%PDF-1.4 It is your responsibility to ensure you do not exceed the federal contribution limit. %���� First-year applicants apply into our undergraduate College at UChicago, which includes all of our majors, minors, and programs of study. 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. endobj Matched contributions of 1%-5% of eligible earnings. /Creator (PDFsharp 1.50.4440-wpf \(www.pdfsharp.com\)) You may invest your funds with two investment companies — TIAA and Fidelity Investments. Employee plan – university contributes 3.0% of your pay after 1 year of employment. 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. >> Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. However, contributions are not taken from off-cycle paychecks. The plan provides retirement benefits to approximately 6,000 regular full and part-time employees at seven Jesuit institutions that have met the plans eligibility, participation, and vesting requirements. 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. Some employers provide a supplemental executive retirement plan to select employees. /PageMode /UseNone /Group See Temporary Staff Members for enrollment instructions if you are a temporary employee. Retirement Plans. /PageLayout /SinglePage View how much you may contribute to the 403(b) SRA by logging into Wolverine Access. /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] /Count 16 Question 2: Extended Essay (Required; Choose one) 6 0 obj % PdfSharp.Pdf.Advanced.PdfContent << /F0 11 0 R /GS1 50 0 R Every effort has been made to ensure the accuracy of the benefits information in this site. 1 0 obj % PdfSharp.Pdf.PdfDocumentInformation << Visit Contribution Limits to learn more about how much you may contribute. 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. The program is confidential, available 24/7 and provides the following services: /Direction /L2R << /Resources >> /Type /Page Save more for your retirement with a 403(b) Supplemental Retirement Account (SRA) and meet your savings goals faster. /Producer (PDFsharp 1.50.4440-wpf \(www.pdfsharp.com\)) << Generally, all common law employees of the system who receive compensation reportable on a Form W-2 are eligible to participate in the Plan, so long as the employee elects to contribute at least $200 each year. First-year applicants include QuestBridge Applicants, Home-Schooled Applicants, and International Applicants, and may apply for entrance in the Autumn Quarter only. >> /F2 45 0 R 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. 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. x��Zێ�}���P��� ���ț�}3�������T�,��ݜ��VH,K�h�3�d�.������I�V�E��8�?��_~:���;���������Z��_~�������I/��d��'���xrz�aqWm���? To ensure the correct contribution from your paychecks, please review the following scenarios to determine if you need to take action regarding your SRA enrollment due to a job change at the university. endobj /Length 3274 /F4 54 0 R 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. 2 0 obj % PdfSharp.Pdf.Advanced.PdfCatalog endobj >> 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. University of Chicago offers this plan as part of workplace benefits. Type of Plan The SRA is a 403(b) plan. Investment Performance as of 9/30/2020 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. The NORC, Inc. 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). 3 0 obj % PdfSharp.Pdf.PdfViewerPreferences This deadline is generally 5:00 p.m. on Monday during the week your bi-weekly check is scheduled to be issued. /Contents 6 0 R << Contribution limits may be higher for individuals over age 50. Unlike a Roth IRA offered through a bank or other financial institution, these income restrictions do not apply to the Roth 403(b) SRA. You contribute a fixed dollar amount each pay period, up to the IRS limit. © 2020 The Regents of the University of Michigan, view step-by-step SRA enrollment instructions, The Regents of the University of Michigan, Tax-deferred contributions with income tax due upon distribution, All regular, active faculty or staff members (including Supplemental Instructional staff), House Officers, Research Fellows, Professional Specialists, GSIs, GSSAs, and GSRAs with a 1% or greater appointment of at least four months duration paid by the university, Rehired retirees with funding and effort (including emeritus titles), Incentive payments (Risk Pay) under the Medical Service Plan, Summer salary for university-year appointees, Long-term disability plan benefit payments. Please contact your department if you have questions regarding the deadline to enter your timesheet and the deadline for departmental approval of your reported time. The University is reducing employer contributions for fiscal year 2021 to the 403 (b) defined contribution retirement plans, ERIP and CRP. However, if any provision on the benefits plans is unclear or ambiguous, the Benefits Office reserves the right to interpret the plan and resolve the problem. Supplemental Retirement Program (SRP) You can begin saving for retirement immediately by taking advantage of the Supplemental Retirement Program (SRP). Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. % PDFsharp Version 1.50.4440.0 (verbose mode) Update: Michigan Medicine Will Restore the University Contribution to the Basic Retirement Plan Effective January 1, 2021 November 3, 2020 - Michigan Medicine will restore the Basic Retirement Savings Plan university match beginning January 1, 2021, six months earlier than anticipated. Eligible employees may participate in a variety of supplemental plans. Supplemental Retirement Plan (SRP) PLAN INFORMATION University of Chicago offers this plan as part of workplace benefits. 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. Faculty and staff may contribute to the Roth 403(b) SRA without regard to the IRS income limit that applies to a Roth IRA. >> Call the SSC Contact Center at 5-2000 from the Ann Arbor campus, (734) 615-2000 locally, or (866) 647-7657 toll free, Monday through Friday from 8 a.m. to 5 p.m. Michigan Medicine leadership heard from many employees that this benefit was of primary The University of Chicago offers four medical plans for 2020. Review information on enrollment deadlines and view step-by-step SRA enrollment instructions. /Type /Catalog Included in supplemental stipend. /ProcSet [/PDF/Text/ImageB/ImageC/ImageI] Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend, or terminate them. )Q)Q��{��~���V�����y�������z�cW�Y��x����'���������������Ǡ�P/���?�.�������. The Retirement Program is made up of several components, including the Supplemental Retirement Plan (SRP). The Extra to Basic Retirement Plan option is not available for new enrollments. %-------------------------------------------------------------------------------------------------- Retiree Benefits The University of Illinois offers a comprehensive retirement package to help employees plan for future financial stability. 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 Staff and Faculty Assistance Program. University Benefit Plans. The University of Illinois Supplemental 403 (b) and the State of Illinois 457 Deferred Compensation plans offer voluntary savings opportunities. /S /Transparency 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. Retirement plan re-design as of July 1, 2016. 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. 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 This includes participation in the State Universities Retirement System (SURS) and two optional retirement plans: 403 (b) and 457 (b). 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 /GS0 7 0 R Learn more about Roth options. 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. Participation can be started or stopped at any time, subject to payroll schedules. The University of Chicago Supplemental Retirement Plan currently has over 11,200 active participantsand over $1.1B in plan assets. %-------------------------------------------------------------------------------------------------- This action is necessary to reduce our financial expenditures without making cuts in other areas. % Creation time: 0.420 seconds The Benefits Office can enter a contribution limit override so your U-M contributions do not exceed federal limits when combined with those you have made to another retirement plan. /XObject You will need to enroll in an SRA as a temporary staff member by submitting the. This plan is in the top 15% of plans for Salary Deferral and Total Plan Cost. U-M temporary staff members are eligible to enroll in a 403(b) SRA and may do so by downloading and completing the Salary or Annuity Option Plan Agreement and faxing it to SSC Benefits Transactions at (734) 763-0363. << /Font 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. % File size: 167393 bytes Contributory Retirement Plan (CRP) VIEW PLAN DETAILS Retirement Income Plan for Employees (ERIP) VIEW PLAN DETAILS Supplemental Retirement Plan (SRP) VIEW PLAN DETAILS 457(b) Deferred Compensation Plan VIEW PLAN DETAILS /ViewerPreferences 3 0 R /Pages 4 0 R You can compare the four plans to determine which one best suits your medical needs. April 2018 The University of Chicago Supplemental Retirement Plan Page 4 About Your SRP Benefits SRP was established by The University of Chicago (the “University”) to provide Eligible Employees with a portion of the income they will need during retirement. % Objects: 127 The University of Chicago Human Resource Services. You also must establish a TIAA account for the investment of your SRP contributions. 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. You do notneed to be eligible for State insurance or other benefits to participate. 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. Retirement Employee Retirement Income Plan An important part of retirement planning is the University of Chicago Medicine’s employee retirement income plan (ERIP). The SRA is a 403(b) plan. >> Contact the SSC at (734) 615-2000 to report contributions you have made through another retirement plan. %-------------------------------------------------------------------------------------------------- << 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. Please address with some specificity your own wishes and how they relate to UChicago. Contributions may be allocated to either or both, and contributions may be distributed among the approved investment funds offered. /Type /Pages Contribution under Retirement Self Service to view your 403(b) contribution limit for the current year and the following year. >> Visit these sites at any time to open your account, select your investment funds, and name your beneficiary. The Retirement Savings Plans allow the following pre-tax contribution types: 1. The retiree health benefits described in this document are being offered by the City of Chicago (the “Plan Sponsor”) to certain retirees and their eligible dependents as set forth herein. This action is necessary to reduce our financial expenditures without making cuts in other areas. >> You will not have separate accounts for your Roth contributions. Medical Plans. 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. The University is reducing employer contributions for fiscal year 2021 to the 403 (b) defined contribution retirement plans, ERIP and CRP. ... Distribution rules for the 457(b) Deferred Compensation Plan are different than for other University 403(b) Retirement Plans - Retirement Income Plan for Employees (ERIP), Contributory Retirement Plan (CRP), and Supplemental Retirement Plan (SRP). 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. You will need to enroll in an SRA as a regular staff member using, If you change jobs from regular to temporary, you would need to use the, If you are enrolled in an SRA as a regular staff member, your SRA enrollment does not carry over to your temporary job. 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. endobj If you have both a temporary job and a regular (non-temporary) U-M job, consider increasing the amount of your deduction for your SRA for your regular job rather than electing a separate SRA contribution amount for your temporary job. /Metadata 127 0 R Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. endobj Save more for your retirement with a 403(b) Supplemental Retirement Account (SRA) and meet your savings goals faster. << %-------------------------------------------------------------------------------------------------- Canceling your SRA from your regular job when it ends also prevents an accidental future contribution in the event you are subsequently reappointed to another regular job. This is only if the University of Chicago retirement plan accepts rollovers. /Parent 4 0 R stream /MediaBox [0 0 792 612] /ExtGState THE UNIVERSITY OF CHICAGO SUPPLEMENTAL RETIREMENT PLAN (SRP) The University of Chicago is committed to helping you build financial security for retirement. 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? /F3 49 0 R Use this form to specify the amount you wish to contribute per pay period to TIAA or Fidelity Investments (or both). You cannot enroll using Benefits Self-Service on Wolverine Access. /Filter /FlateDecode Contribution cannot be made to the University fund as a non-employee. % Pages: 16 50% tuition remission for faculty and spouses enrolled for courses at the University of Chicago. Select Employee Self Service, click the Benefits tile, and then choose Calculate Ret. 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. There is no deadline by which you must enroll – you can enroll at any time by logging into Workday. Consider canceling your SRA deduction from your regular job using Wolverine Access to avoid a double deduction. SDRS Supplemental Retirement Plan & Special Pay Plan. /F1 41 0 R % Creation date: 12/12/2020 06:37:38 If any inconsistency exists between this site and the written plans or contracts, the actual provisions of each benefit plan will govern. Contributions are taken from each bi-weekly and monthly paycheck. 4 0 obj % PdfSharp.Pdf.PdfPages << This plan has a BrightScope Rating of 73. /CS /DeviceRGB 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. 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. Elective deferrals you make to another retirement plan will reduce how much you may contribute to the U-M Basic Retirement Plan and 403(b) SRA. /Fm0 37 0 R 2. A SERP may be used by companies to help attract and retain key officials, such as … 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). %-------------------------------------------------------------------------------------------------- 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. /CreationDate (D:20201212063738-05'00') << Once eligible, Northwestern will match your employee contributions to the Retirement Plan dollar-for-dollar up to 5% of your eligible earnings. Accidental Death & Dismemberment (AD&D) Supplemental Long Term Disability (LTD) 403(b) Supplemental Retirement Plan; Additional Resources State Employees Group Insurance Program (SEGIP) You may need to adjust one or both SRA contribution amounts as your employment changes with the university, or you may have double deductions occurring if you are issued both temporary and regular earnings. Since the university does not match these contributions, you have more options for accessing the funds while you are still employed. You contribute a fixed dollar amount each pay period, up to the IRS limit. Since the university does not match these contributions, you have more options for accessing the funds while you are still employed. %-------------------------------------------------------------------------------------------------- 5 0 obj % PdfSharp.Pdf.PdfPage >> Ensure you are not contributing to the Voluntary Savings Plan before maximizing … >> >> The only employees not eligible to participate in the Plan are non-resident aliens with no U.S. source income. The benefits earned in the SEPP as of June 30, 2016 will remain in the plan until you retire from or leave the University. Each plan allows you to choose from a wide variety of investment funds at TIAA and Vanguard. The University of Chicago Supplemental Retirement Planis a defined contribution plan. << 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. University automatic contribution of 5%.Once eligible, Northwestern will automatically contribute to your Retirement Plan account each pay period. 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. The following groups are eligible to enroll in a 403(b) SRA: You must receive earned compensation reportable on a W-2 and subject to federal, state, and FICA tax to be eligible to contribute to the 403(b) SRA. You have two options for the type of contributions you make to the plan, which determine whether you pay income tax on contributions to the plan or on distributions from the plan at a later date: You may only contribute to a Roth IRA if you make less than a certain amount of money: $139,000 for single filers and $206,000 for married couples filing jointly for 2020. 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