Retirement Savings

 

Employee Contributions:

Contributions - All employees can contribute to this plan up to the annual IRS limit. The limit for 2023 is $22,500. If you are age 50 or above, you can contribute an additional $7,500. Employees can change contribution amounts at any time. Changes are made in Workday. For easy instructions, please click here.

Eligibility - You can start contributing toward your retirement the month following your hire date. All of our employees are welcome to participate, including our adjunct faculty and temporary employees. New hires who are fully benefit eligible will be automatically enrolled in a 3% employee contribution and can opt out at any time if they do not wish to contribute. There is a 90 day window in which a permissive withdrawal can be retroactively processed for new employees who were automatically enrolled. 

Employer Contributions:

Contributions - Lewis & Clark contributes 9% of your monthly base salary with no employee match required. The college’s contributions are immediately vested meaning that they belong to the individual regardless of whether or not he/she continues to work at Lewis & Clark. Please note that the IRS limits the EE/ER maximum contribution 

Eligibility -  You must be 21 years or older and a regular (not adjunct) faculty or staff member, who works at least 1000 hours or more per year to participate in this benefit. There is a one year waiting period before Lewis & Clark will begin making contributions to your retirement account. This waiting period can be waived if a new employee was (1) employed for at least 1000 hours at an institution of higher education for a minimum of one year (2) within six months before the first day with Lewis & Clark and (3) the former employer made contributions to his/her retirement account. New employees must provide proof of participation in their former employer’s retirement plan within the first 30 days of employment Lewis & Clark.

Record Keeper:

Retirement funds are held by TIAA (Teachers Insurance and Annuity Association and College Retirement Equities Fund) and employees choose from among a variety of investment options. Check out the L&C College TIAA mini-site, call customer service at 800-842-2776 and even set up your online account.

Our TIAA Account Advisor for Lewis & Clark College

Andrew Martinez

amartinez@tiaa.org

503-265-3905

To sign up for a one-on-one meeting, call 1-800-732-8353 or schedule online www.tiaa-cref.org/ScheduleNow (Choose One-on-One Consultations - At your workplace – Oregon – Lewis & Clark College)

 

403(b) Committee