Defined Contribution (DC) Plan – TIAA

  • Non-union benefit-eligible employees participate in the TIAA 403(b) retirement plan. Participation is mandatory. Carleton contributes 10% of base wage on behalf of the employee and the employee contributes 2%. Contributions are deducted on a pre-tax basis. Employees are vested on their first day of employment.

IUOE Central Pension Fund – IUOE Central Pension Fund

  • Union benefit-eligible employees are eligible to participate after completing their probationary period. Carleton contributes 10% of the employee’s base wage.

Supplemental Retirement Account (SRA) – TIAA

The SRA 403(b) plans are available through TIAA. Annual contribution limits are guided by the IRS. The two plans available are:

  • SRA 403b (pre-tax); and
  • Roth 403b (post-tax)

SRA Eligibility Criteria

  • Non-union & Union employees who are age 21 and older;
  • Must have a 0.1-1.0 FTE

SRA IRS Annual Contribution Limits

IRS 2026 Retirement Contribution Limits

Type of Account

Taxation Type

2026 Contribution Maximum (Under Age 50)

2026 Age 50+ Catch-Up Contribution Amount

2026 Age 60-63 "Super" Catch-Up Contribution Amount

Voluntary 403(b)

Pre-Tax (SRA)/
Post-Tax (Roth)

$24,500/year
(Standard Limit)

$8,000/year
(Standard 50+ Limit)

$11,250/year
(Super Catch-Up Limit)

Age 50 Catch-up Contributions: Participants age 50 and older at any time during the calendar year are permitted to contribute additional dollars. The IRS sets limits each year. See the contribution chart for the current calendar year’s contribution limits.

Age 60-63 Catch-up Contributions: Participants that are between the ages of 60-63 are permitted to contribute additional dollars in this catch-up plan. The IRS sets limits annually. See the contribution chart for the current year’s contribution limits.

SRA Contribution Agreement/Changes Form

  • To set-up an SRA account or change your contributions, please process your request through the Workday Benefits and Pay app. This Help Article will walk you through the Change Benefits process.
    • Please Note: You can select a specific dollar amount or a percentage for your voluntary contribution.
  • Workday is set to maintain the IRS annual limits to prohibit employees from over-contributing.

Effective Date of Voluntary Retirement Plan Contribution Changes: To ensure accurate processing, any contribution change submitted after the first day of a pay period will become effective starting with the following pay period. Please see the examples below for how this timing applies to your specific pay schedule:

Biweekly Employees
  • Scenario: The current pay period begins on Sunday, Oct 20.
  • Submission Date: You submit your change on Monday, Oct 21 (after the first day of the period).
  • Effective Date: The deduction change will take effect on the next pay period starting Nov 3.
Monthly Employees
  • Scenario: The monthly pay period begins on Oct 1.
  • Submission Date: You submit your change on Oct 2 (after the first day of the period).
  • Effective Date: The change will not reflect on your Oct 31 paycheck; it will take effect for the Nov 1–Nov 30 pay period and appear on your November 30 check.

Pro Tip: If you want your change to hit a specific paycheck, try to submit your request a few days before that pay period begins to account for system processing times.

Please email Human Resources (hr@Carleton.edu) for support or questions.

Age 50 plus 15 Years of Service Rule (Lifetime Maximum)

  1. The employee must be age 50 and have the equivalent of 15 full-time years of service with their current employer. To determine years of service, any partial or unpaid leaves of absences must be subtracted from total years of service and includes reducing service for employment less than full time. For example, an individual who worked 25 years at 50% of full-time employment has the equivalent of 12.5 years of full-time service and would not be eligible for the catch-up contribution.
  2. Elective contributions cannot average more than $5,000/year, over the 15 year period of time.
  3. The $15,000 lifetime contribution has not been exhausted.

Resources and Tools

  1. Meet with a TIAA Representative:
    • Virtual: Schedule an appointment through TIAA’s website
    • In Person On-Campus: TIAA schedules a consultant to be available for in person appointments on campus 1-2 times annually. See the HR Events Calendar for scheduling and check Carleton Today announcements.
    • In Person at TIAA’s Bloomington Office: Schedule an in-person appointment with a representative (800-877-6602).
  2. TIAA Learning: Webinar Opportunities
  3. Use TIAA’s Tools and Calculators
  4. Connect with a health insurance broker regarding Medicare Health and Prescription Plans. Many employees have recommended Breitenfeldt Group.
  5. Read articles on various topics (i.e. Personal Finance 101, Retirement and Beyond, Life Milestones, Preparing for the Unexpected)

Staff Handbook – Retirement Criteria | Staff Handbook-Defined Contribution Plan

Supplemental Retirement Account (SRA): How to:

Financial Planning

Eligible employees may be reimbursed for costs associated with long-term financial planning advice from a recognized financial advisor, or attorney. To apply, employees must complete the Financial Planning Reimbursement Request Form in Workday and upload the billing statement to Human Resources, see the screen shot below of the Create Request drop down menu option you will need to select.

Human Resources will review applications, authorize payment, and forward the approved information to payroll for processing. Reimbursement will be issued as taxable income, and be reflected on the employee’s earnings statement.

Important Note: Costs related to product transactions must b

Eligibility for Financial Planning Reimbursement:

You are eligible for financial planning reimbursement if you meet one of the following criteria:

  • You are a regular employee working half-time or more for six continuous years.
  • You are a tenured employee.
  • You have reached the age of 50 with at least one year of service.

Reimbursement Amounts:

  • Up to $150 is available to eligible employees who have completed six continuous years of service or are tenured (employees under 50 years of age).
  • An additional $150 (for a total of up to $300) is available to eligible employees once they reach the age of 50.
  • Employees aged 50 or older with at least one year of service are immediately eligible for a total reimbursement of up to $300.

Benefit for Recently Retired Employees:

Retired employees who have not previously utilized this benefit may apply for reimbursement within one year of their retirement date. 

Other Useful Tools

TIAA Cyber Security Resources

TIAA Webinar Lounge – On Demand Webinars

“Essentials by TIAA” serves as a robust educational platform to help individuals at various stages of their financial journey, from early career saving to navigating retirement, with a strong focus on secure, guaranteed income for life.