Group Supplemental Retirement Annuity (GSRA)
Upon hire, all regular employees may contribute before-tax dollars to a group supplemental retirement annuity. The maximum contribution is $16,500* for 2010, minus contributions that you may be making to the Retirement Annuity (see next section). If you are age 50 or older, you may contribute an additional $5,500*. If you have 15 or more years of service with St. Olaf College, you may be able to contribute more* (contact Payroll or Human Resources for assistance).
Group Supplemental Retirement Annuities (GSRAs) are funded entirely by employee contributions. Participants may invest contributions with TIAA-CREF. TIAA-CREF participating employees must complete an application online and a College salary reduction agreement.
The employee election of a contribution level may be made at the initial time of eligibility, and following that, once per plan quarter. Participants may stop their contributions to the Retirement Annuity or Group Supplemental Retirement Accounts at any time during the plan year and are limited to making changes once each plan year quarter).
*Limit cannot exceed 100% of pay. The minimum monthly contribution to a GSRA is $25.00.
Retirement Annuity – Matched Savings
The retirement annuity is a “Defined Contribution Plan.” As the name suggests, there are set or defined levels at which both the employee and the College can contribute to this plan.
All employees who work 1,000 hours per year (faculty who teach three (3) or more courses per year), who have reached the age of 21, and who have completed one year of service are eligible to participate in the retirement annuity. The one year of service requirement is waived for employees who have been previously employed by an educational or church institution.
Employee pre-tax contributions starting at 1% are matched by an equal percentage contribution plus an additional 6% from the College. Employees can choose contributions by full percentage points. Although employees may contribute more than 3%, the College contribution will not exceed 9%.
| Employee Contribution | College Contribution |
| 1% | 7% |
| 2% | 8% |
| 3% | 9% |
The employee election of a contribution level may be made at the initial time of eligibility, and following that, once per plan quarter.
The employee’s and the College’s contributions to the basic plan may be invested in TIAA or CREF options. Employees will determine how their contributions will be invested and can change the allocations once they are on the plan. Employees who wish to participate in the retirement annuity must complete a TIAA-CREF application on line and a College salary reduction agreement.