Good News! The College of Wooster is making saving for your retirement even easier by offering automatic enrollment. When you meet service eligibility your funds will also be match by the College as noted below:
Staff with 1 year+ service Matching Non-Elective Total
Contribution < 5% 0% 8% 8%
Contribution 5% or more 2% 8% 10%
Staff with 10 years+ service
Contribution < 5% 0% 10% 10%
Contribution 5% or more 2% 10% 12%
Faculty with 2 years+ service
Contribution < 1.5% 0% 10% 10%
Contribution 1.5% or more, 1% 10% 11%
but < 3%
Contribution 3% or more 2% 10% 12%
THE COLLEGE OF WOOSTER DEFINED CONTRIBUTION PLAN AUTOMATIC CONTRIBUTION ARRANGEMENT NOTICE
This is an annual notice and only applies to the Plan Year beginning on 01-01-2026.
Automatic Deferral. This notice advises you of certain rights and obligations you have under the Plan. The Plan includes a feature known as an automatic contribution arrangement (“ACA”). Under the ACA provisions of the Plan, the Employer will automatically withhold a portion of your compensation from your pay each payroll period and contribute that amount to the Plan as a deferral. If you wish to defer the automatic deferral percentage, you do not need to make a deferral election. If you do not wish to defer any of your compensation, or you wish to defer a percentage of your compensation different from (either more or less than) the automatic deferral percentage, you may elect within a reasonable time after receipt of this notice, and before the first automatic deferral to which this notice applies, to defer a different percentage of your compensation (including zero), using the form made available by the Plan Administrator. Your election will be effective as soon as the Plan Administrator reasonably can implement your election after receipt. Your election will remain in effect unless and until you change it.
Automatic Deferral. The Employer will automatically withhold a portion of your compensation from your pay each payroll period and contribute that amount to the Plan as a Pre-Tax Deferral unless you make a contrary election.
- Application to new Participants. The automatic deferral provisions apply to Employees whose entry date is on or following the automatic deferral effective date.
- Participants affected. all former employees who are re-hired will be subject to and effectively treated as a new employee with respect to Automatic Deferral
Automatic deferral provisions. The following provisions apply as to automatic deferrals:
- You may complete a Salary Reduction Agreement at any time to select an alternative salary deferral amount or to elect not to defer under the Plan in accordance with the deferral procedures of the Plan.
- The amount to be automatically withheld from your pay each payroll period will be equal to 5% of your compensation, and that amount will continue to be automatically withheld from your pay in succeeding Plan Years unless the Employer amends the Plan or you enter a Salary Reduction Agreement .
Contact the Plan Administrator if you have any questions concerning the application of the automatic deferral provisions.
Right to direct investment/default investment. You have the right to direct the investment of your accounts under the Plan (your “directed accounts”) in any of the investment choices explained in the investment information materials provided to you.
We encourage you to make an investment election to ensure that amounts in the Plan are invested in accordance with your long-term investment and retirement plans. However, if you do not make an investment election, then the amounts that you could have elected to invest will be invested in a default investment that the Plan officials have selected.
Maximum annual amount that can be contributed. The law imposes a limit on the amount of contributions (both Employer contributions and elective deferrals, but excluding Age 50 Catch-Up Deferrals) that may be made to your account during a year. For 2026, this total cannot exceed the lesser of $72,000 or 100% of your includible compensation (generally your compensation for the prior 12 month period). After 2026, the dollar limit might increase for cost-of-living adjustments. Your includible compensation for purposes of this limit is limited for 2026 to $360,000. After 2026, the dollar limit for includible compensation might increase in future years for cost-of-living adjustments.
The above limit may also need to be applied by taking into account contributions made to other retirement plans in which you are a participant. If you have more than 50% control of a corporation, partnership, and/or sole proprietorship, then the above limit is based on contributions made to this Plan as well as contributions made to any 403(b) or qualified plans maintained by the businesses you control. If you control another business that maintains a plan in which you participate, then you are responsible for providing the Plan Administrator with information necessary to apply the annual contribution limits. If you fail to provide necessary and correct information to the Plan Administrator, it could result in adverse tax consequences to you, including the inability to exclude contributions to the Plan from your gross income for tax purposes.
Further information. If you need additional information or have any questions regarding the information provided in this notice, please contact the Plan Administrator.
The name, address and business telephone number of the Plan’s Administrator are:
Contact: The College of Wooster
Address: 536 E. Wayne Avenue
Wooster, Ohio 44691
Telephone: 330-263-2526
THE COLLEGE OF WOOSTER DEFINED CONTRIBUTION PLAN NOTICE OF RIGHT TO PARTICIPATE IN THE PLAN AND CONTRIBUTION LIMITS
Elective Deferrals. The The College of Wooster Defined Contribution Plan (the “Plan”) allows eligible employees to save for retirement. If you are eligible to participate in the Plan, then you may elect to reduce your compensation by a specified amount and have that amount contributed to the Plan as an elective deferral. There are two types of elective deferrals: Pre-Tax Deferrals and Roth Deferrals. For purposes of this notice, “elective deferrals” means both Pre-Tax Deferrals and Roth Deferrals. Regardless of the type of elective deferral you make, the amount you defer is counted as compensation for purposes of Social Security taxes.
Pre-Tax Deferrals. If you elect to make Pre-Tax Deferrals, then your taxable income is reduced by the deferral contributions so you pay less in federal income taxes. Later, when the Plan distributes the deferrals and earnings, you will pay the taxes on those deferrals and the earnings. Therefore, with a Pre-Tax Deferral, federal income taxes on the elective deferral contributions and on the earnings are only postponed. Eventually, you will have to pay taxes on these amounts.
Roth Deferrals. If you elect to make Roth Deferrals, the elective deferrals are subject to federal income taxes in the year of elective deferral. However, the elective deferrals and, in certain cases, the earnings on the elective deferrals are not subject to federal income taxes when distributed to you. In order for the earnings to be tax free, you must meet certain conditions. See the question in the Summary of Plan Provisions entitled “What are my tax consequences when I receive a distribution from the Plan?”.
How do I elect to make contributions to the Plan?
The amount you elect to defer will be deducted from your pay in accordance with a procedure established by the Plan Administrator. The Plan may automatically make a deferral for you unless you enter into a Salary Reduction Agreement (see the Summary of Plan Provisions for more information on the Plan’s automatic deferral feature). You may elect to defer a portion of your compensation payable on or after your Entry Date. Such election will become effective as soon as administratively feasible after it is received by the Plan Administrator. Your election will remain in effect until you modify or terminate it.
If you are currently participating, you may want to change your amounts for the new Plan Year. You can increase or decrease your contribution or you can leave your amounts the same.
You can contact the Plan Administrator to obtain further information on how to make contributions to the Plan.
How much can I contribute?
Your total elective deferrals in any taxable year cannot exceed a dollar limit which is set by law. The limit for 2026 is $24,500. After 2026, the dollar limit may increase for cost-of-living adjustments. See the paragraph below on Annual dollar limit.
Age 50 Catch-Up Deferrals. If you are at least age 50 or will attain age 50 before the end of a calendar year, then you may elect to defer additional amounts (called Age 50 Catch-Up Deferrals) to the Plan as of the January 1st of that year. You can defer the additional amounts regardless of any other limitations on the amount you can defer to the Plan. The maximum Age 50 Catch-Up Deferrals that you can make in 2026 is $8,000. After 2026, the maximum might increase for cost-of-living adjustments. Age 50 Catch-Up Deferrals that you make will be taken into account in determining any Employer matching contribution made to the Plan.
Qualified Organization Catch-Up Deferral. If you have completed at least 15 years of service with the Employer, and the Employer is a “qualified organization,” then you may elect to defer additional amounts (called Qualified Organization Catch-Up Deferrals) to the Plan which exceed the elective deferral limit. A Qualified Organization Catch-Up Deferral increases the elective deferral limit by the lesser of: (1) $3,000; (2) $15,000 reduced by all amounts excluded from your gross income for prior taxable years by reason of your prior Qualified Organization Catch-Up Deferrals; or (3) the excess of $5,000 multiplied by the number of years of service with the Employer, over your elective deferrals (including Qualified Organization Catch-Up Deferrals, but excluding Age 50 Catch-Up Deferrals) made for prior calendar years. This means that the maximum Qualified Organization Catch-Up Deferral you can contribute is $3,000 in any calendar year. A “qualified organization” is an educational organization, hospital, home health service agency, health and welfare service agency, or a church-related organization. Any Qualified Organization Catch-Up Deferrals that you make will be taken into account in determining any Employer matching contribution made to the Plan.
If you qualify for both Age 50 Catch-Up Deferrals and Qualified Organization Catch-Up Deferrals, you may contribute both types of catch-up deferrals; however, your contributions must be applied to the Qualified Organization Catch-up Deferrals before they are applied to the Age-50 Catch-Up Deferrals.
Annual dollar limit. Each separately stated annual dollar limit on the amount you may defer (the annual deferral limit and the Catch-Up Deferral limit) is a separate aggregate limit that applies to all such similar salary deferral amounts and “catch-up contributions” you may make under this Plan and any other cash or deferred arrangements (including other tax-sheltered 403(b) annuity contracts, simplified employee pensions or 401(k) plans) in which you may be participating. Generally, if an annual dollar limit is exceeded, then the excess must be returned to you in order to avoid adverse tax consequences. For this reason, you need to contact the Plan Administrator if these situations might apply to you. It is desirable to request in writing that any such excess salary deferral amounts and Catch-Up Deferrals be returned to you.
If you are in more than one plan to which you can contribute elective deferrals, you must decide which plan or arrangement you would like to return the excess. If you decide that the excess should be distributed from this Plan, you must communicate this in writing to
the Plan Administrator no later than the March 1st following the close of the calendar year in which such excess deferrals were made. However, if the entire dollar limit is exceeded in this Plan or any other plan the Employer maintains, then you will be deemed to have notified the Plan Administrator of the excess. The Plan Administrator will then return the excess deferral and any earnings to you by April 15th.
What is the maximum annual amount that can be contributed to my account?
The law imposes a limit on the amount of contributions (both Employer contributions and elective deferrals, but excluding Age 50 Catch-Up Deferrals) that may be made to your accounts during a year. For 2026, this total cannot exceed the lesser of $72,000 or 100% of your includible compensation (generally your compensation for the prior 12 month period). After 2026, the dollar limit might increase for cost-of-living adjustments. Your includible compensation for purposes of this limit is limited for 2026 to $360,000. After 2026, the dollar limit for includible compensation might increase in future years for cost-of-living adjustments.
The above limit may also need to be applied by taking into account contributions made to other retirement plans in which you are a participant. If you have more than 50% control of a corporation, partnership, and/or sole proprietorship, then the above limit is based on contributions made to this Plan as well as contributions made to any 403(b) or qualified plans maintained by the businesses you control. If you control another business that maintains a plan in which you participate, then you are responsible for providing the Plan Administrator with information necessary to apply the annual contribution limits. If you fail to provide necessary and correct information to the Plan Administrator, it could result in adverse tax consequences to you, including the inability to exclude contributions to the Plan from your gross income for tax purposes.
You can find out more information about the Plan in the Summary of Plan Provisions. You can obtain a copy from the Plan Administrator.
Go to TIAA.org/Wooster to log in and get more information.
If you have any questions, please call 1-800-842-2252. Consultants are available 8am to 8pm EST.