Providence College has a defined contribution pension plan with all contributions made by the College and immediately vested with the employee. The waiting period for an eligible employee is two years. Employee participation in the retirement plan will begin on the first of the month following fulfillment of the service requirements and attaining the minimum age of 21. The waiting period may be waived if the otherwise eligible employee meets the requirements for service under a previous plan. College contributions are calculated as follows:
- First year of participation: 4.5% of base salary
- Second year of participation: 7% of base salary
- Third year of participation: 10% of base salary
Once the 10% level is reached, the College’s contribution will remain at that level.
Group Supplemental Plan
Group Supplemental Retirement Annuity Program (GSRA) Employees have the option, immediately upon hire, to participate in a group supplemental retirement annuity program. Employees select a plan of their choice and select a specified dollar amount or percentage to be deducted per paycheck. The pre-tax option allows taxes on the portion of salary set aside to be deferred until benefits are received. The post-tax (ROTH) option allows taxes to be applied to the contribution so benefits are tax-free when received in retirement. For new hires, if no choice is elected within the first 60 days of employment, they are auto-enrolled at a 2% pre-tax contribution rate.
To view the retirement plan document, visit the MyPC Portal Human Resources forms page.