Enrollment

We’re here to help! Enrolling in the plan is simple, but investing for your life goals requires you to be informed. To help guide you through the enrollment process, please contact a representative.

Before Enrolling in the plan, you should:

• Understand the plan features
• Review the Investment Options offered
• Understand the Investment Option Performance

Eligibility

Who is eligible to participate in the Plan? 

All active employees, except students working during the academic year, are eligible for Plan membership for the purposes of making pre-tax savings and/or Roth contributions through payroll deduction upon their date of hire. 

How do I know if I should make elective contributions to the Plan? 

The Plan is not an ordinary savings account that allows withdrawals at any time. Therefore, before deciding whether to contribute to it, you should consider the following:

• Do I have adequate savings for emergencies?
• Do I have adequate savings for other financial objectives (e.g., buying a home, children’s college expenses)?
• Am I current with my bills and credit cards?
• Can I afford to reduce my take-home pay?
• Would I like to pay less current income tax?
• Do I want to contribute to this Plan as a way to work toward my retirement goals?

When do I become eligible to receive employer contributions?

Employees will become eligible for Plan membership for purposes of receiving employer contributions as of the first day of the pay period following the date they meet the following requirements:

• Minimum service—1 year of eligibility service*
• Minimum age—21 years

Under the Plan, the following employees are excluded from receiving employer contributions:

• Employees who are regularly scheduled to work less than 5 months in a calendar year or fewer than 17.5 hours per week, provided the employee has not completed 1 year of eligibility service;
• Employees who are regularly employed on less than a half-time basis (fewer than 910 hours per year), provided the employee has not completed 1 year of eligibility service; and
• Student employees

*A year of eligibility service is a 12-month period measured from your date of hire during which you are credited with at least 910 hours of service. If you were paid for fewer than 910 hours in that period, you will be credited with a year of eligibility service whenever you complete at least 910 hours in any Plan year following your date of hire. You will receive credit for years of eligibility service with another college or university if your employment with the other institution ended within 90 days prior to hire by Smith College.

How to Enroll

Employees may begin making voluntary contributions to the plan immediately upon hire, regardless of whether they have met the eligibility requirements to receive contributions from the College. To set up voluntary contributions, log in to Workday and complete the steps below: 

• Login to Workday
• On the left side menu, choose Benefits and Pay
• Click on the button that says Change Benefits
• Select the option for "Change Retirement Savings", then choose the effective date and click on Submit
• A pop up confirming that the change task has been started will appear. Click on OPEN in the pop up, then on the next screen, click "Let's Get Started"
• You will see a screen with two retirement plan options. One is for Pre-tax/traditional contributions, the other is for Roth/post-tax contributions. At the bottom of each it will have a link that either says "Manage" or "Enroll". Click on this for the option you want to change or enroll in. 
• On the next screen, choose contribution type (percentage or dollar amount) from the dropdown menu. and update your new contribution amount or percentage. Click on Save at the bottom. 
• On the next screen click on the "Review and Sign" button at the bottom.
• On the next screen, double check your changes then check off the "I Accept" box and click on the "Submit" button. 

Once the contribution is initiated in Workday, you can make changes to how your contributions are invested by logging into your VOYA account. This is also where you can check balances, view statements, and add or change your beneficiary for your retirement account. If you haven't already registered, you can do so at: https://smithcollege.beready2retire.com and clicking on the Register Now button.

If you don't log in to VOYA and make specific investment selections, your contributions will be directed to the default investment, which is a target date fund based on your age band. Target date funds are set to become less aggressive/risky as you approach age 65. If you would like a one-on-one appointment with a certified financial planner (who is licensed to help you select investment options) this service is available to you at no charge. To choose from available appointment times go to https://smithcollege.beready2retire.com/contact-information/make-appointment.