Supplemental Retirement Annuity

The Supplemental Retirement Annuity (SRA) is the second component of the Lesley retirement plan. Assuming you are a benefits-eligible employee, you can immediately participate in the SRA; there is no waiting period. If you want to make additional pre-tax contributions to the retirement plan beyond the 3 percent or 5 percent you must contribute to the Retirement Annuity (RA) in order to get Lesley's contribution, you may want to consider making these to the SRA rather than the RA due to several advantages of the SRA, the loan provision, for example.

Enrolling in the Supplemental Retirement Annuity

If you are interested in participating in the SRA, contact your human resources representative, who will send you a TIAA-CREF SRA application and salary reduction/deduction form. Once these forms are submitted, Human Resources will submit them to the Payroll Office, to set up deductions from your paycheck. The TIAA-CREF application will be sent to TIAA-CREF directly, and your contributions will be allocated to the funds you have indicated on the application.

Contributions to the Supplemental Retirement Annuity

TIAA-CREF offers participants a variety of investment choices. The same choices for investing contributions to the SRA are available as with the RA. (See the RA section.)

Changing or Stopping Elections

You are allowed to change or stop contributions to TIAA-CREF up to four times during the calendar year. If a change is desired, you need to contact your human resources representative before the 1st of the month in order for it to occur for the following month. Past contributions to TIAA-CREF will remain intact and will continue to be active. Unlike the RA, employees are able to access some of the money contributed to the SRA in the form of a loan. (See TIAA-CREF's section on taking loans from your account for more information.)

Before-Tax Contributions

Unlike Lesley's RA, employees are only permitted to make contributions to the SRA on a before-tax basis.

Taking of Leave of Absence

If you are on a paid leave of absence, both your and Lesley's contributions will continue on the same basis as when you were actively at work. If you are on an unpaid leave of absence; however, all contributions will cease.

When Your Participation Ends/If You Leave the University

Your participation in the retirement plan terminates at the end of the month in which employment terminates. Nevertheless, TIAA-CREF will maintain your account until retirement age is reached, unless instructed otherwise by you. If you want to make a withdrawal from the plan upon termination and are not at the required retirement age, you will be responsible for paying any penalty fees to the IRS. Rolling over your account to a new employer's retirement plan might be an option for you. Consult with TIAA-CREF and the new employer's Human Resources Department for a description of the rules and regulations on rolling over a 403(b) account.