Defined Contribution (DC) Plan – TIAA
- Non-union 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 employees are elgible 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
|Type of Account||Taxation Type||2023 Contribution Maximum||2023 Over 50 Catch-up Contribution Amount|
|403b Supplemental Retirement Account (SRA):||Pre-Tax||$22,500/yr.||$7,500/yr.|
SRA Contribution Agreement/Changes Form
- To set-up an SRA account or change your contributions, please process your request through Workday. This guide will assist with the entry (just select the appropriate bullet — Retirement Savings Contribution Change.
- Please Note: You can select a specific dollar amount or a percentage for your voluntary contribution.
- Effective Date: The date your request is initiated in Workday will register the new contribution change effective with the beginning of the next payroll cycle.
- Workday is set to maintain the IRS annual limits to prohibit employees from over-contributing.
Reach out to Human Resources (hr@Carleton.edu) for support or questions.
SRA/ROTH – 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 50 plus 15 Years of Service Rule (Lifetime Maximum)
- 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.
- Elective contributions cannot average more than $5,000/year, over the 15 year period of time.
- The $15,000 lifetime contribution has not been exhausted.
Resources and Tools
- Meet with a TIAA Representative:
- Jim Soholt, Carleton’s TIAA Consultant: On campus, individual appointments available. See announcements in Carleton Today and the HR Events Calendar for scheduling.
- Schedule an appointment through TIAA’s website
- Schedule an in-person appointment with a representative in the Bloomington office (800-877-6602)
- TIAA Learning: Webinar Opportunities
- Use TIAA’s Tools and Calculators
- 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
Employees are eligible to receive reimbursement for financial planning costs. The program guidelines and eligibility requirements are on the Application for Financial Reimbursement.