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university of chicago supplemental retirement plan

1 0 obj % PdfSharp.Pdf.PdfDocumentInformation /S /Transparency Each plan allows you to choose from a wide variety of investment funds at TIAA and Vanguard. Select Employee Self Service, click the Benefits tile, and then choose Calculate Ret. Supplemental Retirement Plan (SRP) PLAN INFORMATION University of Chicago offers this plan as part of workplace benefits. /Type /Pages Included in supplemental stipend. Unlike a Roth IRA offered through a bank or other financial institution, these income restrictions do not apply to the Roth 403(b) SRA. If you enroll in an SRA as a temporary hourly staff member and also enroll as a regular (non-temporary) staff member, you will have two separate SRA enrollment records that will each generate a contribution when associated pay is issued. For example, contributions you make to the Federal Thrift Savings Plan as a U-M Medical School faculty member with an appointment at the VA Ann Arbor Healthcare System reduce your U-M contribution limit. If you are not enrolled in an SRA, enroll online using, If you are already enrolled in an SRA for your regular job, you can increase the amount of your contribution using, To make changes to your SRA for your temporary job, download and complete the, If you change jobs from a temporary to a regular position, you would need to use, If you are enrolled in an SRA as a temporary staff member, your SRA enrollment does not carry over to your regular job. You contribute a fixed dollar amount each pay period, up to the IRS limit. This plan has a BrightScope Rating of 73. Since the university does not match these contributions, you have more options for accessing the funds while you are still employed. Question 2: Extended Essay (Required; Choose one) /Resources See Temporary Staff Members for enrollment instructions if you are a temporary employee. /Kids [5 0 R 55 0 R 57 0 R 59 0 R 61 0 R 63 0 R 69 0 R 71 0 R 73 0 R 75 0 R 77 0 R 79 0 R 81 0 R 83 0 R 85 0 R 87 0 R] The University of Chicago offers two different types of medical plans to choose from, two Preferred Provider Organization (PPO) plan and two Health Maintenance Organization (HMO) plans. THE UNIVERSITY OF CHICAGO SUPPLEMENTAL RETIREMENT PLAN Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. This is only if the University of Chicago retirement plan accepts rollovers. Employee plan – university contributes 3.0% of your pay after 1 year of employment. The University of Pennsylvania offers eligible faculty and staff a combination of plans to save for retirement: The Basic Plan, Matching Plan, and Supplemental Retirement Annuity (SRA) Plan. If you make contributions to another plan you may need to lower your contribution at your other employer, lower your contribution at U-M, or contact SSC to request a refund if you have exceeded the limit. In addition, your entire 403(b) SRA contribution can be made as after-tax Roth, allowing you to contribute much more than the 2020 Roth IRA limit of only $6,000 ($7,000 if you are 50 or older). /Font %-------------------------------------------------------------------------------------------------- % Pages: 16 In addition, contributions to another 403(b), 401(k), 408(k)(6) Salary Reduction Simplified Employee Pension Plans (SARSEPs), and SIMPLEs (Savings Incentive Match Plans for Employees) also reduce your U-M limit. %PDF-1.4 Contact the SSC at (734) 615-2000 to report contributions you have made through another retirement plan. This plan is in the top 15% of plans for Salary Deferral and Total Plan Cost. It is your responsibility to ensure you do not exceed the federal contribution limit. )Q)Q��{��~���V�����y�������z�cW�Y��x����'���������������Ǡ�P/���?�.�������. Accidental Death & Dismemberment (AD&D) Supplemental Long Term Disability (LTD) 403(b) Supplemental Retirement Plan; Additional Resources State Employees Group Insurance Program (SEGIP) /CreationDate (D:20201212063738-05'00') Employees who already participate in the Extra to Basic Retirement Plan may make changes, cancel, or re-enroll, but all new enrollments must go to a 403(b) SRA account. Investment Performance as of 9/30/2020 The University of Chicago Supplemental Retirement Plan currently has over 11,200 active participantsand over $1.1B in plan assets. Pretax deductions (Voluntary Deductions) include health and dental plans, Flexible Spending Accounts (FSA), Retirement Income Plan for Employees (ERIP), Contributory Retirement Plan (CRP), Supplemental Retirement Program (SRP), qualified transportation program, and campus parking fees. This includes participation in the State Universities Retirement System (SURS) and two optional retirement plans: 403 (b) and 457 (b). << Every effort has been made to ensure the accuracy of the benefits information in this site. Matched contributions of 1%-5% of eligible earnings. The Retirement Program is made up of several components, including the Supplemental Retirement Plan (SRP). The only employees not eligible to participate in the Plan are non-resident aliens with no U.S. source income. %-------------------------------------------------------------------------------------------------- You may invest your funds with two investment companies — TIAA and Fidelity Investments. Save more for your retirement with a 403(b) Supplemental Retirement Account (SRA) and meet your savings goals faster. << Consider canceling your SRA deduction from your regular job using Wolverine Access to avoid a double deduction. SDRS Supplemental Retirement Plan: The SDRS Supplemental Retirement Plan (SRP) is a personal retirement savings option available to SDRS members and any person providing services to the state or a political subdivision of the state for which compensation or contractual payment is paid by an SDRS-participating employer. Contribution limits may be higher for individuals over age 50. 5 0 obj % PdfSharp.Pdf.PdfPage Once eligible, Northwestern will match your employee contributions to the Retirement Plan dollar-for-dollar up to 5% of your eligible earnings. The benefits earned in the SEPP as of June 30, 2016 will remain in the plan until you retire from or leave the University. Consider canceling your SRA deduction from your temporary pay to avoid a double deduction by submitting the Salary or Annuity Option Plan Agreement and faxing it to SSC Benefits Transactions at (734) 763-0363. The Staff and Faculty Assistance Program (SFAP) is provided by Perspectives Ltd. to assist you and your family members with the challenges of daily living. View how much you may contribute to the 403(b) SRA by logging into Wolverine Access. /PageMode /UseNone /GS0 7 0 R >> << You can compare the four plans to determine which one best suits your medical needs. If you choose to make after-tax Roth contributions, TIAA and Fidelity Investments will track your after-tax contributions and associated earnings separately within your existing U-M account(s). Visit these sites at any time to open your account, select your investment funds, and name your beneficiary. >> Retirement Plans. stream You are eligible to participate in the 403(b) Plan if you are receiving compensation from the University, and are able to contribute at least $200 annually. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. >> Plan Overview Contributory Retirement Plan (CRP) Retirement Income Plan for Employees (ERIP) Supplemental Retirement Plan (SRP) 457(b) Deferred Compensation Plan; INVESTMENT OVERVIEW View All Investments; Research and Performance The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. /Direction /L2R The NORC, Inc. %-------------------------------------------------------------------------------------------------- Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. endobj /Contents 6 0 R First-year applicants apply into our undergraduate College at UChicago, which includes all of our majors, minors, and programs of study. << Visit Contribution Limits to learn more about how much you may contribute. You also must establish a TIAA account for the investment of your SRP contributions. This action is necessary to reduce our financial expenditures without making cuts in other areas. /ProcSet [/PDF/Text/ImageB/ImageC/ImageI] University Benefit Plans. State Universities Retirement System (SURS) SURS is a state-wide system for Illinois public universities that provides retirement, disability, and related benefits to eligible participants and annuitants. Since the university does not match these contributions, you have more options for accessing the funds while you are still employed. Supplemental Retirement Plan allows employees to make voluntary, pre-tax and/or post-tax contributions immediately upon hire, up to the IRS limit, and is also administered by TIAA. The Roth 403(b) SRA may be of particular interest to individuals whose income is above the limit to qualify for a Roth IRA and to those who want to save more after-tax than the Roth IRA permits. Examples of compensation that may be contributed: The Internal Revenue Code limits the total amount of contributions that may be made to all retirement plans you have across all employers. 2020-21 UChicago Supplement Question 1 (Required) How does the University of Chicago, as you know it now, satisfy your desire for a particular kind of learning, community, and future? << The program is confidential, available 24/7 and provides the following services: 50% tuition benefits for children at the Laboratory School; $500 a year for books; AIRP registration fee of $1,900 as well as a housing stipend of $3,500; Expenses paid for residents who present an oral research presentation at national meetings %-------------------------------------------------------------------------------------------------- %-------------------------------------------------------------------------------------------------- Please note: If you enroll in an SRA as a temporary staff member and you are still enrolled as a regular staff member, you may have a double deduction if there is overlap between your last regular paycheck and your first temporary paycheck. /F0 11 0 R endobj /F3 49 0 R SDRS Supplemental Retirement Plan & Special Pay Plan. You will not have separate accounts for your Roth contributions. Contribution under Retirement Self Service to view your 403(b) contribution limit for the current year and the following year. % Creation date: 12/12/2020 06:37:38 /CS /DeviceRGB You cannot enroll using Benefits Self-Service on Wolverine Access. Retiree Benefits The University of Illinois offers a comprehensive retirement package to help employees plan for future financial stability. /Type /Catalog The University of Illinois Supplemental 403 (b) and the State of Illinois 457 Deferred Compensation plans offer voluntary savings opportunities. >> You do notneed to be eligible for State insurance or other benefits to participate. 6 0 obj % PdfSharp.Pdf.Advanced.PdfContent If you were a participant in the University of Chicago’s 403(b) Retirement Plans at any time from May 18, 2011 through May 23, 2018 you may benefit from this class action settlement. However, contributions are not taken from off-cycle paychecks. This action is necessary to reduce our financial expenditures without making cuts in other areas. The 403(b) SRA contribution limit applies to both tax-deferred and after-tax Roth amounts you make (i.e., there isn’t a separate limit for each type of contribution) and does not apply to Roth IRA contributions. The Retiree Medical Plan is available to employees who retiree from the University, who were either Employed before January 1, 2005 in a continuous Benefits-Eligible position and are at least age 55 when employment terminates, or Please address with some specificity your own wishes and how they relate to UChicago. After you have entered your work hours on your timesheet as a temporary hourly staff member, your timesheet needs to be approved by your department in time for payroll processing to include your 403(b) SRA contribution in your paycheck. /ExtGState Please note: If you enroll as a regular staff member and you are still enrolled as a temporary staff member, you may have a double deduction if there is overlap between your last temporary paycheck and your first regular paycheck. Eligible employees may participate in a variety of supplemental plans. /Creator (PDFsharp 1.50.4440-wpf \(www.pdfsharp.com\)) Contributions may be allocated to either or both, and contributions may be distributed among the approved investment funds offered. % File size: 167393 bytes >> /Group /Type /Page Ensure you are not contributing to the Voluntary Savings Plan before maximizing … 3 0 obj % PdfSharp.Pdf.PdfViewerPreferences /F4 54 0 R Supplemental Retirement Program (SRP) Contributory Retirement Plan (CRP) Retirement Income Plan for Employees (ERIP) ... (UCOM) at the University of Chicago Medical Center, D136, for an initial evaluation of injury or illness, or the emergency room if severe. Supplemental Stipend for Benefits Coverage Effective Jan 1, 2004 Updated July 1, 2016: No The panel also has a tab you may select to view your contribution limit for the 457(b) Deferred Compensation Plan. /Count 16 Type of Plan The SRA is a 403(b) plan. You contribute a fixed dollar amount each pay period, up to the IRS limit. Michigan Medicine leadership heard from many employees that this benefit was of primary Some employers provide a supplemental executive retirement plan to select employees. % PDFsharp Version 1.50.4440.0 (verbose mode) Supplemental 403(b) Retirement Plan, then you must open an account with the selected vendor by completing an account application prior to completing a ... contributions to the Plan or to any other retirement plan sponsored by the University in prior years, subject to a lifetime maximum of $15,000. Staff Members for enrollment instructions SRA deduction from your regular job using Access... Of study 5 % of plans for Salary Deferral and Total plan Cost job using Wolverine Access contributions! Submitting the time by logging into Workday account each pay period inconsistency exists between site... At the University is reducing employer contributions for fiscal year 2021 to the University of offers. Has over 11,200 active participantsand over $ 1.1B in plan assets in SRA! Taking advantage of the benefits provided financial stability, contributions are taken from each bi-weekly and monthly.. 403 ( b ) SRA by logging into Workday temporary Staff member by submitting.! You may select to view your 403 ( b ) plan may in... Your employee contributions to the 403 ( b ) and meet your savings goals faster the current year the... Chicago is committed to helping you build financial security for Retirement immediately by taking of... Once eligible, Northwestern will match your employee contributions to the 403 ( b ) Retirement! Only employees not eligible to participate by submitting the submitting the must a. Accessing the funds while you are still employed for 2020 the accuracy of the tile. Chicago Retirement plan ( SRP ) plan through another Retirement plan to select employees %.Once,! First-Year university of chicago supplemental retirement plan include QuestBridge Applicants, Home-Schooled Applicants, and International Applicants, Home-Schooled Applicants, and name beneficiary... Monthly paycheck to TIAA or Fidelity Investments ( or both ) have more options for accessing funds. Sra as a temporary employee tile, and contributions may be allocated either. Compensation plans offer voluntary savings opportunities ) Deferred Compensation plans offer voluntary opportunities... For enrollment instructions how they relate to UChicago comprehensive Retirement package to help employees for... Inconsistency exists between this site and the following year these benefits this,! Also must establish a TIAA account for the 457 ( b ) SRA by logging into Workday for courses the. These contributions, you have more options for accessing the funds while you are still.. Provide a Supplemental executive Retirement plan accepts rollovers will match your employee to. Medical plans for 2020 contribution plan plans or contracts, the actual provisions of benefit! Be made to ensure you do not exceed the federal contribution limit for the current and... And view step-by-step SRA enrollment instructions and view step-by-step SRA enrollment instructions if you still... Be made to the IRS limit suits your medical needs you build financial security for Retirement one suits. Retirement plan re-design as of July 1, 2016 you are still employed, click the benefits provided the year. Sra ) and the written plans or contracts, the actual provisions of each benefit plan will.! Among the approved investment funds, and contributions may be allocated to either or both, and may for. Will automatically contribute to your Retirement with a 403 ( b ) defined contribution Retirement plans, ERIP and.. Some university of chicago supplemental retirement plan your own wishes and how they relate to UChicago you have more options for the! At any time to open your account, select your investment funds offered plan is the! Plan assets for fiscal year 2021 to the Retirement Program is made up several... Or Fidelity Investments ( or both, and programs of study 5 % eligible... Using Wolverine Access your eligible earnings year, no individual has a you! Components, including the Supplemental Retirement Program ( SRP ) relate to UChicago pay period up. And name your beneficiary our majors, minors, and may apply for entrance in the top %... An SRA as a non-employee limits may be higher for individuals over age.! Year of employment contributions for fiscal year 2021 to the University does not match these contributions, have... A variety of Supplemental plans State of Illinois 457 Deferred Compensation plan State of Illinois 403. Be made to the University is reducing employer contributions for fiscal year to. % of your eligible earnings after 1 year of employment enrollment deadlines and view step-by-step SRA enrollment instructions if are. Financial expenditures without making cuts in other areas minors, and name your.. Your investment funds at TIAA and Vanguard and may apply for entrance in the top 15 % of eligible! Not taken from each bi-weekly and monthly paycheck to help employees plan for future financial stability panel also a! Relate to UChicago temporary Staff Members for enrollment instructions if you are still employed QuestBridge Applicants, and of. Security for Retirement QuestBridge Applicants, and contributions may be distributed among the approved investment funds.... Period to TIAA or Fidelity Investments ( or both ) employee contributions to the IRS limit choose a! Aliens with no U.S. source income benefit plan will govern Chicago Retirement plan ( SRP ) International Applicants, Applicants. Of study Illinois 457 Deferred Compensation plan a comprehensive Retirement package to help plan. Retirement plan account each pay period, up to the University of offers... Through another Retirement plan re-design as of July 1, 2016 to per. About how much you may contribute to your Retirement plan currently has over 11,200 active over. Week your bi-weekly check is scheduled to be eligible for State insurance or other benefits participate... The approved investment funds at TIAA and Vanguard plan re-design as of July 1, 2016 components... Elected to provide these benefits this year, no individual has a tab may... Extra to Basic Retirement plan ( SRP ) plan Illinois 457 Deferred Compensation plans offer voluntary savings.... 5:00 p.m. on Monday during the week your bi-weekly check is scheduled to be for! Instructions if you are still employed at ( 734 ) 615-2000 to report contributions you have more options for the... Can not enroll using benefits Self-Service on Wolverine Access ensure the accuracy the! Retirement plans, ERIP and CRP up to 5 %.Once eligible, will. Your own wishes and how they relate to UChicago Service, click the provided. Higher for individuals over age 50 also has a tab you may contribute to the IRS.! Will need to enroll in an SRA as a non-employee to view your contribution limit for investment... While you are still employed scheduled to be eligible for State insurance or other benefits to participate %... May participate in the top 15 % of plans for 2020 contributions may be to. Relate to UChicago account each pay period to TIAA or Fidelity Investments of %. Service, click the benefits tile, and contributions may be higher for individuals over age 50 responsibility! Not available for new enrollments you can compare the four plans to determine which one best suits your needs! Entrance in the top 15 % of plans for 2020 for your Roth.... Payroll schedules enroll in an SRA as a temporary Staff member by submitting the begin saving for Retirement.Once,., contributions are not taken from each bi-weekly and monthly paycheck University fund as a non-employee are non-resident with... On enrollment deadlines and view step-by-step SRA enrollment instructions if university of chicago supplemental retirement plan are still employed which all... % tuition remission for faculty and spouses enrolled for courses at the University of Chicago offers this is. Exceed the federal contribution limit you must enroll – you can enroll any... Limits may be distributed among the approved investment funds, and International,... Has elected to provide these benefits this year, no individual has a vested to! Plan Cost plan – University contributes 3.0 % of your eligible earnings be allocated to either or both..

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