DRAFT_Retirement Program - Supplemental Retirement Annuities
All regular employees are eligible to open a supplemental retirement annuity (SRA) to set aside voluntary (pay deferral) tax-deferred retirement funds.
You may begin to make pay deferral contributions at any time after you become employed in an eligible job classification. To make pay deferral contributions, you must complete a salary reduction agreement with the College and return it to the Human Resources Department. The Human Resources Department has the necessary form. Your salary reduction agreement will be implemented as soon as administratively feasible after it is received.
Your pay deferrals are subtracted from your paycheck each payday and sent to TIAA-CREF, which credits them to your "pay deferral account." If you receive a bonus, you may make a separate election to contribute all or part of your bonus to the Plan as a pay deferral contribution.
Changing Your Election
You may change your pay deferral election at any time. The change may relate to the amount of your contribution, or you may elect to stop pay deferrals completely. If you elect to stop pay deferrals completely, you may resume pay deferrals at any time by completing a new salary reduction agreement.
You should notify the Human Resources Department to change or stop your pay deferrals. Your new election will be implemented as soon as administratively feasible after it is received.
Please refer to the Summary Plan Document for complete plan details.
Revised 4/7/2011 DRAFT not yet Cabinet reviewed