The purpose of Westminster’s retirement plan is to provide faculty and staff with the opportunity to accumulate a source of retirement income in addition to income from social security and personal savings. The money you contribute to the retirement plan belongs to you and is immediately vested. Westminster College partners with Transamerica to provide the retirement benefit.
Westminster contributes to a retirement plan for employees scheduled to work 1,000+ hours per year. The plan includes a base contribution, as well as a matching incentive.
|Employee Contribution||College Matching Contribution||Total Contribution|
Effective August 1, 2017, the group plans allow withdrawals at age 59 ½ for all contribution types. This means employees who are at least 59 ½ years old can withdraw funds while still employed with no penalty, as long as the funds transfer to another qualified retirement plan like an IRA. This may be a good option for you if you are very close to retirement. This provision is available ongoing through Transamerica. Contact Zac Huish at firstname.lastname@example.org with questions or to get additional information.
Monthly Retirement 1:1
Once a month, a retirement plan advisor will be on campus and available for one-on-one meetings to assist Westminster Participants with:
- Accessing your account
- Updating your beneficiary information
- Making any account changes