Supplemental Retirement Annuity
Enrollment in FITís Supplemental Retirement Annuity Plan is optional. The Supplemental Retirement Annuity (SRA) is a tax-deferred annuity for employees who want to set aside a portion of their salary for long-term tax-deferred retirement accumulations. (The College does not make any contribution to this plan.)
An employee may elect to reduce his/her salary by any dollar amount, as long as this amount does not exceed the dollar amount permitted by the Internal Revenue Codeís maximum exclusion allowance. The IRS maximum exclusion allowance limits†are $17,500 for employees under age fifty and $23,000 for employees age 50 and over. Employees may make up to four changes per in their salary plan per calendar year.
Participants in the SRA plan may direct salary reduction monies to any of the following five carriers or divide SRA monies among any number of the four carriers. (403 (b) Carriers: ING, MetLife, TIAA-CREF, VALIC)
Each carrier offers a variety of investment options. Booklets for each of the carriers are available in the Human Resources Department and may be obtained by calling the Benefits area at extension 73670. Representatives from each carrier are available on campus throughout the spring and fall semesters to meet individually with employees to answer questions on investment options and to assist in retirement planning. A schedule which lists the days each representative will be on campus is circulated each semester by the Benefits area.†
If you are interested in enrolling in the SRA plan, call the Benefits area extension 73670, to request additional information and enrollment forms.