Retirement Plans

Defined Contribution Retirement Plan

Employees who are scheduled to work a minimum of 20 hours per week and a minimum of 1,000 hours per year, who have completed one year of service, and who have reached 20 years of age, are eligible to enroll in this plan and will be notified by the Human Resources Department when these criteria are met. Prior years of service with another post-secondary educational institution may be recognized and the one-year waiting period waived only with the approval of the Human Resources Department.  Participation is voluntary and enrollment may be deferred until such time as the employee wishes to enroll.  In that event when the employee has completed the appropriate enrollment form, the employee will be enrolled in the Defined Contribution Retirement Plan effective the first of the following month. The University will match 5% of your contribution to this plan, for example if you contribute $300, the University will match 5% which is $15.

Tax Deferred Annuity Retirement Plan

All employees (excluding student employees) are eligible to enroll in the Tax Deferred Annuity Retirement Plan. Enrollment is voluntary and employee contributions may be made through salary reduction (tax deferred) or through salary deduction (after taxes have been withheld). When the employee has completed the appropriate enrollment form, the employee will be enrolled in the Tax Deferred Annuity Retirement Plan effective the first of the following month.

Centenary retains the unilateral right to change or modify the plan at any time. This program is subject to the IRS rules and limits governing 403(b) plans.

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The Centenary University Retirement Plan is a defined contribution plan. Benefits are provided through fixed-dollar annuities issued by the Teachers Insurance and Annuity Association (TIAA) or through variable annuities offered by TIAA’s companion organization, the College Retirement Equities Fund (CREF).  TIAA is an insurance company founded in 1919 and incorporated under New York State Law. CREF is registered with the Securities and Exchange Commission as an open-ended diversified investment company. The Defined Contribution Retirement Plan and the Supplemental Retirement Plan (Tax Deferred Annuity) operate under Section 403(b) of the Internal Revenue Code and use TIAA and CREF Retirement Annuities to provide benefits. The Plan Year begins January 1 and ends December 31. The University’s eligible participants may select from various investment vehicles offered through TIAA-CREF.