Does the age of the college or university make a difference to employers?

Yes and no. Mostly no. The age of the school is not nearly as important as its reputation, or more particularly the reputation of the particular degree program at that school. That said, schools that suck don't last all that long, and the longer lasting ones like Harvard and Yale tend to have good reputations. So while age is related to reputation, and thus to how an employer views you, the reputation is the more important piece and there are newer schools/programs with great reputations as well.

I'm going to echo what Pran said and say focus on the reputation of the school/program. The name of the school and the reputation of the school/program are much more important to employers. There are some employers who will only recruit at certain schools, not because they are elitists, but rathe because they have a limited amount of money and resources to dedicate and want to get the best bang for their buck.

And I say school or program, because in some specific circles, even if a school doesn't have top rankings overall, it might have an extremely well-regarded program within it that is top in it's field. This can be very useful if you already know what you want to go into after college.

Additionally, the school that you go to will have an alumni network that will be happy to help you in your quest to start your career. If you find a school that is renowned for a program that you're interested in, you are much more likely to find alumni in positions that can help you get a jump start on your chosen career. For example if you're going to a famous art school, knowing that there are numerous alumni who are artists who have been successful that can help make connections, is a valuable asset. Compare that to going to another school that is famous for producing great politicians, means that your pool of alumni there that can help you will be slimmer.

I think how much your choice of university matters depends a lot on which field or industry you're going in to. Some care a lot, some almost not at all. As Ryan said, though, the most important part is the social connections you make through your university and what fields and jobs they'll connect you with. If you go to a school where a lot of people pursuing the same interest as you are also going to, chances are you'll find more connections to jobs in that field.