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Highlights of the Supplemental Retirement Plan

WHO IS ELIGIBLE

Any benefits-eligible employee may begin contributing to a supplemental retirement account (SRA) at any time.

WHEN COVERAGE BEGINS

If you are paid monthly and if you complete a salary reduction agreement in Human Resources by the 15th of the month, the contributions will begin that month. Otherwise, contributions will begin the following month. If you are paid bi-weekly, contributions will begin in the pay period after you complete a salary reduction agreement. You may begin or end contributions at any time during the year. Once you arrange a percentage or dollar amount to be deducted, it will remain the same unless you change it.

SUMMARY OF COVERAGE PROVISIONS

Pre-Tax Contributions: All voluntary contributions are made on a pre-tax basis. This will reduce your taxable income and as a result, you will pay less federal and state taxes. You don't pay taxes on your retirement savings until you begin receiving retirement income upon retirement.

Choice of Carriers: You may choose up to two of the following carriers to use for your voluntary contributions:

  • American Century (formerly 20th Century)
  • Fidelity Investments
  • TIAA-CREF
  • Vanguard

COST

Employees contribute 100% of the cost for this benefit. The minimum contribution is $25 monthly ($12.50 bi-weekly), and the maximum amount changes annually, based on IRS rules. It is your responsibility to stay within the maximum amount. However, the Human Resources Department will provide an individualized calculation for you annually.

Rule of Thumb: An SRA helps you save for retirement while saving on taxes, but stay within your maximum annual limit.

ADDITIONAL INFORMATION

Please refer to the SRA section of your Retirement Planning Guide for more information.