45 percent Medicare, and the College (and State) pays 6.2 percent Social Security and 1.45 percent Medicare.