Body
Eligibility
- All non-student employees are eligible to participate on a voluntary basis in the Rollins College Tax Deferred 403(b) Retirement Plan. Eligible employees can elect to contribute a percentage per pay, not to exceed the limit imposed under the IRS Tax Code 415. Voluntary contributions will be deposited in an account with Voya.
- For employees hired prior to 1/1/2015, regular faculty and staff working greater than 1,000 hours per year are eligible for college contributions the first of the month after they meet the requirements of one year of service and age 21. Adjuncts, temporary employees, and students are not eligible for college contributions. Rollins contributions are vested immediately.
- For employees hired on or after 1/1/2015, regular faculty and staff working greater than 1,000 hours per year are eligible for college contributions upon their date of hire. Adjuncts, temporary employees, and students are not eligible for college contributions. Rollins contributions are vested after 3 years of service. New hires who do not make an election within 30 days will be defaulted to a 4.5% contribution.
Plan Information
College Contributions
Rollins contributes 7% of base salary, with no employee contribution requirement. Then, Rollins will match the employee's contributions, up to 4.5% of base salary. The maximum college contribution is 11.5% of base salary; however, the employee can contribute additional contributions over 4.5%, up to the annual IRS limits. For employees hired prior to 1/1/2015, the employee deferred and college contributions are 100% vested immediately. For employees hired on or after 1/1/2015, the Rollins contributions are vested after 3 years of employment. Contributions are deposited in an account with Voya.
The following is an example of Rollins matched contributions:
| Employee Deferral Election |
Rollins Matched Contribution |
| 1% |
1% |
| 2% |
2% |
| 3% |
3% |
| 4% |
4% |
| 4.5% |
4.5% |
Enrollment and Changes
- Employees must create an account and enter their elections on the Voya website (rollins.voya.com). Details on IRS maximums are also found on the Voya site.
- Newly hired full time, benefits eligible, employees will be auto-enrolled at a 4.5% contribution if no election is made within 30 days of their hire date.
Auto-escalate and Auto Re-enroll
- All match eligible employees contributing between 4.5% and 10% will have their contributions increased by 1% each September, unless an election is made with Voya the prior 30 days. Notices will be sent by Voya.
- Employees contributing less than 4.5% will be auto-enrolled at 4.5% each September, unless an election is made with Voya the prior 30 days. Notices will be sent by Voya.
Investment Fund Options
Information on fund choices and allocation options is available on the Voya website. Employees may also contact Voya at 844-TAR-SAVE.
Taxation of Contributions
Employee contributions default to pre-tax contributions, but employees may elect a Roth for after-tax contributions.
The Roth 403(b) after-tax option is offered through Voya. With a Roth 403(b) feature, you can designate all or a portion of your future deferral contributions as “Roth contributions.” Traditional 403(b) contributions are made on a pre-tax basis and are not included in current taxable income. The pre-tax contributions and any earnings will be subject to income taxes when withdrawn. In contrast, Roth 403(b) contributions are made on an after-tax basis and are included in current taxable income. Earnings are tax free if they are part of a “qualified distribution.” The IRS contribution limit combines both Roth 403(b) and traditional 403(b) pre-tax contributions.
Additional Information
For additional information please review the Retirement Plan Policy. You can also view plan documents on the Voya website.
457(b) Deferred Compensation Plan Information
Rollins College also has an established 457(b) Deferred Compensation Plan through Voya. These plans are established for a select group of highly compensated employees and allow additional tax-deferred contributions. The Internal Revenue Code requires that assets within the contract are considered part of Rollins College general assets until a distribution occurs at separation from employment. Participants do have the ability to select their own asset allocation from the same funds available in the 403(b) plan.
To determine eligibility, view the plan document, or enroll, visit the Voya website.