Employer contributions
Officers starting before July 1, 2013
If you are an officer and were hired before July 1, 2013, Columbia University makes contributions to your plan account.
Every month, Columbia University will contribute an amount equal to a given percentage of certain portions of your compensation as determined by the following table:
| Years of service |
Age |
Contribution formula |
Less than 5 years and untenured
|
Any age |
5% of your eligible pay at or below the Social Security wage base plus 10% of your eligible pay above the Social Security wage base
|
5 years or more, or tenured
|
Less than age 40
|
5% of your eligible pay at or below the Social Security wage base plus 10% of your eligible pay above the Social Security wage base |
| 5 years or more, or tenured |
Age 40 or older |
7.5% of your salary up to the Social Security wage base, then 12.5% of your salary above the Social Security wage base |
IRS contribution limits
The IRS also limits the amount that can be contributed to your account. For current IRS contribution limits, go to vanguard.com/contributionlimits.
Officers starting after July 1, 2013
If you are an officer and were hired before July 1, 2013, Columbia University makes contributions to your plan account.
Columbia offers a 100% match on the first 3% of your contributions.
Eligibility for the match
If you are a full-time senior officer, your contributions to the VRSP will be matched by the University as soon as you start contributing. If you are a part-time senior officer, your contributions will be matched after you complete one year of eligible service.
If you are a full-time or part-time junior officer, your contributions will be matched after you complete two years of eligible service.
| Years of service |
Age |
Contribution formula |
Less than 5 years
|
Any age |
5% of your eligible pay under the Social Security wage base plus 9% of your eligible pay over the Social Security wage base
|
5 years or more
|
Age 40 or older
|
6% of your eligible pay under the Social Security wage base plus 10% of your eligible pay over the Social Security wage base
|
| 15 years or more |
Age 55 or older
|
12.5% of your eligible pay at or below the Social Security wage base plus 17.5% of your eligible pay above the Social Security wage base |
