RANDOLPH-MACON COLLEGE

Randolph-Macon College 403(b) Retirement Plan

These are important details regarding this plan.

ELIGIBILITY

Eligible employees may choose to participate in the plan and make employee elective contributions as early as the employee’s date of hire.  After completing one year of service, eligible employees are eligible to receive employer matching contributions.   You will have completed a year of service if at the end of your first 12 consecutive months of employment with Randolph-Macon College, you have been credited with at least 1,000 hours of service. However, the Year of Service requirement will be waived if you are a newly hired employee who had participated in any employer-sponsored retirement plan within the twelve-month period immediately prior to your date of employment with Randolph-Macon College.

CONTRIBUTIONS

Employer Matching contributions will begin after eligibility requirements have been met. Plan Contributions as follows:

Salary Deferral Amount (TIAA-CREF)Employer Match
0% of pay0% of pay
1% of pay1.8% of pay
2% of pay3.6% of pay
3% of pay5.4% of pay
4% of pay7.2% of pay
5% of pay9% of pay
6% of pay9% of pay
7% of pay9% of pay
8% of pay9% of pay
9% of pay9% of pay
10% of pay9% of pay
Greater than 10% of pay9% of pay

EMPLOYER MATCHING

See the Contributions section above for employee contributions and employer matching.

VESTING

All contributions to this account will be 100% vested immediately.

INVESTMENTS

Your employer offers you a variety of investment choices from an array of asset classes. You can see a list of the investment choices under this plan on the Investment Choices page.

EXPENSES

Expenses vary from investment to investment. To learn about expenses associated with an investment, see a list of the investment choices under this plan on the Investment Choices page, and read the Fact Sheet or the prospectus for that investment.

In addition, Randolph-Macon College has engaged TRG Advisors, Inc. and Millennium Advisory Services, Inc. to provide services to the Randolph-Macon College Retirement Plan. TRG Advisors, Inc. is an SEC registered investment firm, providing investment selection, monitoring and benchmarking services to the Plan. TRG charges an annual fee of 0.15% for these services. Millennium Advisory Services, is a registered investment advisory firm that specializes in working with higher education institutions and their employees, providing education and advice services to plan participants.

Millennium charges an annual fee of 0.15% for these services. TIAA-CREF will deduct the annual fees of both providers on a pro-rata quarterly basis at .0375% from participant Retirement Choice annuity accounts to pay these two firms for their services. Additionally, TIAA-CREF charges an annual administrative fee of .16% that will be deducted from the participant Retirement Choice annuity contracts on a pro-rata quarterly basis at .04%. Participants will see all fee's applied on their quarterly statements.

DISTRIBUTIONS

You have a variety of options1 when it’s time to take income from this plan:

This plan is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.

This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.

TAXATION

Because you make contributions with pretax dollars, federal income taxes are deferred until you begin taking withdrawals later on.

No taxes are due on contributions and earnings until the money is withdrawn, but because these plans are intended primarily for retirement, you can generally withdraw funds only after termination of employment (subject to plan rules).

For additional information and guidance, contact your tax advisor.

LOANS

Loans are not available.


1 The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. Talk to your benefits office for details.

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