defined contribution retirement plan (dcp)
A tax-smart way to save and invest.
The earlier you start contributing, the more valuable the benefit.
How We Invest in You
You’re eligible for two kinds of contributions:
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MATCHING CONTRIBUTIONS
The Art Institute will match 100% of the first 4.5% of pay you contribute. You’re always 100% vested in matching contributions.
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FIXED CONTRIBUTIONS
Whether or not you contribute, the Art Institute will make a “fixed” contribution equal to 4.5% of eligible pay.-
Faculty Members—fixed contributions are immediately 100% vested.
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Staff Members—fixed contributions become 100% vested after three years of service or, if earlier, at age 65 or upon death or disability while employed.
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Invest in Yourself
Your contributions are deducted from your pay before federal and state taxes are calculated, which lowers the amount of taxes withheld, saving you money every pay period.
You’re in charge of how much you contribute, up to 100% of eligible pay, within annual limits set by the IRS ($23,000 for 2024). An additional $7,500 per year in “catch-up” contributions is allowed if you are age 50 or older. You may increase, decrease, or stop your contributions at any time. If you don’t make an active election for the DCP when you first enroll in benefits through the Art Institute, you’ll be enrolled at the 3% contribution level, if eligible. You can change your contribution level at any time.
You’re always 100% vested in your payroll deduction contributions, along with any investment earnings on those contributions. That includes any transfer or rollover contributions you may have made.
Contribute at least 4.5% of eligible pay to get the full match. That’s like getting an instant 100% return on your investment.
Your eligibility depends on how long you’ve been with the Art Institute and your employment group. Refer to the Who’s Eligible page for more information.