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We encourage you to begin planning for your future by participating in Macalester’s Retirement Plan.  This plan will provide opportunity for financial growth throughout your employment with Macalester.  Macalester offers a 403(b) plan for faculty & staff invested through Teacher’s Insurance and Annuity Association (TIAA).  Initial contributions are default funded into a target date retirement fund utilizing the participant’s date of birth to align with the corresponding target date retirement fund.  Once enrolled, participants can change allocations of existing balances and future contribution if desired to a variety of available mutual funds and annuities.  Beneficiaries for retirement accounts are entered, updated and maintained through an individual’s online account with TIAA.  New participants will be prompted to enter beneficiary information when establishing initial online account access to TIAA.

Employee Retirement Contribution Limits

2020 Standard Limit 2020 Age 50+ Limit
$19,500 $26,000

Macalester Retirement Contribution

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In response to financial challenges resulting from COVID-19, Macalester College has temporarily suspended the employer contribution to retirement accounts beginning August 1, 2020.

Employee Retirement Contributions

All employees are eligible to contribute to the Macalester Retirement Plan on a pre-tax or a post-tax basis starting the first day of any month or immediately upon beginning employment at Macalester.  There is no waiting period and all contributions are made by the participant.  Participants may contribute any amount up to his/her individual IRS annual maximum. The individual maximum is based on age, length of service and salary.  The minimum annual contribution required is $200.  Annual employee maximum contribution limits include combined limits between the pre-tax and post-tax contributions.  Macalester retirement contributions do not count towards the annual employee contribution limits.  Choices regarding available funds and their allocation are the same as same as Macalester’s contribution to retirement.


Enrolling in Retirement Plans

Changing Retirement Elections

Establishing Online Retirement Account Access & Maintaining Beneficiaries

Visit the TIAA website to establish new user access


Login to your retirement account with TIAA to view individual retirement account information and maintain beneficiaries

Resources

Plan Documents