Employees may elect to join The Wilmington College Retirement Plan and contribute tax-deferred income to the plan. The employee who wants to establish an account and/or apply for those matching funds at that time should contact the Human Resources Office.
If the eligible employee agrees to contribute at least 5% to The Wilmington College Retirement Plan, the College matches that amount with a 7% contribution for eligible employees. After one year of working at least 1,000 hours during the year (as defined in the plan document), the employee is eligible for College contributions. The College's contribution is based on regular pay and does not include overtime or bonus pay. The College retains the right to end or change this benefit, including the percentage of contribution, at any time without notice.
After three years of employment, participation in this retirement plan is mandatory. Upon approaching the third anniversary, the employee must contact the Human Resources Office if a TIAA account has not yet been established.