Retirement Benefits

(effective 1/1/07)

You are eligible to participate in a 403(b) retirement plan through TIAA-CREF. This plan is composed of two components,

• the "core" component, called the Retirement Annuity (RA),
  
  and
• the second component called the Supplemental Retirement Annuity (SRA).

Retirement Annuity (RA):
You may begin participating in the Retirement Annuity (RA) after you have been employed for one year. The one-year wait period is waived:

Your contributions to the plan may be allocated to a variety of investment accounts. If you join the Retirement Annuity, the University will contribute a percentage of your base salary on your behalf, according to length of service. An employee with one year of service, but less than five years receives a University contribution of 7.0% of base salary. After five years of service, the University will contribute 7.5% of your base salary. At ten or more years of service, the University will contribute 8.0% of your base salary. There is a participant requirement of 3% of base pay if you are a non-exempt (hourly) employee, and 5% of your base salary, if you are an exempt (salaried) employee.

Please note that RA funds are not accessible to you until you terminate employment with Lesley either through separation or retirement.

Supplemental Retirement Annuity (SRA):
The second component of the retirement plan is the Supplemental Retirement Annuity (SRA), a more flexible pre-tax savings account that is not eligible for the University match. As a benefits-eligible employee, you may participate in the SRA upon hire. The SRA provides the same choices in investment accounts as the Retirement Annuity (RA).

Please note that SRA funds may be borrowed against for specific uses with approval from TIAA-CREF.