TIAA-CREF Supplemental Retirement Annuities
Purpose: To provide all employees with the opportunity to set aside personal funds for income during retirement through a tax-deferred annuity.
Policy Statement: All faculty & staff are eligible to begin participation the month following hire. Participants are subject to eligibility rules and receive benefits as regulated by the I.R.S.
1. Upon hire, benefit eligible faculty and staff will receive a benefits summary containing information about supplemental retirement annuities (SRA), the applicable enrollment deadlines, and information on how to get assistance. Temporary and adjunct employees will receive plan information separately at the beginning of each semester.
2. New employees will be provided with an opportunity to attend a benefits orientation session at which supplemental retirement annuities, enrollment procedures, deadlines, and other related information will be presented. Enrollment forms will be provided.
3. SRA contributions cannot begin until an enrollment form and salary reduction agreement are completed and turned in to the Office of Human Resources. Enrollment may be delayed by one month when forms are not submitted prior to the payroll deadline for that month. Employees will be provided with assistance by Human Resources staff upon request.
4. Participants may choose to make tax deferred contributions up to federally mandated limits for 403(b) plans. A minimum contribution of $200 per calendar year is required by the I.R.S.
5. Upon separation from the College, participants may choose to withdraw funds accumulated in the SRA within I.R.S. guidelines; cash withdrawals are subject to income taxes and tax penalties.
6. Participants may change their contribution amount, or may begin or discontinue contributions at any time during the plan year by completing a new salary reduction agreement. Changes are not limited to the annual "open enrollment" period.
7. All contributions to the SRA by the employee will cease upon employment termination.
Approved by the Executive Council, June 24, 1992.
Revised on May 31, 2002.