Purpose

To describe the terms and conditions under which University employees may participate in the Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA/CREF) Supplemental Retirement Account (SRA).

Eligibility

All employees on regular appointments may participate in the SRA program, regardless of the regular retirement program that they have chosen.

Enrollment

The appropriate enrollment application forms may be completed at the time of orientation, or at a later date, if the employee so chooses. The original enrollment forms will be sent to TIAA/CREF and a copy will be placed on file in the Human Resources Office. Deductions will begin on the next payroll period following the submission of the appropriate forms to the Human Resources Office.

Contribution Rates

Contribution rates are set by the employee, and may not exceed the maximum amount of income allowed to be tax deferred by the Federal government. Employees may contact a TIAA/CREF representative for assistance in determining their maximum supplemental contribution.

Program Description

The SRA program is an individual supplemental retirement account to which only employees contribute. Employees may choose between several different CREF funds among which to distribute their contributions. The benefit at time of retirement is based upon the total amount of accumulation in the various funds and the payout terms which are chosen by the retiree.

Taxes on Contributions

Contributions to the TIAA/CREF program may be made on a tax-deferred basis up to the maximum amount allowed under Internal Revenue Service (IRS) regulations. It is the responsibility of the employee to ensure that limits established by the IRS are not exceeded. The employer takes no responsibility for monitoring compliance with these regulations.

TIAA Account

The TIAA traditional annuity guarantees principal and a specified rate of interest and dividends.

CREF Accounts

Participants may choose between a variety of different CREF accounts when allocating contributions. From time to time, CREF adds new accounts which will automatically be made available to participants.

Allocation of Contributions

SRA participants may allocate contributions between any combination of TIAA and CREF accounts. Changes in allocations and transfer of funds between accounts may be accomplished within the guidelines set forth by TIAA/CREF.

Loan Program

The University participates in the TIAA/CREF Group Supplemental Retirement Account Loan Program which provides eligible employees with loans of up to $50,000. Employees interested in this benefit should contact TIAA/CREF to determine their eligibility.