Supplemental Retirement Savings Programs
Clark College offers employees who work half-time or more the option of participating in supplemental retirement savings plans. These plans allow employees to tax defer additional retirement savings over and above their regular retirement plans.
These accounts are not matched by Clark College. An employee may contribute as little as $30 a month up to the maximum allowed by the Internal Revenue Service. Each year maximum contribution limits are set by the IRS. The supplemental retirement savings programs offer by Clark College are explained below.
State Board Voluntary Investment Program (SBVIP)
SBVIP is an optional, unmatched retirement savings plan, operating under Section 403(b) of the Internal Revenue Code (IRC) administered by TIAA. SBVIP participants may contribute on a pre-tax basis or an after-tax basis, and can start and stop their contributions at any time during employment. This plan requires employees to submit an enrollment form which is available in Human Resources. For information visit the website below.
Washington State Deferred Compensation Plan (DCP)
The Washington State Deferred Compensation Program (DCP) is a supplemental retirement
savings operating under Section 457 of the IRC. DCP helps you save for your retirement
on a pre-tax basis. You authorize your employer to defer a part of your income, before
taxes are calculated, and have that money invested in your DCP account. Both the income
you defer and the earnings on your investments grow tax-deferred until they are distributed. To
enroll employees complete a participation agreement online. For more information
click the links below.
DCP Website
457 Maximum Limit