Retirement Plans | Capital University, Columbus Ohio
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Retirement Plans

  • Capital University makes contributions as required by law to the Social Security Administration. Additional contributions under the University's retirement sponsored plan are made on behalf of eligible employees.

    The University contributes to employees' retirement savings and gives eligible employees the opportunity to increase retirement savings through the plans described below.

    Social Security

    The University pays a set percentage (in relation to the employee's income) to the federal Social Security system on each employee's behalf. The University also makes a mandatory deduction from the employee's pay for their share of Social Security contributions. The amount of the University share and the employe's share of the total contribution is established by the Social Security Act. The amount paid upon retirement from Social Security is determined by the Social Security Administration. 

    University Retirement Plan

    Capital University’s sponsored 403(b) defined contribution plan is provided by TIAA. While employees may contribute dollars via payroll reduction, the University contributions are defined by the eligibility rules outlined below. The university’s retirement plan is self-directed, in that the employee decides how the funds in the account are invested amongst several options. The income received at retirement is based on the value of the account.

    Eligibility

    Active half time or greater employees are eligible to enroll in the plan. Employees who join Capital University on or after January 1, 2019, will have a 12-month waiting period. After the 12- month waiting period, the University contributes 5% of your base wages into a 403(b) plan with TIAA. After 5 years of employment with Capital, the University’s contribution rate goes to the employer maximum contribution rate. Eligible employees that were hired before January 1, 2019 receive the maximum University contribution rate which is currently set at 9% of your base wage. All contributions have immediate vesting. You may contribute additional dollars via payroll deduction up to the federal maximum beginning on your start date, although this is not required in order to receive the employer contributions 

    Enrollment

    Newly eligible employees must establish their account by completing the enrollment process as directed by Human Resources. By pro-actively enrolling, you are able to set your account to your own preferences by establishing a contribution rate, making investment choices and designating beneficiaries. If no action is taken within 30 days of hire, you will be automatically enrolled for personal contributions at 2% of your base salary, and your contributions will be directed to the Lifecycle fund closest to your projected date of retirement at age 65. Your beneficiary will be set to Estate. You can make updates to your account at any time by logging into your account. 

    Changes

    Changes in an employee’s level of personal contributions may be made at any time by submitting a Voluntary Salary Reduction Agreement (PDF) to the Human Resources Office. Changes to the allocation of an employee’s investments may be done by contacting TIAA directly. 

    Restrictions

    Federal guidelines limit the amount that may be contributed via payroll reduction.

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