Benefits: Retirement

Medicare Information & Retirement Resources

When thinking about retiring, Medicare is an important part of that decision. Medicare is our country’s health insurance program for people age 65 or older. Certain people younger than age 65 can qualify for Medicare, too. The program helps with the cost of health care, but it does not cover all… Continue reading »

Retirement Income Plan – Summary Plan Description

Introduction The Williams College Retirement Income Plan (the “Plan”) is a “defined contribution” retirement plan. A percentage of the participant’s salary (the defined contribution) is put in an account designated for retirement income purposes. These contributions earn investment returns (see “Investment Options”). The total amount of accumulated contributions and earnings… Continue reading »

Investment Options

Available investment options are those offered by the Teachers Insurance and Annuity Association (TIAA) and the College Retirement Equities Fund (CREF). Each participant decides how contributions made on his or her behalf are distributed among these investment options. The participant may change the allocation of participant and College contributions and… Continue reading »

Retirement Enrollment

To participate in the Plan an Eligible Employee must enroll online at and complete a Salary Reduction form (and service credit form if applicable) found at Continue reading »

Retirement Plan Eligibility and Credited Service

All employees, other than students of the college who are enrolled and regularly attending classes at the College, are eligible to participate in the Plan. Eligible Employees are eligible to make pre-tax contributions as of the date of employment with the College.  Until the employee satisfies the 1,000 hours of… Continue reading »

College and Participant Contributions

Contributions to the Plan consist of College core contributions, optional participant contributions that the College matches, and optional participant contributions that the College does not match. Contributions are a percentage of base earnings. Base earnings do not include summer pay for faculty, overtime or on-call pay, benefits, bonuses, or other… Continue reading »

Withdrawals Prior to Separation from Service

In general, a Participant is not eligible to receive distributions from the Plan while actively employed by the College, unless permitted to do so under the terms of a partial or phased early retirement agreement or plan. Employees may, however, access funds prior to these terms in certain specific circumstances… Continue reading »

Distributions After Separation from Service and Spousal Rights

Distribution Options A Participant is entitled to a distribution of the amounts credited to his or her Accounts when the Participant retires, dies, becomes disabled or otherwise terminates employment with the College. Retirement income options are those offered by TIAA-CREF and are described in TIAA-CREF booklets available in the Human… Continue reading »

Participant ERISA Rights

Interpretation of the Plan The Plan Administrator has the power and discretionary authority to construe the terms of the Plan and to determine all questions that arise under it. Such power and authority includes, for example, the administrative discretion necessary to resolve issues with respect to an Employee’s eligibility for… Continue reading »

Plan Administration, Amendment and Termination

Plan Administration Plan Representative and Agent for Service of Legal Process Williams College is the Plan sponsor for the College Retirement Income Plan and The Vice President for Finance & Operations and Treasurer at Williams College is the Plan representative for Williams College. Service of legal process may be made… Continue reading »