|National Save for Retirement Week: October 18–24
October 13, 2009,
Volume 56, No. 07
We know that life can sometimes get complicated. That’s why Penn makes it easy for you to plan and meet your retirement goals. In honor of National Save for Retirement Week this month, we’re making sure that you’re aware of every retirement-saving vehicle available to you as a faculty or staff member at Penn. Below are some of the important features of the University’s retirement plans that can help you start saving now for a secure future tomorrow.
TDR Retirement Plan
The Tax-Deferred Retirement Plan (TDR) provides you with a variety of investment options offered by our retirement vendors—TIAA-CREF and Vanguard. Once eligible, you’ll receive basic contributions from Penn based upon your age. You can also make contributions to your account, which Penn will match dollar for dollar up to 5% of your salary. All contributions are made on a pre-tax basis, which means you’re not being taxed on the money you contribute to your retirement savings. Visit www.hr.upenn.edu/Benefits/Retirement/TDR for information on eligibility requirements, how to enroll, and more.
Supplemental Retirement Annuity Plan
Most faculty and staff are eligible to participate in the Supplemental Retirement Annuity Plan (SRA). If you’re already contributing the full 5% through the TDR Plan, you can use the SRA Plan to invest additional funds for retirement. While there are no matching contributions from the University under the SRA Plan, you still have a variety of investment options from which to choose. Visit the Human Resources website at www.hr.upenn.edu/Benefits/Retirement/SRA.aspx to learn more.
How Much Can I Contribute?
For calendar year 2009, your pre-tax contributions generally cannot exceed $16,500 per year. However, this amount may be higher if you’re at least 50 years old and/or have at least 15 years of service with the University. Visit the Human Resources website at www.hr.upenn.edu/Benefits/Retirement/TDR/RetirementReg.aspx for more information on contribution limits.
Managing your retirement benefits is easy. Just use our online enrollment system at www.hr.upenn.edu/Benefits/Retirement. On this site, you’ll also find a variety of retirement and financial planning resources to help you reach your retirement goals. If you have questions about investing, both of Penn’s investment carriers—TIAA-CREF and Vanguard—offer free one-on-one retirement counseling sessions. You can contact TIAA-CREF at www.tiaa-cref.org/moc or (800) 842-2010 and Vanguard at www.meetvanguard.com or 800-662-0106 to set up an appointment.
—Division of Human Resources
Related: Annual Selection Period for Retirees and Long-Term Disability (LTD) Recipients; 2009 National Drug-Free Work Week: October 19-25