Franklin & Marshall College offers a generous contribution to eligible employees' retirement savings plans. Full-time faculty and professional staff are eligible on the July 1st or January 1st following completion of 2 years of full-time service. Six months of the two year waiting period will be waived for every two continuous and consecutive full years of prior full-time employment at a qualifying institution of higher education.
- The College contributes the equivalent of 12% of an eligible employee's base salary to his/her retirement account. (15% for those hired on or prior to 7/1/06 in a full time position.)
- Immediately upon hire, employees working at least 1,000 hours per year may make contributions through pre-tax deductions from their paychecks. The minimum contribution is $200/calendar year.
- College contributions may not be withdrawn while employed full-time. An employee’s elective (voluntary) contributions may be withdrawn once the employee reaches age 59-1/2 or older, without penalty (Federal taxes will be withheld).
- Generally, an employee who terminates employment at age 59-1/2 or older may withdraw funds from College contributions and elective contributions without a tax penalty (Federal taxes will be withheld). Faculty members participating in the Phased Retirement Program or Pre-retirement Leave Program, who are at least age 60, as well as full-time employees who switch to part-time status and are at least age 60, may withdraw College and elective contributions.
- Loans are available to employees from their elective and College contributions to the Retirement Plan, and are re-paid directly to TIAA. Hardship Withdrawals are available from an employee’s elective contributions if an employee qualifies. A 10% penalty, in addition to applicable Federal taxes, will generally be withheld.
Learn about Saving for Retirement
Representatives from TIAA visit campus several times per year to give faculty, professional staff, and retirees the opportunity to discuss their retirement needs and goals. A TIAA representative can help Retirement Plan participants develop individualized savings strategies. Participants may call TIAA at (800) 732-8353, to schedule an on-campus appointment. In addition, participants may speak with Call Center Representatives at (800) 842-2776 for more information.
Investment Options and Managing Your Account Online: For information regarding the investment options (annuities and mutual funds) available through the College's Retirement Savings Plan, including rates of return and expense ratios / fees, please visit the TIAA website.
To update your Voluntary Retirement Contribution
IRS limits for voluntary retirement contributions change annually - visit this IRS website for details.
Visit Inside F&M > My Info > Benefits & Deductions to update or discontinue (0%) an existing voluntary contribution. To begin a voluntary contribution, please read thoroughly and complete this form: Voluntary Salary Reduction.