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Retirement Plans

Faculty and staff will participate in the College's Regular Retirement Plan (403(b) Plan) after completing one year of eligible service (i.e., 1000 hours in an anniversary year). This waiting period is waived, however, upon the faculty or staff member providing acceptable documentation of prior eligible service with an employer that sponsored a 403(b) Plan by having the Early Entry Form completed by their prior employer's Human Resources Department and submitting it to benefits@swarthmore.edu for review and approval.

Participation in the Swarthmore College Retirement Plan is mandatory and is a condition of employment once the eligibility requirements have been satisfied.  Contributions to the plan continue as long as the employee is actively employed by the College in an eligible status. Employees are 100 percent vested in their accounts on the date participation begins. Contributions to this basic portion of the Retirement Plan are calculated according to the following schedule:

Contribution Schedule
 College ContributionEmployee Contribution
First $20,000 of annualized salary10%0%
Annualized Salary in excess of $20,00010%5.5%

How do I put more money into my retirement plan?

You need to complete a Salary Reduction Agreement (SRA) to put more money into your retirement plan. These voluntary contributions will be on top of your basic/mandatory contributions. Any new SRA replaces the one on file and becomes effective the 1st of the month as designated on the form.  All SRA's must be submitted to benefits@swarthmore.edu at least 30 days prior to the month in which the employee wants additional or supplemental (voluntary) contributions or changes to begin.  If the SRA is not received timely, the requested changes will not be processed until the 1st of the next month.

Additional Basic Contributions

Employees are not limited to the above percentage levels. They may contribute additional sums on a voluntary basis up to a legally allowed IRS maximum. However, the College will not make any additional College contributions on their behalf. Like contributions to the basic portion of the Retirement Plan, additional contributions will be withheld from the employee's pay on a before-tax basis as designated on the SRA submitted to the benefits department.

Supplemental Retirement Plan

A benefits eligible employee of Swarthmore College may also elect to have a portion of his or her salary, up to a legally allowed IRS maximum, contributed to a supplemental retirement account. Like contributions to the basic portion of the Retirement Plan, supplemental contributions will be withheld from the employee's pay on a before-tax basis as designated on the SRA submitted to the benefits department.

Notice: This plan is governed in accordance with provisions of the Plan Documents and related Administrative agreements.  Please refer to the Summary Plan Description for additional details and contact benefits@swarthmore.edu with any questions.