Faculty/Staff Acknowledgment Program
Frequently Asked Questions
- What are the details of the Faculty/Staff Acknowledgment Program?
Retroactive TIAA Restoration
We will retroactively restore the College's 403(b) retirement contribution for the 2021-22 academic year to 8%. After the College suspended 403b retirement contributions for eligible employees, effective August 1, 2020, contributions were partially reinstated to 6% on August 1, 2021, with the plan for full restoration to 8% retirement contributions on August 1, 2022.
As a result of several one-time favorable factors in fiscal 2022, we are able to reach that restoration target sooner. Employees who were eligible for a retirement plan contribution from the College between August 1, 2021 and May 31, 2022, and who remain employed through May 31, 2022, will receive an additional contribution to their retirement account, equivalent to 2% of their 2021-22 academic year salary. More information will be forthcoming from the office of Human Resources about the timing of this deposit.
One-Time Payment
The College will provide a one-time, lump-sum payment (through payroll) to faculty and staff making less than $75,000 on a full-time equivalent basis, who are eligible for the annual summer salary pool, and hired before January 1, 2022. This includes, tenure line faculty, regular staff, and long-term guest faculty.
By its nature, the TIAA restoration provides a greater benefit to higher paid employees, yet the impact of current inflationary pressures falls disproportionately on those members of our community in the bottom two tiers of the College's health insurance bands. The payment attempts to equitably recognize the contributions of all our faculty and staff.
Eligible employees (as described above) who teach at least half-time for faculty, or at least 21 hours per week for staff will receive a one-time payment of $1,000. Eligible employees who work less than half-time will receive a prorated payment of $500. These payments will be paid through payroll in May, with more information forthcoming from the office of Human Resources about the exact timing.
- What are the tax implications for these programs?
As is the case with all College contributions to employees’ retirement plans, the 2% retirement contribution is not taxable to employees at the time of contribution.
The one-time, lump-sum payment of $1,000 or $500 for eligible employees must be paid through payroll and will be subject to required federal, state and local taxes. This additional compensation will also be reflected on eligible employees’ 2022 W-2 tax forms.
- How do I know if I am eligible for the 2% retirement contribution?
If you are currently receiving 403(b) retirement plan contributions from the College, then you will be eligible for the 2% contribution based upon your academic 2021-22 salary, provided that you remain actively employed through May 31, 2022. If your employment ends between June 1, 2022 and July 31, 2022, you will still be eligible for the full contribution of 2% after your termination date, as long as your account remains active at TIAA (the College’s 403(b) plan recordkeeper).
- When will I receive my 2% retirement contribution?
The College aims to deposit these funds into eligible employees’ TIAA accounts late this summer. The office of Human Resources will notify eligible employees once this contribution has been made. The timing of this contribution is dependent on a number of 403(b) plan changes that will take several months to implement.
- How do I know if I am eligible for the one-time lump-sum payment?
Groups included in this program include staff, tenure-line faculty and long-term guest faculty at the College. To be eligible for this payment, an employee must:
- Be paid less than $75,000 on a full time equivalent basis.
- Be eligible to receive annual salary increases through the College’s summer salary pool.
- Have a hire date before January 1, 2022
- Be actively employed as of the date of the payment
Employees who meet these criteria will receive a one-time payment according to the following schedule:
- $1,000: Staff who work 21 or more hours per week and tenure-line/long-term guest faculty who have taught at least half time in the 2021-22 academic year.
- $500: Staff who work less than 21 hours per week and long-term guest faculty who have taught less than half time in the 2021-22 academic year.
- When will I receive my lump-sum payment?
Eligible employees will receive their lump-sum payment, paid through payroll according to the following schedule:
- Eligible employees on a biweekly pay schedule: May 20, 2022
- Eligible employees on a weekly pay schedule: May 27, 2022
- Eligible employees on a monthly pay schedule: May 31, 2022
- Why is the College acknowledging faculty and staff in this way and why now?
Due to a number of one-time factors—including the higher than budgeted enrollment, greater than anticipated federal aid, lower than budgeted expenses for travel and events, and unfilled staff positions—the College will conclude this fiscal year more favorably than the $2.8 million deficit of the approved budget and may even generate a small operational surplus.
After significant analysis, including discussions with the Board of Trustees, the College’s senior team, the Planning and Priorities Committee, the Committee on the Conditions of Teaching, and the Committee on the Conditions of Staff Employment, President Judd has elected to redistribute a portion of the anticipated surplus to faculty and staff, in acknowledgement of their extraordinary work over the course of the past several years.
- Will the Faculty/Staff Acknowledgement Program have any impact on the academic year 2022-23 salary pool?
No. This acknowledgement program is separate and distinct from the College’s annual salary pool. More information regarding the 2022-23 salary pool will be shared with staff and faculty as the College finalizes next year’s budget.
- Who should I contact if I have questions about either of these programs?
Please contact the office of Human Resources if you have questions concerning either of these acknowledgement programs.