Plan now. Retire later.
Kalamazoo College offers one 403(b) retirement plan through TIAA.
Pre-Tax Contributions
Most classes of benefits-eligible employees of the College can participate in the tax deferred Group Supplemental Retirement Annuity (GSRA) portion of the plan. There are no service requirements. You may enroll and begin pre-tax contributions through payroll deduction at any time.
Employee Contributions
Since most employee retirement plan contributions lower one’s tax liability, the IRS determines the maximum contributions that one can contribute into the plan during a calendar year. For 2025, that amount is $23,500, a $500 increase from 2024’s limit. For individuals who are age 50 or better, the IRS allows an additional catch-up contribution totaling $7,500; bringing the total contribution limit for someone in that population to $31,000.
We will make every effort to partner with you to ensure that your contributions do not exceed the limit, to include a new process to automatically lower your contributions such that they do not exceed the IRS allowed amount. If you have already enrolled with TIAA, please proceed to the salary reduction agreement section to complete and submit the form to us for processing.
Please note the following:
- The effective date cannot be backdated and will be established based on the date we received a completed, accurate salary reduction agreement.
- For hourly employees, salary reduction agreements received by the Friday in which the pay-cycle ends to ensure changes are reflected on the next paycheck. Ex: Agreements submitted by 3/21/2025, will appear on the 3/28/2025 paycheck.
- For salaried employees, salary reduction agreements received on or after the 20th of each month, will have changes reflected on the next month’s paycheck. Ex: Agreements submitted on or after 3/20/2025 will have the changes reflected on the May 1 paycheck.
Employer Contributions
After a two-year* waiting period, the College will contribute 5% of a person’s base salary regardless of their participation. Effective 8/1/2024, Kalamazoo College will also match employee contributions, dollar-for-dollar according to the following tiered schedule:
| *Employer Match Tiers | ||
| Tier | Annualized Base Salary | Maximum Employer Match |
| 1 | Under $70,000 | 5% |
| 2 | $70,000 – $84,999 | 4% |
| 3 | $85,000 – $99,999 | 3% |
| 4 | $100,000 – $124,999 | 2% |
| 5 | $125,000+ | 1% |
| Position | President, Vice Presidents | 0% |
Kalamazoo College intends to phase in the full complement of employer contributions as soon as feasible, which will take a few years. Contributions into the defined contribution plan are always yours to keep. Please Note: Employer matching contributions do not apply to any Roth contributions the employee may make but are based on the pre-tax contributions only.
*The two-year waiting period can be satisfied at Kalamazoo College or at another higher education institution after successfully completing additional verification steps. Your previous employer must complete the Verification of Service Credit form.
Roth Contributions
Roth contribution option in the Defined Contribution and Tax-Deferred Annuity Retirement Plans 403(b) began on January 3, 2022.
With the Roth option, taxes are paid at the time of contribution, so you have the potential to withdraw them and the amount that is earned on these contributions on a tax-free basis. Withdrawals of earnings after age 59½ are tax free if the distribution is taken no earlier than five years after the Roth contributions were first made.
Additionally, you will have the opportunity to convert some (or all) of your pretax retirement plan savings (contributions and earnings) to Roth with the Roth in-plan conversion feature.
How it works
Roth in-plan conversions may be limited to one per calendar year and cannot be reversed after the change is made. The amount converted is treated as taxable income in the year of conversion; no taxes are withheld from your account as part of the conversion.
Before electing a Roth in-plan conversion, you should consult your personal tax advisor to ensure this strategy is consistent with your overall personal financial goals. For more information about the Roth in plan conversion feature, please contact TIAA.
Additional Roth information can be found on at TIAA.
TIAA Salary Reduction Agreement
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Manage your Account
Not sure where to begin? We can help you take the next step in your financial plan.
- Online: Visit TIAA.org/kalamazoo and Log in. If you’re new to TIAA, select Log in, then Register for Online Access. Follow the on-screen directions to access your account.
- Phone: Call TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. (ET).
- To schedule a virtual one-on-one session with TIAA, call 800-732-8353, weekdays, 8 a.m. to 8p.m. (ET).
- You can also schedule a meeting online at TIAA.org/schedulenow.
When should I call TIAA?
You should consider reaching out to a TIAA representative when…
- You have questions about how your investments are performing
- You are unsure about your investment line-up and may be interested in changes
- You have an account with a previous employer and would like to know your options.
- You would like to schedule time to speak with someone regarding your account.
- You would like to assistance with retirement planning.
Educational Opportunities
Please review the following educational opportunities to assist with financial planning for any stage in your life.
Emeriti Resources
OneDigital Resources
2025 Financial Academy Calendar – once you have opened the link, please scan the QR code to register for the live and/or on-demand webinars, access the digital resources or the complimentary online tools.
2025 Financial Education & Guidance – once you have opened the link, please scan the QR code to register for personalized financial workshops.
TIAA Resources
Individual Counseling Sessions – Ryan Hallowell is our dedicated TIAA representative who meets with employees to provide retirement planning assistance. These sessions are offered once monthly on a first-come-first serve basis. If you are not available for one of the in-person sessions, additional virtual sessions may be scheduled on the TIAA site.
Program Fees and General Administrative Services
When making decisions about your retirement account, it’s important to know there are fees associated with many plan services and investments. Some fees are paid by your employer; others are paid by you based on the investments and services you choose. An upcoming change will impact the administration costs assessed to your plan.
Your plan assesses an annual administrative fee to cover services such as record-keeping, legal, accounting, investment advisory, and other plan and participant services.
As of December 2, 2021, your current annual plan servicing fee of 0.141% ($1.41 per $1,000 invested) is being reduced to 0.105% ($1.05 per $1,000 invested), and will be divided into quarterly payments and deducted from your account on a quarterly basis. This fee is deducted proportionally from each investment in your account on the last business day of each quarter and identified as “TIAA Plan Servicing Fee” on your quarterly statements. Additionally, if you are invested in any of the investment options that provide revenue sharing, you will see a “Plan Servicing Credit”.
Additionally, your plan will continue to assess an annual fee of 0.043% ($0.43 per $1,000 invested), for plan administration services, which will be divided into quarterly payments. This fee is deducted proportionally from each investment in your account on the last business day of each quarter and identified as a “Non-TIAA Plan Servicing Fee” on your quarterly statements. This fee remains the same.
When do you want to retire?
Planning is key. Kalamazoo College offers a few options to assist you with planning for retirement.
TIAA Mobile
Download the TIAA mobile app from the App Store or Google Play.
- Check your TIAA account balances and details
- View pending transactions and required actions
- Upload files for TIAA
- Transfer money between retirement plan investments
- Monitor your personal rate of return for your retirement investments
- Learn how much you can borrow from your retirement savings
- View, download and email quarterly retirement statements and tax statements
- Update personal information and communication preferences
- Communicate with TIAA in the Message Center
- See your balances without logging in using Peek View
Individual Counseling Sessions
Experts through TIAA are available to assist you, at no charge to you, through a few different avenues.
In-person/virtual sessions may be scheduled on the TIAA site.
On-demand sessions may be initiated by logging in to your TIAA account.
TIAA representatives are available every weekday from 8:00 a.m. to 10 p.m. and Saturdays from 9 a.m. to 6 p.m. (ET) at 1.800.842.2252.
Seminars
Personal Finance 101: Recorded on November 17, 2022 for Kalamazoo College faculty and staff, this one-hour session provides practical tips for personal finance management at every stage of one’s career.
TIAA offers a variety of topics to help you meet your financial goals.
Emeriti Contributions
When eligible, Kalamazoo College contributes $33.00 per month to your Emeriti Retirement Health Account, which you can use towards healthcare costs up on your eligible retirement from K. AND… you can also contribute after-tax dollars to your Emeriti Health Account through payroll deduction.
Definition of Retirement at Kalamazoo College
Retirement eligibility is defined by the College as minimum age 55 years with at least ten years of continuous service, or for late hires, minimum age 65 years with at least five years of continuous service. Benefit eligible employees who participate in the Emeriti Retirement Health Plan and who terminate employment after attaining retirement eligibility as defined under the Plan are eligible for certain health benefits in retirement.