Supplemental Retirement Account (SRA)
Last Updated 04/03
Applies to Administrators, Faculty, and Staff
Policy
The University offers all administrators, faculty, and staff an opportunity to make tax-deferred investments in the Supplemental Retirement Account (SRA) program. Students are not eligible unless covered by FICA. The SRA allows for voluntary contributions on a tax-deferred basis to a 403(b) plan, and is available immediately upon employment. Contributions are made through automatic payroll deductions.
The Internal Revenue Code limits the total amount of salary eligible for deferral to the SRA. Those employees participating in the SRA who also participate in the University of Notre Dame Defined Contribution Retirement Plan for Faculty and Administrators will be limited by the Code as to how much they can tax defer under the SRA program. The employee’s contributions and any earnings accumulate on a tax-deferred basis until the employee withdraws the money at termination, retirement, or after age 59½. There are a number of options through which employees can receive their SRA benefits.
Procedures
To participate, eligible employees must complete a Salary Reduction Agreement indicating the amount they wish to contribute to the plan. An account application with one of the vendors is also required.
Information on the SRA plan and enrollment details is available at:
http://hr.nd.edu/benefits/retire4.shtml