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Retirement

Holy Cross has a normal retirement date of the last day of the month in which you attain your 65th birthday. You may apply for retirement benefits at an earlier or later date by contacting the Human Resources department. It is recommended that you do so at least 120 days prior to retirement.

College of the Holy Cross DC Retirement Plan Disclosure Notice

The College of the Holy Cross maintains the COLLEGE OF THE HOLY CROSS DC RETIREMENT PLAN (the “Plan”). Holy Cross has directed Fidelity Investments (“Fidelity”), one of our providers, to develop a consolidated brochure based upon information provided by each of the following investment providers, Fidelity Investments and TIAA.

To view this brochure and obtain more up-to-date investment performance or Plan information, please go to http://mv.participantdisclosure.com. (Password: 65424)

Retirement Plans

Exempt Employees

Due to the current economic conditions caused by the COVID-19 pandemic, the College has implemented a number of difficult cost-saving decisions for fiscal year 2021 and beyond.  Among those measures are temporary changes to the Holy Cross 403(b) Defined Contribution and Group Supplemental Retirement Plan ("403(b) Plan") for exempt (salaried) employees. These changes are detailed in the Summary of Material Modification (SMM) dated 6/29/2020) and the Summary of Material Modification (SMM) dated 11/30/2020), which update your 403(b) Plan’s Summary Plan Description and should be kept with that document.  

The 403(b) Defined Contribution Plan is funded by mandatory employee contributions of 2% of your pay and a College match of 10% of your pay. Both were temporarily suspended (reduced to zero) effective as of August 1, 2020, which suspension will continue through at least June 30, 2021. To the extent that this suspension is extended beyond June 30, 2021, notification will be provided at the appropriate time.

Employees affected by this suspension of mandatory contributions may wish to increase their voluntary retirement contributions by participating in the Group Supplemental Retirement plan on a voluntary basis.  Additional information regarding this option is set forth in the All Employees section below.
Affected employees may also reference emailed communications from HR Benefits distributed on June 30, 2020, July 8, 2020, and December 1, 2020, for more details about the 403(b) Plan suspension and guidance on how to change your voluntary contributions.

Pension Plan for Nonexempt Employees

Holy Cross offers a defined benefit pension plan for eligible nonexempt (hourly paid) employees (Holy Cross Retirement Plan for Nonexempt Employees). There is no cost to the employee to participate in the plan. If you work a minimum of 1,000 hours/year and you are 21 years of age, you may participate in the plan after one year of continuous service. The plan benefit is at least 2% of your average base salary times your eligible years of service.

The plan requires that you complete five years of service in order to be vested and entitled to receive a retirement benefit in accordance with the terms of the plan. The benefits under the plan are based on your years of service and pay history during those years, in accordance with the plan document.

The plan “normal retirement date” is the last day of the month in which you attain your 65th birthday. You may apply for retirement benefits at an earlier or later date. To apply for retirement benefits, contact the Human Resources department. It is recommended that you apply at least 120 days prior to your intended retirement date

In addition to the Pension Plan, nonexempt employees can make voluntary contributions, on a pre-tax or post-basis, to the 403(b) Group Supplemental Retirement Plan.  See Supplemental Retirement Plan for All Employees section below.

All Employees

All full-time, part-time and on-call employees are eligible to participate in the Holy Cross 403(b) Defined Contribution Group Supplemental Retirement Plan. Employees may elect to start, stop, increase or decrease voluntary contributions to their Supplemental Retirement Account (SRA) at any time during the year.  Your voluntary contributions may be made on either a pre-tax or post-tax basis (ROTH).  See the 403(b) Plan Enrollment Flyer (PDF) and NetBenefits Navigation Instructions (PDF) for detailed instructions. 

The 403(b) Plan Enrollment Guide (PDF) shows the investment options available to you through TIAA and/or Fidelity. Follow the instructions on page three of the guide to elect your voluntary contribution amount and select your investment options. In accordance with our plan provisions, any contributions to your SRA that have not been directed by you, will be automatically invested in the default Fidelity Freedom K(R) Fund investment option, appropriate to your projected Plan Normal Retirement Date (65th birthday).

Master Administrator

The College offers a retirement planning website for the College of the Holy Cross 403(b) Defined Contribution and Group Supplemental Retirement Plan.

The site, www.netbenefits.com/holycross, which may be used by all employees (current Fidelity or TIAA plan users, as well as first-time enrollees), allows you to:

  • Enroll in the retirement plan
  • Change your investment service provider (Fidelity Investments or TIAA)
  • Change your retirement plan contribution amount
  • View plan details
  • Use interactive tools and calculators to help you set financial goals

Please see the enrollment guide below in regards to navigating the website and learning more about the 403(b) Plan.

Retirement Education and Counseling Sessions

Retirement planning consultants from TIAA and Fidelity are regularly scheduled on campus each month to conduct personal financial one-on-one counseling sessions. Please call to register for your personal counseling session:

TIAA: 800-732-8353
Fidelity: 800-642-7131

Other Retirement Resources