Staff who are regularly scheduled to work 20 or more hours per week and at least 1000 hours per year and faculty on an annual contract for 16 or more credit hours are eligible to participate in the Westminster College 403b retirement plan and are eligible for the employer contribution. For the 2020-2021 fiscal year, the college will contribute 3% of eligible income on behalf of participating employees.
Temporary staff scheduled to work 20 or more hours per week and adjunct faculty with a single semester contract for 9 or more credit hours are eligible to make payroll contributions (elective deferrals) to the retirement plan. They are not eligible for the employer contribution.
For detailed information on Westminster’s retirement plan, see the retirement plan summary. To enroll, initiate or change your elective deferral, or select investment options, log on to the Transamerica website.
You can make changes to your elective deferral through the Transamerica website at any time. Changes submitted 10 days before the next pay date will be processed for that pay cycle. Changes submitted later will be reflected in the next pay cycle.
Westminster has contracted with HUB to provide investment and retirement planning guidance to eligible employees. The retirement plan advisors are available to meet with plan participants individually to assist with:
- Updating your beneficiary information
- Investment options
- Determining how much to contribute
- Transferring assets