Announcement: Upcoming 403(b) Program Enhancements

The UW 403(b) Supplemental Retirement Program (SRP), formerly the UW Tax-Sheltered Annuity 403(b) Program, is being enhanced. For current information, visit the 403(b) Program Enhancements page.

SRP Advisory Committee upcoming meetings

SRP Advisory Committee Meeting

Date: Friday, November 5, 2021
Time: 11:00am – 12:30pm
Location: TBD

SRP Advisory Committee Meeting

Date: Friday, April 29, 2022
Time: 10:00am – 2:00pm
Location: TBD

Overview

The UW 403(b) Supplemental Retirement Program (SRP), formerly the UW Tax-Sheltered Annuity (TSA) 403(b) Program, allows employees to invest a portion of their income for retirement on either a before-tax basis, an after-tax (Roth) basis, or a combination of both. Participation in the UW 403(b) SRP is voluntary with employees making the entire contribution; there is no employer match. For more background, read the Plan Document pdf or Plan Criteria pdf .

The UW 403(b) SRP is administered by UW System Office of Trust Funds, with the SRP Advisory Committee serving as an advisory resource of the program. Financial information on the program can be found in the Annual Reports.

Providers

UW 403(b) SRP investment options include a wide array of mutual funds and fixed and variable annuities managed by five providers.

Contact information for frozen providers can be found here. See the Quick Guide pdf for more information on the providers.

*Note: Effective January 1, 2022, T. Rowe Price, Ameriprise, and Lincoln will no longer be active providers in the program. See the 403(b) Program Enhancements page for more details on these upcoming changes.

Name & Address Changes

If you are already enrolled with a SRP provider and need to make changes to your personal information, please do the following:

  • Name Change: Must be made in writing. Contact your provider to obtain a form.
  • Address Change: Contact the provider via phone or in writing. Only TIAA permits online address changes.

Eligibility

All UW System employees (including rehired annuitants, student hourly, and graduate assistants) are eligible to participate. Some positions funded by scholarships or fellowships are not eligible. Eligible employees can enroll at any time.

Fees

The UW 403(b) SRP provides a low-cost way to save for retirement. All funds are no-load: there are no sales commissions or broker fees. There is no University fee. The UW 403(b) SRP providers have no annual fees. Participants have access to funds with special low-cost share classes like Fidelity K Shares and TIAA and T. Rowe Price Institutional share classes.

Education

It is important to Save Smart, Save Early pdf — even a small amount adds up! There are many tools to help you learn about investment choices and how to meet your savings goals, including counseling sessions with representatives of the providers, SRP Basics seminars, and webinars. Click on the options below to learn more.

One-on-one counseling sessions are a free service available to both participants in the program as well as those considering participation. 

TIAA

Register Online or call (800) 732-8353 to schedule a one-on-one with a TIAA representative.

If you choose to register online:

  • Choose "At Work" to view opportunities on your campus. You can select by your location for dates and times.
  • Choose "Virtual Consultation" to meet remotely. Select your state and current opportunities will be listed.
Fidelity

Register Online or call (800) 642-7131 to schedule a one-on-one with a Fidelity representative.

If you choose to register online, click on the "Select a time to meet." Type in "University of Wisconsin" for your employer and choose from three options: Virtual Appointment, In-person, Phone.

T. Rowe price

Call (888) 263-2899 to speak to a T. Rowe Price representative.

Ameriprise/Riversource

Ameriprise/RiverSource has advisors for all campuses. To find the location nearest you, call (608) 819-0500.

Lincoln financial

Lincoln Financial has advisors for all campuses. To find the location nearest you, call (608) 238-8388. 

 

Contact your human resources office if you require additional assistance.

Live webinars offered by UW 403(b) SRP providers are available to all employees and may or may not directly pertain to the UW 403(b) SRP.

Additional webinar resources:

  • The On Demand tab below includes an overview of the program, presented by either TIAA or Fidelity.
  • Visit the Employee Well-being Webinars page for additional webinars in the areas of well-being (webinars may be cross-posted)

NOTE: Webinars are listed in Central Standard Time (CST) below but they may be listed in another time zone when you visit the provider website to register.

ProviderTitleDateTime (CST)
 

Fidelity Webinars - sessions will be held to discuss upcoming changes to the 403(b) Program:

  • Tuesday, September 28, 2021 at 12:00pm
  • Wednesday, September 29, 2021 at 12:00pm
  • Thursday, October 7, 2021 at 12:30pm
  • Friday, October 8, 2021 at 12:00pm
  • Monday, October 11, 2021 at 12:30pm
  • Wednesday, October 13, 2021 at 12:00pm
  • Friday, October 22, 2021 at 12:00pm
  
 

TIAA Webinars - sessions will be held to discuss the upcoming changes to the 403(b) Program:

  • Monday, October 4, 2021 at 11:00am
  • Friday, October 8, 2021 at 11:00am
  • Tuesday, October 12, 2021 at 11:00am
  • Thursday, October 14, 2021 at 11:00am
  • Thursday, December 2, 2021 at 10:00am
  • Monday, December 6, 2021 at 11:00am
  • Wednesday, December 8, 2021 at 2:00pm
  • Friday, December 10, 2021 at 2:00pm
  

More information about the changes to the 403(b) Program are available on the 403(b) Program Enhancements web page.

TIAA

UW 403(b) Program Overview: Save Smart, Save Early with Your UW TSA 403(b)

All employees can visit the TIAA Webinars page to view webinars on a variety of topics, not all specific to 403(b) plans or the UW 403(b) SRP.

  • Click "Explore Webinars."
  • If you have already enrolled, use your sign-in information to gain access. If you are not enrolled, click "Register for guest access" and follow the prompts.
  • Once registered, sign up for upcoming webinars or watch "On Demand Webinars."
Fidelity

UW 403(b) Program Overview: Select, Sign Up and Save with Your UW 403(b) 

Fidelity currently has two webinars (Brainsharks):

T. Rowe Price

T. Rowe Price offers a variety of videos through myRetirementTV.

Lincoln

Lincoln currently has two webinars (Brainsharks): 

Watch the short video below to learn more about the UW 403(b) SRP. When you click on the video link, a new tab will open and take you to the video on YouTube.

  • UW TSA 403(b) Program Overview - (4:33) - This video goes over the basics of the TSA Program and briefly explains how to start the enrollment process.
  • Compound Interest - (4:48) - This video gives an overview of the concept of compound interest with examples.
  • Pre-Tax vs. Roth (After-Tax) Contributions - (3:45) - This video walks you through some of the differences between Pre-Tax and Roth (After-Tax) Contributions and may help you decide what works best for you.
  • Target Retirement Date Funds - (5:08) - This video provides some basic information on Target Date Funds and several benefits to investing in one.

UW System Administration staff provides a seminar to help you learn about the UW 403(b) SRP and the basics of investing. If you are in the Madison area and would like to attend, see the UW-Madison OHRD Benefits Education website (click on SRP Basics) for dates, times, and how to register.

Contact SRP staff at uwshr@uwsa.edu for more information about group seminars.

Enrollment

To enroll in the UW 403(b) SRP:

  1. Research and select a 403(b) SRP recordkeeper(s) that can help you meet your future retirement needs with the flexibility you need to manage your account. The recordkeeper websites have great information on investment basics.
  2. Choose a way to sign up. Click on the tabs below for instructions on how to set up an account using one of the following methods:
    1. EZ Enrollment
    2. Salary Reduction Agreement

Note: Effective January 1, 2022, T. Rowe Price, Ameriprise, and Lincoln will no longer be active recordkeepers in the program. There will be no new enrollments for these recordkeepers effective September 20, 2021. See the 403(b) Program Enhancements page for more details on these upcoming changes.

Use the EZ Enrollment as a one-step process to set up your basic account with the recordkeeper and your contribution election through your paycheck. 

Your contributions will be defaulted to an age-appropriate target date fund that you can update to other investments after the account has been established.

Complete the EZ Enrollment and submit it to your institution benefits contact

 

Already enrolled and need to make a change to your deduction?
Visit Deduction Changes below for instructions.

1) Set up your account using the link(s) below based on your choice of recordkeeper. 

  • TIAA  - Click the yellow Ready to Enroll button, check the 403(b) Tax-Sheltered Annuity Plan, and click next. Then click the yellow Begin Enrollment button.
  • Fidelity - Enter your Social Security Number and click Continue.

2) Once you have established your account with the recordkeeper, fill out the Salary Reduction Agreement (SRA) to start your deduction. 

Do NOT file a Salary Reduction Agreement with your institution benefits contact until you have enrolled with your recordkeeper. You must have an account established with your recordkeeper under the UW System program prior to your deduction being taken. Recordkeepers cannot accept your 403(b) contribution until you have opened an account.

Information about the Salary Reduction Agreement:

  • The Salary Reduction Agreement (SRA) authorizes the UW to withhold either a dollar amount or percent of pay (salary) from each paycheck and send it to the SRP recordkeeper(s) you choose.
  • It is your responsibility to confirm that your SRA has been properly processed by monitoring your earnings statement.
  • WARNING: If you choose 100%, then ALL of your salary — after Social Security (FICA), insurance premiums, and required deductions — will be sent to your SRP recordkeeper and you will have a $0.00 paycheck.

A paper application only sets up your account with the recordkeeper. To start your deduction from your paycheck, submit a completed Salary Reduction Agreementpdf (SRA) to your institution benefits contact

Would you rather submit a paper application instead of registering online or through the EZ Enrollment process? Use the paper application for your chosen recordkeeper and mail the completed application directly to the recordkeeper address listed on the application. You will #paperalso need to submit a Salary Reduction Agreement (SRA) after you confirm your account was created with the recordkeeper (please allow up to two weeks for mailing and processing).

 

Already enrolled and need to make a change to your deduction?
Visit Deduction Changes below for instructions.

Deduction Changes

If you’re already enrolled and want to change your deduction, you have several options.

Update 403(b) SRP Deductions button

Log into MyUW Portal and under the Benefits Information tile, click “Launch full app.” Scroll to the bottom of the page and click “Update 403(b) SRP Deductions.”

View detailed instructions here.

Why use this option?
This is a quick way to change your current deduction on the paycheck for the next pay period.

To enroll with a different recordkeeper, change the type of deduction (before-tax vs. after-tax), stop your deduction, or change your deduction for the current period or schedule a deduction change for the future, use either the Salary Reduction Agreement (SRA) eForm or the Salary Reduction Agreement Paper Form.

Salary Reduction Agreement eform

Log into MyUW Portal and under the Benefits Information tile, click on Benefits Details. In the left hand menu, click on Salary Reduction Agreement and then Add New SRA.

View detailed instructions here.

Why use this option?
This option allows you to start, change, or stop your deductions. You can also choose a future paycheck date. This method will send the information to your institution benefits office for entry.

Salary Reduction agreement paper form

Submit a completed Salary Reduction Agreement (SRA) to:

  • benefits@uwss.wisconsin.edu for all campuses except Madison and Milwaukee
  • benefits@ohr.wisc.edu for UW-Madison
  • benefits@uwm.edu for UW-Milwaukee

Why use this option?
This form can be used to start, change, or stop your deductions. You can also change a deduction in the current pay period or choose a future paycheck date.

Contributions

Under the UW 403(b) SRP, you can invest on a before-tax and/or after-tax (Roth) basis for Fidelity, TIAA, T. Rowe Price, and Lincoln and on a before-tax basis for Ameriprise.

Before-tax

Contributions deducted from your earnings on a before-tax basis reduce your current taxable income. Both your contributions and your earnings grow on a tax-deferred basis. When you withdraw money from your account, it is taxed as regular income to you in the year you receive it.

After-tax (Roth)

Contributions deducted from your earnings on an after-tax (Roth) basis are included in taxable income in the year they are made, but the account balance and earnings are not taxed when you take the money out in retirement (subject to certain restrictions). Only TIAA, Fidelity, T. Rowe Price, and Lincoln offer the Roth option.

Limits

The following limits should be considered when enrolling with the UW 403(b) SRP.

Minimum contribution is $8.00 per biweekly paycheck.

2021

  • if under age 50: $19,500
  • if age 50 or older at any time during the year: $26,000 (includes an additional $6,500 catch-up)

You may contribute an additional $3,000 per year ($15,000 max over a minimum of five years) if:

  • You have 15 years or more of service with the UW; and
  • Your UW 403(b) contributions average less than $5,000 per year over the course of your UW employment.

By IRS rule, the $3,000 (per year) service catch-up is considered used prior to the $6,000 age 50 and over catch-up.

Please note: You must check with your human resources office to see if you qualify each year. Due to the $5,000 per year average, you may qualify one year but not the next. It is advisable to have this checked by early fall for the upcoming year. This will allow time for you to submit a new Salary Reduction Agreement with any necessary changes to your contribution amount prior to the first paycheck of the new year.

Contributions to Other Savings Plans

Contributions to the Wisconsin Retirement System (WRS), Wisconsin Deferred Compensation (WDC) or other 457 deferred compensation plans, and Individual Retirement Accounts (IRAs) do not affect your 403(b) limit. You may contribute the full amount to the UW 403(b) SRP, WDC plan and to a personal IRA, either traditional or Roth.

402(g) Limit – Elective Deferrals

Your UW 403(b) SRP contribution limit is reduced dollar for dollar by contributions you make to any of the following retirement savings plans: other 403(b), 401(k), and Federal Thrift Savings Plans (TSP) and SIMPLE IRAs, SIMPLE 401(k)s, and salary reduction SEP IRAs.

415(c) Limit – Annual Additions

If you own more than 50% of a business, then retirement contributions made on your behalf by that business must be aggregated with your UW 403(b) SRP contributions and are limited by the 415(c) limit – $58,000 in 2021. Your 403(b) contributions made under the Age 50 catch-up are not included when calculating the 415(c) limit.

If you have questions, email the SRP Administrator at uwshr@uwsa.edu to be sure you have not exceeded IRS contribution limits.

Investment Options

Information on the investment options available in the UW 403(b) SRP can be accessed in the drop down below.

SRP staff is not able to provide financial advice, however a guide on How to Choose a Financial Planner pdf does offer some tips on obtaining financial advice.

The UW 403(b) Supplemental Retirement Program (SRP) Advisory Committee (SRPAC) reviews the investment options available in the program and works with the providers to make sure the program has the lowest fees and expenses where possible.

The UW 403(b) SRP offers Fixed Annuities, Variable Annuities and Mutual Funds.

Annuities are insurance contracts purchased from one of the insurance providers. Fixed annuities pay interest at or above a guaranteed rate. Variable annuities do not have a guaranteed return: through the insurance provider, you invest in a stock or bond fund similar to a mutual fund. Your return depends on the performance of the investments.

In a mutual fund, your money is pooled with that of other investors and is managed by an investment manager. Mutual funds invest in a variety of different types of stocks and bonds according to their investment objectives. Your return depends on the performance of the investments.

Click here to access a list of the UW SRP Investment Options by provider that are authorized for UW employees under the UW 403(b) SRP.

Low-Cost Share Classes

Each UW 403(b) SRP provider incurs operating expenses when it manages your investments. These expenses are taken out of the fund's assets and affect the overall rate of return of the fund. The measure of what it costs a provider to manage its funds is referred to as an expense ratio. Typically, the lower the expense ratio, the greater the rate of return for you - the investor.

Fidelity, TIAA, and T. Rowe Price offer mutual funds with institutional (low-cost) share classes to UW SRP participants. Fidelity refers to these low-cost share classes as "K share" classes. TIAA also offers the lowest-cost tier or annuity products in the UW 403(b) SRP. Because of the size of the program, UW employees qualify to purchase these low-cost shares and annuity products through the TSA Program.

Funds with institutional class shares have the same management team and investment objectives as the funds in other share classes but the expense ratios are lower. Access to low-cost funds provides a great advantage for UW 403(b) SRP participants.

All the target retirement date funds (Fidelity Freedom Funds, TIAA Lifecycle Funds, and T. Rowe Price Retirement funds) are available as part of the lower-cost share class offering. The other Fidelity, TIAA, and T. Rowe Price funds, including those being offered with the lower-cost share classes, are listed on the UW SRP Investment Options by provider document.

Distribution

The IRS regulates and limits the access you have to your retirement savings. You may withdraw your contributions (take a distribution) only when you:

  • leave employment with the UW System,
  • reach age 59 ½ — even if you are still working, or
  • become disabled.

Once you meet the eligibility criteria above, you have three options to manage your UW 403(b) SRP assets. Make sure to explore the pros and cons of each before making a decision.

  • Leave your assets with your provider in the UW 403(b) SRP.
  • Roll over to another plan with a new employer or to an Individual Retirement Account (IRA).
  • Cash out. Get immediate access to your retirement savings, minus 20% withholding and possible early withdrawal penalties under age 59 ½.

To access your money, contact your SRP provider(s). Withdrawals from TIAA, Fidelity, and T. Rowe Price may be initiated over the phone; TIAA and Fidelity also provide online distribution requests. To withdraw your money from Lincoln or Ameriprise, you must use their form.

Note: a signature from the 403(b) SRP Administrator is NOT required for any of the current SRP providers — just complete the form, sign it, and submit it directly to the SRP provider.

Only providers no longer active in the program (frozen providers) — Wells Fargo (Strong), DWS (Scudder), American United Life (One America), and Security Benefit Life — require a signature from the UW Plan Administrator. BNY Mellon (Dreyfus) does not require a signature once the participant is 59 ½ or older.

For questions or contact information, email uwshr@uwsa.edu.

The money you take out from your pre-tax SRP accounts is taxed as regular income to you in the year you receive it:

  • Withdrawals before age 59 ½ may result in tax penalties.
  • If you terminate UW employment at age 55 or older – even though you are not 59 ½ – you may take distributions from your UW SRP pre-tax accounts without being subject to the 10% tax penalty for early withdrawal.

Withdrawals from your Roth after-tax 403(b) account are tax-free as long as you meet the IRS restrictions:

  • You must have had the account open at least five years from your first Roth contribution, and
  • You must be at least 59 ½ years old.

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the Required Minimum Distribution (RMD) rules.

Under the Secure Act, if you reach age 70 ½ in 2020 or later and you are no longer working for the University, you must take your first RMD by April 1 of the year after you reach 72. (If you reached 70 ½ before January 1, 2020, you must have taken your first RMD by April 1 of the year after you reach 70 ½.)

If you neglect to take the distribution, you will incur a 50% tax penalty on the minimum amount you should have received. Your investment provider will calculate your minimum required distribution upon request.

Note: If you are still working at the UW at age 72 (or under the old law at 70 ½), you do not need to take a distribution from your UW 403(b) SRP until April 1 of the year following your termination of employment. (If you have accounts with previous employers or IRAs, you should begin taking distributions on those accounts by April 1 of the year after you turn 72, or under the law at 70 ½.)

Rollovers & Transfers

If you have funds in an account from a previous employer or you have funds with one of our frozen providers, you may benefit from moving that money to a current provider with the UW 403(b) SRP. Consider the following information based on your situation:

If you are permitted to withdraw your money from your former plan, you can roll it into an account with a UW SRP investment provider.

Money that you roll in to your UW 403(b) SRP account will be treated like other 403(b) money for all tax purposes, except that you may be allowed to withdraw it before terminating employment or reaching age 59 ½, usually with a 10% tax penalty.  

The UW 403(b) SRP will accept money from 401(a) "qualified" plans, 401(k), 403(a), 403(b), 457 governmental deferred compensation plans, and Thrift Savings Plans, as well as from traditional (pre-tax), SEP and SIMPLE IRAs. Be aware that if you roll your 457 account into a non-457 plan, it becomes subject to the 10% early withdrawal penalty, which could otherwise not apply.

If you decide to roll over a retirement account, elect a direct rollover, in which the money is paid directly to the new plan. Otherwise, 20% of the account will be withheld for income tax. 

To get started, contact your former plan or employer to get distribution paperwork. You may also need roll-in paperwork from your current UW 403(b) SRP provider.

Note: Roth IRAs can only be rolled into other Roth IRAs by federal regulation.

You may move your money within the UW 403(b) SRP from one provider to another. Since frozen providers no longer accept contributions, you may want to consolidate your account with a current provider. If you don't have an account with the new SRP provider, sign up before you start the transfer process. To begin the transfer process, call the new provider and ask for a 403(b) transfer request. Complete the form(s) and return them to the new provider. Your new provider is responsible for contacting the old provider and requesting the money.

Exception: If you are transferring money from Ameriprise/RiverSource or Lincoln you must use their form. You will also need the new provider's form. Complete both and send them to your new company. Alert your new provider that it must submit the Ameriprise/RiverSource or Lincoln form.

Below is contact information for the frozen providers (current provider information can be found in the Overview).

If you would like more information, review Tips for Transferring Funds pdf . If you have questions, contact UW System Human Resources (uwshr@uwsa.edu).

Loans

If you need access to your money and you can’t or don’t want to take a distribution, you may be eligible to take a loan from your SRP account.

Loans are available from all SRP providers: Fidelity, T. Rowe Price, TIAA, Ameriprise/RiverSource, and Lincoln. The loan administrative fee is very low, and with Fidelity, T. Rowe Price, and Ameriprise you borrow the money from yourself and pay the interest to your own account. With TIAA and Lincoln, a portion of your account is collateralized and you borrow from the company, but interest is low.

To start the loan process, contact your SRP provider. Each provider has its own loan procedure. In the UW 403(b) SRP, you may have up to two outstanding loans at any time, either both from the same provider or one each from different providers. The minimum loan amount is $1,000 and you may borrow the lesser of $50,000 or one-half of your account, subject to federal regulation and provider requirements. Generally, the loan must be repaid within five years unless the loan is used to acquire your principal residence. Loan repayments are made from your bank account to the provider.

You may continue paying off your loan even if you have terminated employment. You can also initiate taking out a loan if you are no longer employed with UW System.

SRP Advisory Committee

The SRP Advisory Committee (SRPAC) is a nine-member committee consisting of faculty, academic, and university staff that provides oversight of the program and advice on program issues. Members are appointed by the UW System President to three-year terms that are staggered to provide continuity to the function of the SRPAC. The chair and vice-chair are elected at the fall meeting of even-numbered years.

Access the full SRPAC membership list here pdf .

*Note: All agendas and meetings prior to July 2021 were under the former name: TSA Review Committee (TSARC). All agendas and meetings moving forward will be under the Supplemental Retirement Program Advisory Committee (SRPAC).

2021

Agendas

Minutes

2020

Agendas

Minutes

2019

Agendas

Minutes

2018

Agendas

Minutes

2017

Agendas

Minutes

Additional agendas and minutes are available upon request.

Beneficiary Information

Employees are encouraged to designate a beneficiary(ies) to ensure benefits are paid according to their wishes. Whenever an employee has a life event, such as a marriage, divorce, or birth of a child, beneficiary designations should be reviewed and updated. Beneficiary designations can be changed at any time.

For more information on beneficiary designations, see the Beneficiary Information web page.

Forms & Resources

Plan documents

Program Enrollment

Note: Effective January 1, 2022, T. Rowe Price, Ameriprise, and Lincoln will no longer be active providers in the program. See the 403(b) Program Enhancements page for more details on these upcoming changes.

EZ Enrollment

See the instructions for more details on enrolling using the EZ Enrollment.

Salary Reduction Agreement (SRA)

See the instructions for more details on enrolling using the SRA.

Paper Applications

See the instructions for more details on enrolling using a paper application.

Other Resources

Annual Reports

Note: Annual Reports 2020 and prior are listed with the former program name. Additional reports are available upon request.

Every effort has been made to ensure this information is current and correct. Information on this page does not guarantee enrollment, benefits and/or the ability to make changes to your benefits.

Updated: 10/21/2021