Fairmont State Retirement Plans

Basic Retirement - 401(a)
The State of WV requires participation in a tax-sheltered retirement program. The Higher Education Policy Commission (HEPC) makes decisions regarding the offered programs. Benefit eligible employees contribute six percent of their gross pay into a basic retirement plan and Fairmont State matches the contribution by six percent. The employee determines the investment allocations among the accounts offered by the plan. (see note below)

Supplemental Retirement 403(b)
Fairmont State provides employees the opportunity to save additional retirement money through a Supplemental Retirement Account (SRA). Contributions are tax-sheltered and remitted through payroll reduction. Participation is voluntary and is a means of increasing retirement savings through tax deferral. Upon separation from service or at age 59- 1/2, participants may begin annuity income or make cash withdrawals from supplemental monies. Loans are also available. 

Deferred Compensation Plan 457(b)
457(b) Deferred Compensation Plans are nonqualified, tax-deferred compensation plans that function in many ways that are similar to any other retirement plan, and offer many of the same tax advantages to employees. Employees can contribute to both a 403(b) and a 457(b). Higher wage earners will benefit by having both plans. The 457(b) public plan has no triggering events; upon termination of employment, monies are available despite age with no penalties.

NOTE: TIAA-CREF and Great-West Retirement are the two vendors available for enrollment in the Basic, Supplemental, and Deferred Compensation plans.

Visit the TIAA-CREF website: www.tiaa-cref.org or call 1-800-842-2776

Visit the Great-West Retirement website: www.educatorsmoney.com or call 1-866-278-6910