Bryn Mawr College sponsors a 403(b) retirement plan. Employees are eligible for a College contribution of 10 percent of gross eligible wages if they work a minimum of 1,000 hours per year. The College contribution will begin on the first day of the month following the first eight months of employment. The contributions are retroactive to the first of the month coincident with or following the employee’s date of employment.
Employee’s may also contribute to their retirement by electing a fixed dollar amount or percentage for each pay period and is limited under the Internal Revenue Code as follows…
|Payroll Year||Contribution Limit||Age 50+ Catch Up||Maximum Compensation|
*If you want to reach the limit in 2021, you should elect the following amount per pay...
|Age at Year End||Annual Limit||Monthly||Biweekly|
|50 and above||$26,000||$2,166.67||$1,000.00|
Access your Transamerica retirement account at https://www.transamerica.com/, or contact Transamerica at 800-755-5801 to change investments, update beneficiaries or start or change your per pay contribution.
How to Change Your Voluntary Salary Reduction Online:
- Once logged into the https://www.transamerica.com/ website, select "Details" on the right-hand side.
- Under the "Manage" drop-down menu on the left-hand side, select "Contributions." You can contribute per pay period as a percentage of gross pay or as a fixed dollar amount.
- Select "Next" to view a summary and "Submit" to confirm.
If you have choosen to invest at TIAA, access your account at tiaa.org/brynmawr, or contact TIAA at 800-842-2252. While you can designate investments to TIAA through the Transamerica site, the actual TIAA fund selection must be made through TIAA.