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Eckerd College
4200 54th Avenue South
St. Petersburg, FL 33711

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phone: (727) 864-8332
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Human Resources

Human Resources

Policies and Procedures

Retirement Annuity

Updated 2/28/13

Eckerd College provides for a retirement annuity for all full-time regular employees beginning on the first of the month following completion of one (1) year of service at the College or an Eligible Employer. Eligible employer means: full-time regular employees who were employed at a higher education institution, four-year college or university.

Faculty must be under annual contract to teach five or more regular courses (or the equivalent) to be eligible. The employee may select from the following programs:

  • TIAA/CREF (Teachers Insurance Annuity Association/College Retirement Equity Fund)
  • Minister's Retirement Fund (Board of Pension)
  • Other depositories as approved by the Board of Trustees. (The Human Resources Office will provide information on currently approved depositories.)

At the time of eligibility, the College will contribute an amount equal to a percentage of the participant's compensation, excluding overtime, additional stipends, summer school salary and other similar salary and wage payments.  The percentage will be determined by the Eckerd College Board of Trustees.  Any change in the percentage will be effective as of the pay period beginning after the notice of the change is sent to the affected participants.  Amounts paid into the fund are fully vested and accrue to the benefit of the individual or his/her family in accordance with the options and terms of the program of the employee's choice.

For purposes of the participation requirements, the term "one year of service" means a twelve month period starting with the eligible employee's date of employment (or anniversary date of employment) during which the eligible employee completes 1,000 or more hours of service with an eligible employer.

A Related Service Statement will be signed by the employee. Related Service Statements are available in the Human Resources Office.

Additional amounts may be paid by the employee into a supplemental retirement annuity either through payroll deduction or by executing an amended salary agreement for a salary/wage reduction. The salary reduction method provides for a tax-sheltered annuity.

Please contact the Human Resources Office for more information.