320 Retirement Plan

The College established the Spelman College Defined Contribution Plan, a 403(b) retirement plan to allow eligible full-time and part-time employees (excluding students, Spelman Temporaries and Summer Service Providers) to build income for the future.  The plan is administrated by TIAA (Teachers Insurance Annuity Association).  The plan offers employees various investment options.

Eligible full-time employees may begin participating in the plan on the first day of the month following the month in which they complete three (3) consecutive months of full-time employment. Eligible part-time employees may begin participating upon completion of a year of service as defined by the plan.

Eligible employees receive a minimum contribution, even if their employee deferral level is zero. Eligible employees electing to make pretax deferrals to the plan receive employer contributions from the College.

The current employee deferral and College contribution schedule is below:

Employee Pre-Tax Deferral	Spelman's Contribution
Less than 2%	3%
2% but less than 5%	4%
5% or more	7%

Employee pretax deferrals and employer contributions are calculated on base pay. Participants elect the investment options/fund allocations that best meet their needs from the options offered by the plan. Employees may contact a representative at TIAA at 1-800-842-2252 or visit the Web site at www.tiaa.org/spelman to receive information and general guidance on investment options. All deferrals and contributions are subject to the yearly IRS 403(b) plan contribution limit guidelines, and the plan is administered in accordance with the terms and conditions of the plan document.

Employees hired after January 1, 2001 are vested in the employer contributions to the defined contribution plan upon completion of three (3) years of service as defined in the plan. Vesting means the employee owns the funds contributed by the College after this time. Employees are always vested in the employee portion of the contributions. Employees hired prior to January 1, 2001 are fully vested in all contributions.

The College also offers a Spelman College Tax Deferred Annuity Plan, a 403(b) retirement plan administered by TIAA—this plan is sometimes referred to as the Group Supplemental Retirement Annuity (GSRA) plan. Full-time and part-time employees, Spelman Temporaries and Summer Service Providers (excluding students) may participate in this plan immediately upon employment and completion of the necessary enrollment forms. Employee participation in the GSRA is voluntary. The GSRA offers a way for employees to save additional money for retirement on a pretax deferred basis. The GSRA provides various investment options and features such as a loan and a hardship provision. The College does not contribute to the GSRA. All deferrals are subject to IRS Section 403(b) plan contribution limit guidelines, and the plan is administered in accordance with the terms and conditions of the plan document.

Details regarding the Spelman College Defined Contribution Plan and the Spelman College Tax Deferred Annuity Plan can be found in the summary plan description(s) provided to participants via www.spelman.edu; click on myspelman. Please contact the Office of Human Resources or TIAA for more information.

Policy No.  320  Effective Date:  9/1/2000  Revision Date:  07/01/2015