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addition to your Basic Retirement Plan contributions, you
can establish a Supplemental Retirement Account (SRA) with
TIAA-CREF or Fidelity Investments as a way to save more for
retirement. The University does not match contributions to
SRA accounts, however they are deducted from your paycheck pre-tax. If you are eligible to participate in the Basic
Retirement Plan, you must be enrolled in the Basic Plan before
you can enroll in an SRA.
SRA Eligibility
The following groups are eligible to enroll in an SRA:
All regular, active faculty or staff members (including
Supplemental Instructional, House Officers, Research Fellows,
Graduate Students [GSIs, GSSAs, or GSRAs], and Professional
Specialists) with a 1% or greater appointment of at least
four months duration paid by the University. Stipend money
is not eligible to be contributed to an SRA. Temporary staff are also eligible to contribute to an SRA.
The SRA Advantage
If you want to contribute more than the 5% under the Basic
Retirement Plan, you can open an SRA. You can contribute
an additional amount each pay period, up to IRC annual limits. Use the New Hire SRA Calculator (PDF) to determine how much you can contribute to an SRA as a new hire faculty or staff member, or contact the HR/Payroll Service Center to get a quote of
how much you can contribute. An SRA is a great way to save
more for retirement and reduce your income taxes.
Since the University does not match your
SRA contributions, you have more options for accessing the
accumulations while you are still employed. These options
are not available under the Basic Retirement Plan. See the
following sections, SRA Cash Withdrawals
and Rollovers, and SRA Loans.
SRA Cash
Withdrawals and Rollovers
You can withdraw or rollover accumulations from your SRA
only if you meet at least one of the following triggering
events:
As an active employee:
-
When you reach age 59 1/2;
-
If you incur an IRS qualifying financial hardship. Federal
regulations limit hardship withdrawals to contributions
only; earnings are not available. In addition, hardship
withdrawals are not eligible to be rolled over); or
- If
you become disabled according to IRS guidelines;
As a former employee: Your contributions
and earnings are available at any age after you have terminated
your employment with the University.
SRA
Loans
You may take a loan from your SRA at any time, whether you
are an active employee or a former employee. There is no
qualifying event you need to meet in order to take a loan.
Fidelity
Investment Funds for SRA
New Hire SRA Calculator (PDF)
Use this calculator to determine how much you can contribute to an SRA as a new hire faculty or staff member.
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