- Defined Contribution Plan
- Rensselaer Contributory Defined Benefit Retirement Plan
- Supplemental Retirement Program
Supplemental Retirement Program
This is a voluntary program that allows you to set aside money for additional retirement income. You pay no income tax on these savings or on any of the investment income the savings earn until they are paid out.
Employees may shelter wages from federal and state taxes by electing to defer earnings to tax-deferred annuities offered at Rensselaer. You may choose from a wide variety of investment options offered by three investment service organizations - Fidelity Investments, Scudder Funds (closed to new participants), and TIAA-CREF. These options include growth funds, income funds, money market funds, and combinations thereof.
Retirement payroll deductions may commence the first of any month following the date of hire and receipt by Human Resources of completed Rensselaer and fund sponsor enrollment forms.
You may enroll or change your election the first of any month by completing a Salary Reduction Agreement (SRA) form.
Who is eligible?
Any Rensselaer employee whose annual contribution limit to the tax sheltered retirement program is at least $200 is eligible to participate in the Supplemental Retirement Program. More detailed information is available at the Human Resources office.
When can I enroll?
Retirement payroll deductions may commence the first of any month following the date of hire and receipt by Human Resources of a completed Salary Reduction Agreement (SRA) form.
How do I enroll?
How much can I contribute?
The IRS sets limits on the maximum amount you can contribute to tax-sheltered annuities in a calendar year. Contributions are tax deferred.
The Internal Revenue Code imposes limits on how much you can contribute in a calendar year, otherwise known as a Maximum Exclusion Allowance (MEA). This maximum includes your 1% contributions to the Defined Contributory Plan (above), PLUS your contributions to the Supplemental Retirement Program. In 2017, the limit is $18,000.00. If you will attain age 50 before December 31, 2017, the limit is $24,000.00. If you have served Rensselaer for 15 years or longer, please contact Human Resources to see if you are eligible for a higher limit.