Alternative Retirement Plan (ARP)
The Alternative Retirement Plan is a defined contribution plan. Eligible employees may purchase annuities in either TIAA-CREF or VALIC. The benefit received upon retirement is based on the amount you have contributed during your career. Eligible employees of the College, as first time new hires on or after July 1, 1991, may elect to participate in an alternative retirement plan in lieu of the Educational Retirement Act.
- Employee contribution is 7.6%
- Employer contribution is 5.65%
- Faculty means all personnel who are classified as:
- Assistant Professors
- Associate Professors
- Professionals means:
- Directors or Managers reporting directly to a President
- Directors or Managers reporting directly to a Vice President
If you elect to participate in the Alternative Retirement Plan instead of the Educational Retirement Board Plan, you must contact your alternative plan carrier for eligibility rules. TIAA-CREF can be reached at 800-842-2009 or on the web at www.tiaa-cref.org. VALIC can be reached at 800-448-2542 or on the web at www.valic.com.