Pension Plan 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 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 to be deducted per paycheck. Taxes on the portion of salary set aside are deferred until benefits are received.