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Educated to Lead. Inspired to Achieve.

Retirement

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The College offers its full-time employees and part-time employees who work over 1000 hours per year with a defined contribution retirement savings plan that combines employee contributions, College matching contributions (when available), and investment earnings to build financial security for retirement. 

Eligible employees may contribute to their retirement fund upon hire.  Any contribution from the College, however, will only start after the eligible employee completes his or her first year of service. 

Participating employees choose funds from Mass Mutual.  The College qualifies under section 403(b) of the Internal Revenue Code, and therefore offers its eligible employees the options of either:

(a) deferring taxes on contributions and/or earnings until the retirement years when benefits are withdrawn (b) paying taxes on contributions (Roth) in order to avoid paying taxes on contributions and earnings during the retirement years when benefits are withdrawn.

Ownership of both the employee and College contributions is fully vested with the participant.massmutual-2.jpg

 

For additional information about Westminster College's Retirement Plan e-mail HR@westminster-mo.edu or call 573.592.5226.

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