Carnegie’s Contributory Retirement Plan is a 401(a) defined contribution plan that provides benefits through retirement savings accounts. Under the Contributory Retirement Plan, you establish an account into which Carnegie makes a monthly contribution, the amount of which is based on your age and is a percentage of your salary between 10 to 20 percent, increasing annually as you grow older. Carnegie pays the full cost to sponsor the plan for all eligible employees through the Teachers Insurance and Annuity Association (TIAA).
Eligibility
The following classifications are eligible to participate in the Carnegie Retirement Plan 401(a).
- Regular Full-time Employees
- Regular Part-time Employees
- Temporary Employees
The following classifications are NOT eligible to participate in the Carnegie Retirement Plan 401(a).
- Postdoctoral and Predoctoral Associates or Fellows
- Visitors
- Interns
Contributions
The Institution makes a monthly contribution on your behalf based on your actuarial age (your age as of the end of the Plan year, June 30) and your monthly salary, in accordance with the following schedule:
Table of Contributions
|
Actuarial Age |
Percentage |
Actuarial Age |
Percentage |
Actuarial Age |
Percentage |
|
19 and under |
10.33 |
35 |
13.00 |
51 |
16.36 |
|
20 |
10.48 |
36 |
13.19 |
52 |
16.59 |
|
21 |
10.63 |
37 |
13.38 |
53 |
16.83 |
|
22 |
10.79 |
38 |
13.57 |
54 |
17.08 |
|
23 |
10.94 |
39 |
13.77 |
55 |
17.32 |
|
24 |
11.10 |
40 |
13.97 |
56 |
17.57 |
|
25 |
11.26 |
41 |
14.17 |
57 |
17.83 |
|
26 |
11.42 |
42 |
14.37 |
58 |
18.09 |
|
27 |
11.59 |
43 |
14.58 |
59 |
18.35 |
|
28 |
11.76 |
44 |
14.79 |
60 |
18.61 |
|
29 |
11.93 |
45 |
15.01 |
61 |
18.88 |
|
30 |
12.10 |
46 |
15.22 |
62 |
19.16 |
|
31 |
12.27 |
47 |
15.44 |
63 |
19.43 |
|
32 |
12.45 |
48 |
15.67 |
64 |
19.71 |
|
33 |
12.63 |
49 |
15.89 |
65 and over |
20.00 |
|
34 |
12.81 |
50 |
16.12 |
||
Vesting
Vesting is the ownership of your TIAA annuity contracts. You are vested in the plan after completing 12 months of consecutive service beginning on your date of employment and for which you have were paid for at least 1000 hours. You also become vested upon attaining retirement age (65), regardless of your length of service.
How to Enroll or Make Changes Throughout the Year
- To set up an account go to: https://www.tiaa.org/public/tcm/carnegiescience
- Select “Carnegie Institution of Washington TDA Plan
- Select your contribution amounts directly online
Fund Selection
If you do not specify the particular funds in which you want to invest, your contributions will be directed to the appropriate TIAA Retirement Fund.
If you would like to change your fund selection, you may do so by logging into TIAA directly at www.tiaa.org/carnegiescience
Beneficiaries
It is important that you designate your primary and contingent beneficiaries to receive your assets in the event of your death. To designate beneficiaries, log into TIAA directly at www.tiaa.org/carnegiescience
Tax-Deferred
All amounts held in your retirement savings account are tax-deferred. This means you pay no income taxes on your Contributory Retirement plan benefits until you receive payments from the plan.
Investment Options
Carnegie Institution for Science partners with TIAA for all retirement savings plan options. You may invest your funds with TIAA (Teachers Insurance and Annuity Association). Contributions may be allocated among the approved investment funds offered.
Contact TIAA for these inquiries and services:
- Questions/help choosing a fund
- Account and income information
- Brochures and booklets on services and financial planning
- Change of address
- Change your Personal Identification
- Divorce (Qualified Domestic Relations Order)
- Forms for cash withdrawals, rollover, transfers, income options
- Income and payment methods (lifetime annuity, cash out, interest)
- Schedule individual counseling; register for workshops
- Tax questions (withdrawal penalty, minimum distribution, federal withholding)
- Verify or change beneficiaries
TIAA Website
Visit this site at any time to open your account, select your investment funds, and name your beneficiaries.