The following is a brief outline of the College’s Retirement Plan, refer to the Summary Plan Description for further detail regarding the Plan. To receive a complete description of the Plan the employee can request a copy of the Summary Plan Description from the Human Resource office.

The McPherson College Retirement Plan is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code. The College offers two investment companies to choose from: Teachers Insurance Annuity Association/College Retirement Equities Fund (TIAA/CREF) and/or Lincoln Financial Services.

All full-time and part-time regular employees are eligible for enrollment in the retirement plan. Eligibility for employer contributions begins the first of the month following one year of employment. The College contributes an amount equivalent to 10% of the employee’s base pay with benefits payable to the employee at retirement or termination of employment. The employee is fully and immediately vested in the benefits arising from contributions made under this Plan.

Supplemental retirement annuity programs are also available for employees. Lincoln Financial also provides the option for a ROTH 403(b) retirement account.