SUPPLEMENTAL RETIREMENT 403(b) PLAN Employees may participate in the Supplemental Retirement 403(b) Plan which establishes individual annuity and/or custodial accounts for the purpose of supplementing Basic Retirement 401(a) Plan contributions. Eligibility Faculty and Staff, regardless of age, length of service, or benefits FTE, may participate in the Supplemental Retirement 403(b) Plan. Effective Date of Participation Participation is effective on the first day of the month following submission of the Supplemental Tax- Sheltered Annuity 403(b) Program Pre-Tax Salary Reduction/Roth Deduction Agreement and vendor online account application(s). The Supplemental Tax-Sheltered Annuity 403(b) Program Pre-Tax Salary Reduction/Roth Deduction Agreement (includes both a new or contribution change) must be received at the Campus Benefits Office by the last working day of the month in
order for that contribution to start the following month. For example, a Supplemental Tax-Sheltered Annuity 403(b) Program Pre-Tax Salary Reduction/Roth Deduction Agreement that is received by February 28 will be effective March 1. A Tax- Sheltered Annuity Program Salary Reduction Agreement that is received on March 1 or later will be effective April 1. Contributions to the Plan Supplemental Retirement 403(b) contributions are withheld each pay period as a percent of compensation or a flat dollar amount ($200 annual minimum) up to the Internal Revenue Service maximum allowance. Contributions made to the Supplemental Retirement 403(b) Plan are withheld voluntarily. Traditional 403(b) Contributions Traditional 403(b) contributions are made on a pre-tax basis and are not included in current taxable income. The pre-tax contributions and any earnings will be subject to income taxes when withdrawn. Roth 403(b) Contributions Roth 403(b) contributions are made on an after-tax basis and are included in current taxable income. Earnings are tax free if they are part of a “qualified distribution.” A qualified distribution is one that is taken at least 5 tax years from the year of the first Roth 403(b) contribution and after the participant attains age 59½, becomes disabled or deceased. Elective Deferral Limits Section 402(g) of the Internal Revenue Code provides annual elective deferral limitations on contributions to the Supplemental Retirement 403(b) Plan. There are three deferral limitation levels applicable to employees. These tax shelter maximums may not apply to every employee. 402(g) limit 414(v)(2) catch-up limit for employees age 50 and over 402(g)(7) limit for employees with 15 years of service or more Vesting All contributions are vested immediately upon participation. Contribution Allocation Employees may allocate contributions among or between TIAA-CREF and Fidelity Investments in any whole- number percentage, including full allocation to any option. Once participation begins, allocation changes of future premiums may be made at any time by contacting the respective investment company. Investment Alternatives Participants may invest contributions with TIAA-CREF or Fidelity Investments. Both retirement plan investment companies are committed to offering a wide range of investment options while providing the educational resources to help plan for a successful retirement. Participants may invest retirement plan contributions among the following categories. Money Market Bonds (Fixed Income) Stocks (Equities) Guaranteed Annuity Lifecycle Funds More detailed information is available from TIAA-CREF and Fidelity Investments. Transfer of Funds Supplemental Retirement 403(b) Plan funds...
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