Supplemental Retirement Accounts (SRA)
2014 Annual Notice of 403(b) Tax Deferred Retirement Savings Plan
2014 Memorandum to all WVU employees regarding Annual Universal Availability Notice of 403(b) Tax Deferred Retirement Savings Plan offered at WVU (PDF)
TIAA-CREF and Great West
403(b) and 457(b)
WVU provides supplemental, voluntary tax-deferred retirement plan(s), a 403(b) plan and a . These plans allow the benefits-eligible employees to supplement their retirement savings with the advantages of tax-deferral and payroll deduction. Contributions are limited to a maximum determined each year by the Internal Revenue Service. Upon separation from service, the participant may begin annuity income or make cash withdrawals. Cash withdrawals may be subject to the 10% early-withdrawal penalty unless separation from service occurred after age 55 or the participant is at least age 59 1/2. Also any contribution to a 457(b) plan is not subject to an early-withdrawal penalty. There is no minimum limit and paycheck deduction changes at any time during the calendar year. The supplemental retirement vendors are the same as for the 401(a), TIAA-CREF and Great West / Educator$Money.
TIAA-CREF Supplemental Retirement
On Sept. 1, 2011, West Virginia University introduced the Roth 403(b) supplemental retirement account available to all employees through TIAA-CREF. With this option, you may:
- Contribute after-tax dollars;
- Enjoy tax-free distributions, without penalty, when you are age 59 1/2 or older and when you take a distribution five years after you made the first Roth contribution to the contract. Withdrawals of earnings prior to age 59 1/2 are subject to ordinary income tax and a 10% penalty may apply.
- Roll over assets into a Roth Individual Retirement Account (IRA), or into/from another Roth 403(b) Supplemental Plan that accepts such assets. (Rollovers and withdrawals are subject to the provisions of your retirement plan.)
For information on the Roth Contribution Option go to:
TIAA-CREF Roth 403(b) Contribution Option Brochure
WVU - Roth 403(b) Contribution Option Information
At the current time, Roth contributions are not available to Great West 403(b) accounts.
If you have questions regarding Roth 403(b) contributions, please contact TIAA-CREF at 800-842-2776.
WVU-Specific website site (TIAA only)
Schedule face-to-face meeting (TIAA only)
Great West Retirement
Supplemental Maximum Contributions
IRS contribution limits are established annually. For 2014, the limits are $17,500 for each the 403(b) and 457(b) supplemental retirement accounts. If you are at least 50 years of age, or will be at least 50 years of age, on the last day of the calendar year (12/31), you are eligible for a “catch up” contribution of an additional $5,500 annually for a total contribution limit of $23,000 for each of the 403(b) and 457(b) supplemental Retirement Accounts.
The maximum contribution limits were last adjusted by the IRS in 2012.
Under the age of 50:
Age 50 or more by December 31, 2014:
When enrolling for the first time in any Supplemental Retirement Account
When enrolling in a 403(b) or 457(b) or both, with either TIAA-CREF or Great West, employees will need to complete the appropriate enrollment form with TIAA-CREF or Great West. In addition, employees will also need to complete an SRA Salary Reduction Agreement 457b-403b to indicate the amount or percent per pay they would like to have deducted from their pay.
SRA Salary Reduction Agreement 403(b) - 457(b) Form
Non-benefits Eligible SRA Salary Reduction Agreement - 403(b) ONLY
TIAA-CREF 403(b) Enrollment Form
TIAA-CREF 457(b) Enrollment Form
Great West 403(b) Enrollment Form
Great West 457 (b) Enrollment Form
Note: If the employee already has an existing 403(b) or 457(b) account with either TIAA-CREF or Great West, the employee does not need to re-enroll, only complete SRA to either change or re-start the salary reductions.
Health Science Center staff with Dual Appointments
HSC staff with both West Virginia University and University Health Associates (Medical Corp. included) appointments should consider enrolling in the 457(b) plan with WVU, and the 403(b) plan with UHA. If the employee does have an appointment with WVU and UHA (Dental Corp.) but does not have a 403(b) available to him, then the employee can enroll in WVU’s 403(b) plan. The important point is the employee does not want to be enrolled in 403(b) plans with each employer and “max out” under both 403(b) plans. SRA Salary Reduction Agreement 457(b)-403(b)