The University Record, January 14, 1997

Administration fee eliminated on retirement accounts

The charge of $2 per month for administering supplemental retirement accounts (SRAs) for faculty and staff members has been eliminated. Effective Jan. 1, 1997, this charge will no longer be deducted from participants' paychecks.

SRAs are pretax retirement savings accounts which participants have deducted from their paychecks each month. These savings are over and above the 5 percent required for the basic retirement plan.

Like the basic retirement plan, SRAs are invested with TIAA/CREF or Fidelity. Accumulations can be withdrawn when faculty and staff members retire, terminate their employment or reach age 59 1/2.

Faculty and staff members who are interested in starting an SRA should contact the Benefits Office at 763-2034 to learn about the requirements for signing up and the limits to the amount participants can save pretax each year.