Eligible employees of the Community College of Rhode Island may choose to participate in a supplemental retirement savings plan over and above their regular retirement plan. Under Internal Revenue Code § 403(b), supplemental savings plans offer CCRI employees a mechanism for additional pre-tax payroll deducted savings. Employees may tax-defer up to $10,000 per year. Assistance is available through each carrier to determine an employee's maximum exclusion allowance (MEA) as defined by the IRS.
SRA's are available through VALIC, Metropolitan Life Insurance Company, and Teachers Insurance and Annuity Association (TIAA). Each of these carriers offers a variety of investment options from which to choose. Because these are retirement savings vehicles, employees who wish to withdraw funds prior to age 59½ will be charged a 10% penalty. Each plan does, however, offer a loan option, using the SRA as collateral. Beginning at age 59½, employees have complete flexibility when accessing funds.
An SRA can be started at any time and contributions may be stopped at any time. Complete
SRA information is available in the summary plan description provided to eligible
Employees may contact the Office of Human Resources for more information.
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