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SUPPLEMENTAL RETIREMENT ANNUITY PROGRAMS
In addition to the State Pension System and the Optional Retirement Plan, all employees (including Contingent) are also entitled to participate in one or more of four supplemental retirement annuity (SRA) plans offered by the University. These plans permit the deferral of income through pre-tax contributions to an established SRA. In some years, depending on the State budget, the legislature authorizes a State match for employee contributions to SRA plans (available only to those in Contributory Employees Pension System; not available to members in ORP or Contributory Teachers Pension System); check with Human Resources for more information. The available SRA plans are:
Public Employee Benefit Services Corporation (PEBSCO)—associated with Nationwide
Offers a 401(k), 457(b) and 403(b) program. Each has different guidelines under the Internal Revenue Service; employees should research each option to determine which is best for their situation. Annual limits, available from the company or the Human Resources Department, apply to each program.
There are premature distribution penalties associated with this plan.
Employees are encouraged to contact plan representative for details and investment options for the PEBSCO plan. Brochures can be obtained in the Department of Human Resources.
Each company offers a 403(b) and 457(b) plan. Annual limits, available from the company or the Department of Human Resources, apply to each plan.
Contributions to the plans are immediately vested and are transferable among public institutions participating in the programs nationwide (depending upon fund applicability).
Premiums to the plans are invested primarily in mutual funds and cover a wide spectrum of the investment market (from fixed interest bearing accounts, to more aggressive stock accounts). Employees elect where contributions are invested and may change percentage allocations and bi-weekly deduction amounts at any time during the calendar year.
There are various penalties for premature distribution associated with these plans.
Employees are encouraged to confer with plan representatives regarding specific investment options and plan performance. Brochures are available in the Department of Human Resources.