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Supplemental Retirement Account
(SRA) Information
An SRA is a voluntary tax-deferred
retirement savings program, operating under Section 403(b) of
the Internal Revenue Code (IRC). SRA deductions are made
from your gross salary before taxes are calculated, so you pay
less tax now. Contributions and earnings grow
tax-deferred, until you request a distribution. SRA
contributions are not matched by WWU.
Am I
Eligible?
An SRA is available to any WWU employee who
is already eligible for employer-sponsored benefits. It is not
necessary to be enrolled in one of the basic retirement plans to
open an SRA.
Where
Can I Invest My Money?
There are several different companies
available through the SRA program. You can invest in any fund a
company offers, as long as the fund is accepting new investors.
For a list of available vendors, please contact the Benefits
department at 360-650-7713 or
Benefits@wwu.edu. .
How
do I change my contribution?
If you would like to change the amount
being deducted from each paycheck, simply complete a new
'Supplemental Retirement Account Election form', located on the web at
http://www.acadweb.wwu.edu/hr/forms, and return to MS 5221
or Faculty/Staff Benefits, 516 High Street/MS 5221, Bellingham,
WA 98226.
If
you would like to change your existing or future investment fund
elections, please contact your vendor directly.
How much can I contribute in 2007?
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$15,500 if you are under age 50
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$20,500 if you are age 50 and above
If you wish to contribute the maximum allowed each
year, you will need to complete a new Supplemental Retirement
Account Election form each year.
What is a catch-up
contribution?
If you have 15 or more years of service and
your annual contribution to your retirement plan has averaged
less than $5,000 you may be eligible to contribute an additional
$3,000 each year (up to a maximum of $15,000) to an SRA.
If you believe you may be eligible for the 15 year catch-up,
please contact the Benefits office for more information.
How
do I enroll?
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Complete the 'Supplemental Retirement
Account Election Form', noting how much you'd like to defer per
pay period, and to which vendor.
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Complete the appropriate vendor application
by selecting your investment fund(s) and designating your
beneficiary(s). Vendor applications and information packs
for TIAA-CREF, Fidelity, and Vanguard are available from the
Benefits Office by request. Please contact the Benefits
Office at 360-650-7713 or
Benefits@wwu.edu. You may obtain the other vendors'
applications by contacting them directly.
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Return all forms to the Benefits Office, MS
5221
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