{"id":1392,"date":"2015-02-06T12:16:06","date_gmt":"2015-02-06T18:16:06","guid":{"rendered":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/?page_id=1392"},"modified":"2026-02-24T08:10:00","modified_gmt":"2026-02-24T14:10:00","slug":"srp-faqs-about-srp","status":"publish","type":"page","link":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/srp-faqs-about-srp\/","title":{"rendered":"UW 403(b) Supplemental Retirement Program \u2013 FAQs"},"content":{"rendered":"\n\t\t\t\t\t<div id=\"cfct-build-1392\" class=\"cfct-build grid\">\n\t\t\t\t\t\t<div class=\"row\"><div class=\"col-md-12 cfct-block\">\n\t\t\t<div class=\"cfct-module uwsa-rich-text\">\n\t\t\t\t<div class=\"cfct-mod-content copy\"><p>Return to <a href=\"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/ret\/srp\/\">UW 403(b) Supplemental Retirement Program Homepage<\/a>.<\/p>\n<\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module uwsa-tabs-accordions\">\n\t\t\t\t<h3 class=\"cfct-mod-title \">Background and Basics<\/h3>    <div class=\"bs-accordion  bs-accordion-min\">\n            <div class=\"accordion-all-buttons\">\n          <a href=\"#\" class=\"accordions-showall btn btn-primary btn-xs\" role=\"button\" data-panel=\"e8wc5\"><span class=\"uw-resize-full\">Open All<\/span><\/a>\n        <\/div>\n        <div id=\"e8wc5\" class=\"panel-group\">\n        \n            <div class=\"panel panel-default \" id=\"panel_what-is-a-403b-plan\">\n    <div class=\"panel-heading\" id=\"heading_what-is-a-403b-plan\">\n        <h4 class=\"panel-title\"><button href=\"#what-is-a-403b-plan\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-is-a-403b-plan\">What is a 403(b) plan?<\/button><\/h4>    <\/div>\n    <div id=\"what-is-a-403b-plan\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-is-a-403b-plan\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>A 403(b) plan is a retirement savings program authorized by section 403(b) of the Internal Revenue Code for employees of educational institutions, churches, and certain non-profit agencies. It allows eligible employees to set aside up to virtually 100% of their income for retirement.<\/p><p>In \u00a0the UW 403(b) Supplemental Retirement Program (SRP) participation is voluntary. You make the entire contribution, and there is no employer match. For most employees, the Universities of Wisconsin contributes to the Wisconsin Retirement System (WRS), the state\u2019s primary pension plan.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_who-can-participate-in-the-plan\">\n    <div class=\"panel-heading\" id=\"heading_who-can-participate-in-the-plan\">\n        <h4 class=\"panel-title\"><button href=\"#who-can-participate-in-the-plan\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"who-can-participate-in-the-plan\">Who can participate in the plan?<\/button><\/h4>    <\/div>\n    <div id=\"who-can-participate-in-the-plan\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_who-can-participate-in-the-plan\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>All permanent, project, and Limited Term Employees (LTEs) of the University of Wisconsin as well as rehired annuitants, student hourly employees, and graduate assistants \u2013 with the exception of some employees-in-training, fellows, and interns \u2013 are eligible to participate.<\/p><p>Eligible employees can enroll at any time.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_who-oversees-the-uw-403b-supplemental-retirement-program-srp\">\n    <div class=\"panel-heading\" id=\"heading_who-oversees-the-uw-403b-supplemental-retirement-program-srp\">\n        <h4 class=\"panel-title\"><button href=\"#who-oversees-the-uw-403b-supplemental-retirement-program-srp\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"who-oversees-the-uw-403b-supplemental-retirement-program-srp\">Who oversees the UW 403(b) Supplemental Retirement Program (SRP)?<\/button><\/h4>    <\/div>\n    <div id=\"who-oversees-the-uw-403b-supplemental-retirement-program-srp\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_who-oversees-the-uw-403b-supplemental-retirement-program-srp\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>The UW 403(b) SRP Advisory Committee (SRPAC) is a nine-member committee appointed by the Universities of Wisconsin President that provides oversight of the program and advice on program issues. Appointees may come from faculty, academic staff, university staff and limited appointee employee categories, and retired participants. The normal term for each appointment is three years, and appointments are staggered to provide continuity to the function of the SRPAC.<\/p><p>The current SRPAC membership is listed on the UW 403(b) SRP website <a href=\"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/download\/403(b)_Committee_Members.pdf\">wisconsin.edu\/ohrwd\/benefits\/download\/403(b)_Committee_Members.pdf<\/a><\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-is-the-history-of-the-uw-403b-srp\">\n    <div class=\"panel-heading\" id=\"heading_what-is-the-history-of-the-uw-403b-srp\">\n        <h4 class=\"panel-title\"><button href=\"#what-is-the-history-of-the-uw-403b-srp\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-is-the-history-of-the-uw-403b-srp\">What is the history of the UW 403(b) SRP?<\/button><\/h4>    <\/div>\n    <div id=\"what-is-the-history-of-the-uw-403b-srp\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-is-the-history-of-the-uw-403b-srp\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>In 1977, the University of Wisconsin Board of Regents established the Tax-Sheltered Annuity 403(b) Plan along with the TSA Review Committee (TSARC) to provide oversight. In 2020 through 2021 the program was reviewed for updates and enhancements with the following goals:<\/p><ul><li>Offering leading provider(s)<\/li><li>Providing proven investment options<\/li><li>Making it easy to enroll, select investments, and monitor investment performance on an ongoing basis<\/li><li>Communicating with participants in a simple and engaging manner<\/li><\/ul><p>Part of the program review was to determine if UW Tax-Sheltered Annuity (TSA) 403(b) Program was still an appropriate name since many people now associate TSA with airport security. In 2022 the 403(b) Program was restructured to provide a set investment line-up from two providers, TIAA and Fidelity, and the name of the program was changed to the 403(b) Supplemental Retirement Program (SRP) and the name of the oversight committee was changed to the UW 403(b) SRP Advisory Committee (SRPAC).<\/p>                <\/div>\n    <\/div>\n<\/div>\n            \n    <\/div>\n<\/div>\n\n\n\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module cfct-divider\">\n\t\t\t\t<hr class=\"\" \/>\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module uwsa-tabs-accordions\">\n\t\t\t\t<h3 class=\"cfct-mod-title \">Benefits and Contributions<\/h3>    <div class=\"bs-accordion  bs-accordion-min\">\n            <div class=\"accordion-all-buttons\">\n          <a href=\"#\" class=\"accordions-showall btn btn-primary btn-xs\" role=\"button\" data-panel=\"5y7h8\"><span class=\"uw-resize-full\">Open All<\/span><\/a>\n        <\/div>\n        <div id=\"5y7h8\" class=\"panel-group\">\n        \n            <div class=\"panel panel-default \" id=\"panel_why-should-i-invest-with-the-uw-403b-srp\">\n    <div class=\"panel-heading\" id=\"heading_why-should-i-invest-with-the-uw-403b-srp\">\n        <h4 class=\"panel-title\"><button href=\"#why-should-i-invest-with-the-uw-403b-srp\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"why-should-i-invest-with-the-uw-403b-srp\">Why should I invest with the UW 403(b) SRP?<\/button><\/h4>    <\/div>\n    <div id=\"why-should-i-invest-with-the-uw-403b-srp\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_why-should-i-invest-with-the-uw-403b-srp\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>There are four important reasons to participate in the UW 403(b) Program:<\/p><ul><li>It's an easy way to accumulate additional savings you will need to supplement your retirement income.<\/li><li>You can make either pre-tax or Roth after-tax contributions or a combination of both options.<\/li><li>It is a flexible, low-cost program with a wide array of investment options.<\/li><li>It\u2019s portable. You can take your savings with you if you move to a different employer.<\/li><\/ul>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_why-do-i-need-supplemental-retirement-income\">\n    <div class=\"panel-heading\" id=\"heading_why-do-i-need-supplemental-retirement-income\">\n        <h4 class=\"panel-title\"><button href=\"#why-do-i-need-supplemental-retirement-income\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"why-do-i-need-supplemental-retirement-income\">Why do I need supplemental retirement income?<\/button><\/h4>    <\/div>\n    <div id=\"why-do-i-need-supplemental-retirement-income\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_why-do-i-need-supplemental-retirement-income\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Retirement is expensive! Your WRS pension and Social Security will provide only part of what you will need, and the rest must come from personal savings.<\/p><p>On top of that, people are living longer. And instead of working longer most of us would like to retire earlier. Some of us may even be retired longer than we will have worked! That is a fine goal, but we must figure out a way to pay for it.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_can-the-uw-403b-srp-meet-all-my-investment-objectives\">\n    <div class=\"panel-heading\" id=\"heading_can-the-uw-403b-srp-meet-all-my-investment-objectives\">\n        <h4 class=\"panel-title\"><button href=\"#can-the-uw-403b-srp-meet-all-my-investment-objectives\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"can-the-uw-403b-srp-meet-all-my-investment-objectives\">Can the UW 403(b) SRP meet all my investment objectives?<\/button><\/h4>    <\/div>\n    <div id=\"can-the-uw-403b-srp-meet-all-my-investment-objectives\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_can-the-uw-403b-srp-meet-all-my-investment-objectives\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>No. We all have diverse investment objectives that must be met with different investment techniques. The investment objective for the UW 403(b) SRP account is retirement security.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_how-does-growth-in-a-403b-account-benefit-me\">\n    <div class=\"panel-heading\" id=\"heading_how-does-growth-in-a-403b-account-benefit-me\">\n        <h4 class=\"panel-title\"><button href=\"#how-does-growth-in-a-403b-account-benefit-me\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"how-does-growth-in-a-403b-account-benefit-me\">How does growth in a 403(b) account benefit me?<\/button><\/h4>    <\/div>\n    <div id=\"how-does-growth-in-a-403b-account-benefit-me\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_how-does-growth-in-a-403b-account-benefit-me\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>If you buy shares of a mutual fund with non-403(b) dollars, you owe taxes each year on the dividends and capital gains your fund realizes. If you sell one fund and buy another, you owe taxes on the profit.<\/p><p>In a 403(b) investment, you get to keep and invest the tax money you would otherwise owe each year. The extra dollars produce more earnings. You can shift your money among funds without incurring fees or capital gains taxes. Though you must pay income tax on the money you withdraw from your SRP pre-tax account, your net return will be higher than with a taxable account earning the same return. A qualified distribution from a Roth after-tax 403(b) SRP account is tax-free.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_will-my-srp-contribution-affect-my-social-security-or-wrs-benefit\">\n    <div class=\"panel-heading\" id=\"heading_will-my-srp-contribution-affect-my-social-security-or-wrs-benefit\">\n        <h4 class=\"panel-title\"><button href=\"#will-my-srp-contribution-affect-my-social-security-or-wrs-benefit\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"will-my-srp-contribution-affect-my-social-security-or-wrs-benefit\">Will my SRP contribution affect my Social Security or WRS benefit?<\/button><\/h4>    <\/div>\n    <div id=\"will-my-srp-contribution-affect-my-social-security-or-wrs-benefit\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_will-my-srp-contribution-affect-my-social-security-or-wrs-benefit\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>No. Social Security and the Wisconsin Retirement System credit are completely separate.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_i-will-be-farther-along-in-my-career-and-making-more-money-later-in-life-wont-it-be-easier-to-start-saving-then\">\n    <div class=\"panel-heading\" id=\"heading_i-will-be-farther-along-in-my-career-and-making-more-money-later-in-life-wont-it-be-easier-to-start-saving-then\">\n        <h4 class=\"panel-title\"><button href=\"#i-will-be-farther-along-in-my-career-and-making-more-money-later-in-life-wont-it-be-easier-to-start-saving-then\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"i-will-be-farther-along-in-my-career-and-making-more-money-later-in-life-wont-it-be-easier-to-start-saving-then\">I will be farther along in my career and making more money later in life, won't it be easier to start saving then?<\/button><\/h4>    <\/div>\n    <div id=\"i-will-be-farther-along-in-my-career-and-making-more-money-later-in-life-wont-it-be-easier-to-start-saving-then\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_i-will-be-farther-along-in-my-career-and-making-more-money-later-in-life-wont-it-be-easier-to-start-saving-then\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>It is never too early to start saving for retirement! Take a close look at your budget and consider the hypothetical scenario below.<\/p><ul><li>Jones contributes $75 per month for ten years \u2013 from age 25 to 35 \u2013 and nothing after that.<\/li><li>Smith starts later but contributes more \u2013 $100 per month for 25 years, from age 40 to 65.<\/li><li>Green begins saving $300 per month at age 50.<\/li><\/ul><p>Assuming that all the investments earn 7% per year, this chart shows their total accumulations at age 65.<\/p><p><img decoding=\"async\" class=\"alignleft\" src=\"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-content\/uploads\/sites\/42\/2023\/03\/uw_srp_faq_graph.jpg\" \/><\/p><p>\u00a0<\/p><p><strong>Chart Summary<\/strong><\/p><p><strong>Name \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Invested\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Earnings<\/strong><\/p><p>Ms. Jones\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $9,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $89,206<\/p><p>Mr. Smith\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $30,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $48,747<\/p><p>Ms. Green\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $54,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $39,859<\/p><p>\u00a0<\/p><p>\u00a0<\/p><p>In this example, investing a small amount early resulted in more retirement earnings than investing a much larger amount later. Because of compound interest, the money you contribute now is very valuable. Keep your long-term goals in mind and decide what's truly important to you.<\/p><p>There are lots of resources available to give you direction on how to budget your money and how to find the money to save. \u00a0You can start by looking at the investment companies\u2019 web sites in the SRP Program.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            \n    <\/div>\n<\/div>\n\n\n\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module cfct-divider\">\n\t\t\t\t<hr class=\"\" \/>\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module uwsa-tabs-accordions\">\n\t\t\t\t<h3 class=\"cfct-mod-title \">Dollars and Sense<\/h3>    <div class=\"bs-accordion  bs-accordion-min\">\n            <div class=\"accordion-all-buttons\">\n          <a href=\"#\" class=\"accordions-showall btn btn-primary btn-xs\" role=\"button\" data-panel=\"tm0f8\"><span class=\"uw-resize-full\">Open All<\/span><\/a>\n        <\/div>\n        <div id=\"tm0f8\" class=\"panel-group\">\n        \n            <div class=\"panel panel-default \" id=\"panel_what-makes-the-program-inexpensive\">\n    <div class=\"panel-heading\" id=\"heading_what-makes-the-program-inexpensive\">\n        <h4 class=\"panel-title\"><button href=\"#what-makes-the-program-inexpensive\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-makes-the-program-inexpensive\">What makes the program inexpensive?<\/button><\/h4>    <\/div>\n    <div id=\"what-makes-the-program-inexpensive\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-makes-the-program-inexpensive\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>The University has negotiated low-cost investment options:<\/p><ul><li>All funds are no-load: there are no sales commissions or broker fees.<\/li><li>Participants have access to low-cost institutional share classes through the core line-up, and most investment choices have lower than average expense ratios.<\/li><li>You can move your investments within the SRP Program without incurring tax liabilities.<\/li><\/ul>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_when-can-i-take-money-out-of-my-uw-403b-srp-account\">\n    <div class=\"panel-heading\" id=\"heading_when-can-i-take-money-out-of-my-uw-403b-srp-account\">\n        <h4 class=\"panel-title\"><button href=\"#when-can-i-take-money-out-of-my-uw-403b-srp-account\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"when-can-i-take-money-out-of-my-uw-403b-srp-account\">When can I take money out of my UW 403(b) SRP account?<\/button><\/h4>    <\/div>\n    <div id=\"when-can-i-take-money-out-of-my-uw-403b-srp-account\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_when-can-i-take-money-out-of-my-uw-403b-srp-account\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Your UW 403(b) SRP account is a long-term savings vehicle to be used for retirement. IRS regulations limit the access you have to your savings. You may withdraw your contributions only when you leave employment with the Universities of Wisconsin, reach age 59 \u00bd \u2013 even if you are still working for the UW, or become disabled. Hardship distributions that meet federal requirements are also allowed.<\/p><p>Withdrawals before age 59 \u00bd may result in tax penalties. As long as you terminate UW employment in the year you turn 55 or later \u2013 even though you are not 59 \u00bd \u2013 you may take distributions from your UW 403(b) SRP account without being subject to the 10% tax penalty for early withdrawal.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_how-do-i-take-a-withdrawal\">\n    <div class=\"panel-heading\" id=\"heading_how-do-i-take-a-withdrawal\">\n        <h4 class=\"panel-title\"><button href=\"#how-do-i-take-a-withdrawal\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"how-do-i-take-a-withdrawal\">How do I take a withdrawal? <\/button><\/h4>    <\/div>\n    <div id=\"how-do-i-take-a-withdrawal\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_how-do-i-take-a-withdrawal\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>You can initiate a withdrawal from either TIAA or Fidelity over the phone or online \u2013 just log onto your UW 403(b) Program account. You can also use a paper distribution request, if you wish. The UW 403(b) Plan Administrator\u2019s signature is not required on the TIAA or Fidelity form.<\/p><p>Here is the TIAA and Fidelity contact information:<\/p><ul><li><a href=\"https:\/\/www.tiaa.org\/public\/tcm\/uw\">TIAA<\/a><br \/>(800) 842-2776<\/li><li><a href=\"https:\/\/nb.fidelity.com\/public\/nb\/uofw\/home\">Fidelity Investments<\/a><br \/>(800) 343-0860<\/li><\/ul>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_can-i-borrow-against-my-uw-403b-srp-funds\">\n    <div class=\"panel-heading\" id=\"heading_can-i-borrow-against-my-uw-403b-srp-funds\">\n        <h4 class=\"panel-title\"><button href=\"#can-i-borrow-against-my-uw-403b-srp-funds\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"can-i-borrow-against-my-uw-403b-srp-funds\">Can I borrow against my UW 403(b) SRP funds?<\/button><\/h4>    <\/div>\n    <div id=\"can-i-borrow-against-my-uw-403b-srp-funds\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_can-i-borrow-against-my-uw-403b-srp-funds\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Loan services are available from current UW 403(b) SRP providers TIAA and Fidelity, as well as the frozen providers Ameriprise\/RiverSource and Lincoln, for participants who have assets with either those two companies.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_how-do-i-get-a-loan\">\n    <div class=\"panel-heading\" id=\"heading_how-do-i-get-a-loan\">\n        <h4 class=\"panel-title\"><button href=\"#how-do-i-get-a-loan\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"how-do-i-get-a-loan\">How do I get a loan?<\/button><\/h4>    <\/div>\n    <div id=\"how-do-i-get-a-loan\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_how-do-i-get-a-loan\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Contact your UW 403(b) SRP company to initiate a loan. Each company has its own loan procedure. Only two outstanding loans are permitted at any time, even if you have accounts with more than two investment companies.<\/p><p>Under IRS regulations, the maximum amount you may borrow is the lesser of $50,000 or one-half of your account balance. You must start to repay your loan right away, and it must be fully repaid within five years unless the loan is used to acquire your principal residence.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_how-is-my-uw-403b-srp-money-taxed\">\n    <div class=\"panel-heading\" id=\"heading_how-is-my-uw-403b-srp-money-taxed\">\n        <h4 class=\"panel-title\"><button href=\"#how-is-my-uw-403b-srp-money-taxed\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"how-is-my-uw-403b-srp-money-taxed\">How is my UW 403(b) SRP money taxed?<\/button><\/h4>    <\/div>\n    <div id=\"how-is-my-uw-403b-srp-money-taxed\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_how-is-my-uw-403b-srp-money-taxed\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p><strong>Pre-Tax Accounts<\/strong><\/p><p>The money from pre-tax accounts that you withdraw is taxed as regular income to you in the year you receive it. For that reason, plan carefully how you take your distributions, so that taking a large distribution in one year does not put you into a higher tax bracket.<\/p><p><strong>Roth After-Tax Accounts<\/strong><\/p><p>You do not pay any federal or state income tax on the earnings realized from Roth investments, and since you have already paid taxes on the contributions themselves, when you withdraw the money, the entire account is tax-free \u2013 subject to IRS restrictions.<\/p><p><strong>IRS Restrictions<\/strong><\/p><p>In order to be excludable from gross income, or tax-free, your distribution must be a qualified distribution.<\/p><p>A qualified distribution is one that occurs at least five years after the year of your first Roth contribution (counting the first year as part of the five) and is made:<\/p><ul><li>On or after the attainment of age 59 \u00bd,<\/li><li>On account of the employee\u2019s disability, or<\/li><li>On or after the employee\u2019s death (paid to beneficiaries)<\/li><\/ul><p>What if I want to take money from my UW 403(b) SRP Roth account BEFORE I have met the Qualified Distribution criteria?<\/p><p>If you take a distribution from your Roth account before your Roth account has been open five years or before you are age 59 \u00bd, the amount of the distribution that represents your earnings is includable in gross income and is taxable. The amount that represents your Roth contribution is not taxable.<\/p><p>As a hypothetical example, say your Roth contributions are $9,000 and your account value has grown to $12,000. Divide 9,000\/12,000 = .75. If you want to take out $4,000, 75% of that or $3,000 (representing your contributions) is non-taxable, while $1,000 represents the earnings on those contributions and is taxable.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_why-wasnt-my-403b-contribution-taken-out-in-april-october\">\n    <div class=\"panel-heading\" id=\"heading_why-wasnt-my-403b-contribution-taken-out-in-april-october\">\n        <h4 class=\"panel-title\"><button href=\"#why-wasnt-my-403b-contribution-taken-out-in-april-october\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"why-wasnt-my-403b-contribution-taken-out-in-april-october\">Why wasn\u2019t my 403(b) contribution taken out in April\/October?<\/button><\/h4>    <\/div>\n    <div id=\"why-wasnt-my-403b-contribution-taken-out-in-april-october\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_why-wasnt-my-403b-contribution-taken-out-in-april-october\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>403(b) contributions are taken out of 24 out of the 26 pay periods following the group 2 pay schedule. Therefore, contributions will not be taken out of the third paycheck in April and October of 2026. You can find the pay calendar <a href=\"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/general-employee-info\/payroll\/\">here<\/a> for more information. \u00a0If your contribution was not taken out on a different paycheck and you did not stop your contributions, please reach out to us at <a href=\"mailto:uw403b-srp@wisconsin.edu\">uw403b-srp@wisconsin.edu<\/a>.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            \n    <\/div>\n<\/div>\n\n\n\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module cfct-divider\">\n\t\t\t\t<hr class=\"\" \/>\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module uwsa-tabs-accordions\">\n\t\t\t\t<h3 class=\"cfct-mod-title \">Future and Retirement<\/h3>    <div class=\"bs-accordion  bs-accordion-min\">\n            <div class=\"accordion-all-buttons\">\n          <a href=\"#\" class=\"accordions-showall btn btn-primary btn-xs\" role=\"button\" data-panel=\"1lyxc\"><span class=\"uw-resize-full\">Open All<\/span><\/a>\n        <\/div>\n        <div id=\"1lyxc\" class=\"panel-group\">\n        \n            <div class=\"panel panel-default \" id=\"panel_can-i-use-my-uw-403b-srp-account-to-buy-service-credits\">\n    <div class=\"panel-heading\" id=\"heading_can-i-use-my-uw-403b-srp-account-to-buy-service-credits\">\n        <h4 class=\"panel-title\"><button href=\"#can-i-use-my-uw-403b-srp-account-to-buy-service-credits\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"can-i-use-my-uw-403b-srp-account-to-buy-service-credits\">Can I use my UW 403(b) SRP account to buy service credits?<\/button><\/h4>    <\/div>\n    <div id=\"can-i-use-my-uw-403b-srp-account-to-buy-service-credits\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_can-i-use-my-uw-403b-srp-account-to-buy-service-credits\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Yes, federal law permits you to transfer money from a 403(b) account to a governmental retirement plan to purchase service credits. If you have forfeited service in the Wisconsin Retirement System (WRS) and wish to buy it back, you can pay for it from your UW 403(b) SRP account. The Department of Employee Trust Funds administers the WRS. See the website <a href=\"https:\/\/etf.wi.gov\/\">etf.wi.gov<\/a> or contact them at 877-533-5020 for more information.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-if-i-leave-employment-with-the-uw\">\n    <div class=\"panel-heading\" id=\"heading_what-if-i-leave-employment-with-the-uw\">\n        <h4 class=\"panel-title\"><button href=\"#what-if-i-leave-employment-with-the-uw\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-if-i-leave-employment-with-the-uw\">What if I leave employment with the UW?<\/button><\/h4>    <\/div>\n    <div id=\"what-if-i-leave-employment-with-the-uw\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-if-i-leave-employment-with-the-uw\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>If you leave employment at the Universities of Wisconsin, you can:<\/p><ul><li>Leave your UW 403(b) SRP account as it is. It will continue to grow. Be sure to keep the company updated on home address changes and your current email so that you continue to get your quarterly statements of account.<\/li><li>Withdraw your UW 403(b) SRP account and roll it into your new employer\u2019s retirement plan, provided the new plan will accept the rollover.<\/li><li>Withdraw your UW 403(b) SRP account and roll it into an IRA.<\/li><li>Withdraw\u00a0 your UW 403(b) SRP account for your use. \u00a0Please note: there may be substantial tax penalties if you are under age 59 \u00bd! \u2013 If you have terminated employment the year you turn 55 or later, there is no penalty. See above for IRS restrictions on Roth after-tax accounts.<\/li><\/ul><p>When you leave employment with the Universities of Wisconsin or reach 59 \u00bd, your SRP investment is no longer restricted to the companies approved by the Program. At that time, you may take a distribution and roll your funds into any investment vehicle permitted by law.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-happens-to-my-uw-403b-srp-if-i-die\">\n    <div class=\"panel-heading\" id=\"heading_what-happens-to-my-uw-403b-srp-if-i-die\">\n        <h4 class=\"panel-title\"><button href=\"#what-happens-to-my-uw-403b-srp-if-i-die\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-happens-to-my-uw-403b-srp-if-i-die\">What happens to my UW 403(b) SRP if I die?<\/button><\/h4>    <\/div>\n    <div id=\"what-happens-to-my-uw-403b-srp-if-i-die\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-happens-to-my-uw-403b-srp-if-i-die\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>When you die, your UW 403(b) SRP account is payable to your beneficiary on file with your 403(b) provider. You were encouraged to complete a beneficiary designation when you established your UW 403(b) SRP account. You can change the designation online with TIAA or Fidelity or by submitting a new paper designation. Make sure your beneficiary designation is up to date.<\/p><p>If you do not file a beneficiary designation, the investment company will determine your beneficiary in accord with <strong>\u201cStatutory Standard Sequence\u201d (a <a href=\"https:\/\/docs.legis.wisconsin.gov\/statutes\/statutes\/40\/I\/02\/8\/a\">Wisconsin State law<\/a>).<\/strong><\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_how-do-i-update-my-beneficiary-designation\">\n    <div class=\"panel-heading\" id=\"heading_how-do-i-update-my-beneficiary-designation\">\n        <h4 class=\"panel-title\"><button href=\"#how-do-i-update-my-beneficiary-designation\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"how-do-i-update-my-beneficiary-designation\">How do I update my beneficiary designation?<\/button><\/h4>    <\/div>\n    <div id=\"how-do-i-update-my-beneficiary-designation\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_how-do-i-update-my-beneficiary-designation\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>TIAA and Fidelity participants can update beneficiary designations through their online account or call the company to request a paper beneficiary designation and submit it.<\/p><p>See the UW 403(b) Supplemental Retirement Program section of the Beneficiary Designation webpage: <a href=\"http:\/\/www.wisconsin.edu\/ohrwd\/benefits\/beneficiary\/\">www.wisconsin.edu\/ohrwd\/benefits\/beneficiary\/<\/a> for contact information for UW 403(b) Program frozen investment providers.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-are-my-options-for-receiving-payments-from-my-uw-403b-srp\">\n    <div class=\"panel-heading\" id=\"heading_what-are-my-options-for-receiving-payments-from-my-uw-403b-srp\">\n        <h4 class=\"panel-title\"><button href=\"#what-are-my-options-for-receiving-payments-from-my-uw-403b-srp\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-are-my-options-for-receiving-payments-from-my-uw-403b-srp\">What are my options for receiving payments from my UW 403(b) SRP?<\/button><\/h4>    <\/div>\n    <div id=\"what-are-my-options-for-receiving-payments-from-my-uw-403b-srp\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-are-my-options-for-receiving-payments-from-my-uw-403b-srp\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>The forms of payment are very flexible. You can take your money in one or more lump sums as you need it, in a regular series of payments, as an immediate annuity for a specific period of years, as a life annuity or as a joint and survivor annuity.<\/p><p>Even if you invested in an annuity or guaranteed interest product through the UW 403(b) SRP, such as TIAA Traditional Retirement Choice Plus or NY Life Guaranteed Interest Account, you do not need to take your money out in the form of an annuity. You can select any payout option you wish.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-is-an-annuity\">\n    <div class=\"panel-heading\" id=\"heading_what-is-an-annuity\">\n        <h4 class=\"panel-title\"><button href=\"#what-is-an-annuity\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-is-an-annuity\">What is an annuity?<\/button><\/h4>    <\/div>\n    <div id=\"what-is-an-annuity\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-is-an-annuity\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>An <em>immediate<\/em> annuity is a regular payment to you (or to you and a joint survivor) for your lifetime(s) or for a guaranteed number of years (as opposed to a <em>deferred<\/em> annuity, which is an insurance product you contribute to much like a mutual fund). There are two of these products in the UW 403(b) investment line-up: TIAA Traditional Retirement Choice Plus offered by TIAA or NY Life Guaranteed Interest Account offered by Fidelity.<\/p><p>If you decide to take some or all of your UW 403(b) SRP account in the form of an annuity, you use your accumulated balance to purchase the annuity.<\/p><p>Even if you have been investing in a deferred annuity or guaranteed interest account with a life insurance company such as, you <strong>do not have to <\/strong>take your money out in the form of an annuity (or monthly payment). If you <em>do<\/em> want an annuity, please be aware that you do not have to get that annuity from the same company you have invested with. Shop around and compare the results and expenses. It may save you money!<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_do-i-have-to-take-distributions-from-my-uw-403b-srp-at-any-certain-time\">\n    <div class=\"panel-heading\" id=\"heading_do-i-have-to-take-distributions-from-my-uw-403b-srp-at-any-certain-time\">\n        <h4 class=\"panel-title\"><button href=\"#do-i-have-to-take-distributions-from-my-uw-403b-srp-at-any-certain-time\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"do-i-have-to-take-distributions-from-my-uw-403b-srp-at-any-certain-time\">Do I have to take distributions from my UW 403(b) SRP at any certain time?<\/button><\/h4>    <\/div>\n    <div id=\"do-i-have-to-take-distributions-from-my-uw-403b-srp-at-any-certain-time\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_do-i-have-to-take-distributions-from-my-uw-403b-srp-at-any-certain-time\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Yes, participants must adhere to the Required Minimum Distribution (RMD) rules as laid out in the chart below for pre-tax accumulations. RMDs are not required for Roth accumulations. If you are working for the University of Wisconsin, you do not need to take a Required Minimum Distribution from your UW 403(b) SRP account(s); however, if you have retirement accounts from other employers or an Individual Retirement Account, you may need to take an RMD from those accounts.<\/p><p>The information below incorporates changes included in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, which became law in December 2022.<\/p><table><tbody><tr><td width=\"116\"><p>Age 70 \u00bd<\/p><\/td><td width=\"199\"><p>For those born June 30, 1949, or Earlier<\/p><\/td><td width=\"341\"><p>Anyone born on June 30, 1949, or earlier and is no longer working for the UW should have already started lifetime RMDs and is bound by the original age 70 \u00bd RMD rule.<\/p><p>Continue to take your annual RMDs as normal.<\/p><\/td><\/tr><tr><td width=\"116\"><p>Age 72<\/p><\/td><td width=\"199\"><p>For those born July 1, 1949, through and including December 31, 1950<\/p><\/td><td width=\"341\"><p>Anyone born on July 1, 1949, through &amp; including December 31, 1950 and no longer working for the UW, should have already started RMDs &amp; is bound by the original SECURE RMD age change to 72.<\/p><\/td><\/tr><tr><td width=\"116\"><p>Age 73<\/p><\/td><td width=\"199\"><p>For those born January 1, 1951, through and including December 31, 1959<\/p><\/td><td width=\"341\"><p>Anyone born on January 1, 1951, through &amp; including December 31, 1959, will use age 73 as their RMD age.<\/p><p>Note: 2023 will be a year to adjust to the new age. Anyone born in 1951 will turn 72 in 2023. No RMD is required for these participants in 2023 because the rule is now age 73, and they won't hit 73 until next year.<\/p><p>Accordingly, no one will have their very first RMD in 2023, because in 2023 there is a transition to the new RMD age.<\/p><\/td><\/tr><tr><td width=\"116\"><p>Age 75<\/p><\/td><td width=\"199\"><p>For those born January 1, 1960, or Later<\/p><\/td><td width=\"341\"><p>This doesn't begin until 2033.<\/p><\/td><\/tr><\/tbody><\/table><p>Secure 2.0 also reduces the penalties associated with failing to take an RMD. If you neglect to take the distribution, you will incur a 25% tax penalty (reduced from 50%) on the minimum amount you should have received. The penalty will be further reduced to 10% if you take appropriate action. Your investment provider will calculate your minimum required distribution upon request.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            \n    <\/div>\n<\/div>\n\n\n\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module cfct-divider\">\n\t\t\t\t<hr class=\"\" \/>\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module uwsa-tabs-accordions\">\n\t\t\t\t<h3 class=\"cfct-mod-title \">Roth<\/h3>    <div class=\"bs-accordion  bs-accordion-min\">\n            <div class=\"accordion-all-buttons\">\n          <a href=\"#\" class=\"accordions-showall btn btn-primary btn-xs\" role=\"button\" data-panel=\"2km4w\"><span class=\"uw-resize-full\">Open All<\/span><\/a>\n        <\/div>\n        <div id=\"2km4w\" class=\"panel-group\">\n        \n            <div class=\"panel panel-default \" id=\"panel_what-is-a-roth-403b-srp\">\n    <div class=\"panel-heading\" id=\"heading_what-is-a-roth-403b-srp\">\n        <h4 class=\"panel-title\"><button href=\"#what-is-a-roth-403b-srp\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-is-a-roth-403b-srp\">What is a Roth 403(b) SRP?<\/button><\/h4>    <\/div>\n    <div id=\"what-is-a-roth-403b-srp\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-is-a-roth-403b-srp\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p><a id=\"Roth\"><\/a>A Roth 403(b) is an after-tax contribution to the UW 403(b) Supplemental Retirement Program. You do not pay any federal or state income tax on the earnings realized from Roth investments, and since you have already paid taxes on the contributions themselves, when you withdraw the money, the entire account is tax-free \u2013 subject to IRS restrictions.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-irs-restrictions-apply\">\n    <div class=\"panel-heading\" id=\"heading_what-irs-restrictions-apply\">\n        <h4 class=\"panel-title\"><button href=\"#what-irs-restrictions-apply\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-irs-restrictions-apply\">What IRS restrictions apply?<\/button><\/h4>    <\/div>\n    <div id=\"what-irs-restrictions-apply\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-irs-restrictions-apply\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>In order to be excludable from gross income, or tax-free, your distribution must be a <strong><em>qualified distribution.<\/em><\/strong><\/p><p>Your Roth distributions are completely tax-free when both conditions are met:<\/p><ul><li>Your first Roth contribution was made at least 5 years ago (counting the first year as part of the five), AND<\/li><li>You are age 59\u00bd or older, disabled, or the withdrawal is due to death<\/li><\/ul>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-if-i-want-to-take-a-distribution-from-my-roth-403b-account-before-i-have-met-the-qualified-distribution-criteria\">\n    <div class=\"panel-heading\" id=\"heading_what-if-i-want-to-take-a-distribution-from-my-roth-403b-account-before-i-have-met-the-qualified-distribution-criteria\">\n        <h4 class=\"panel-title\"><button href=\"#what-if-i-want-to-take-a-distribution-from-my-roth-403b-account-before-i-have-met-the-qualified-distribution-criteria\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-if-i-want-to-take-a-distribution-from-my-roth-403b-account-before-i-have-met-the-qualified-distribution-criteria\">What if I want to take a distribution from my Roth 403(b) account BEFORE I have met the Qualified Distribution criteria?<\/button><\/h4>    <\/div>\n    <div id=\"what-if-i-want-to-take-a-distribution-from-my-roth-403b-account-before-i-have-met-the-qualified-distribution-criteria\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-if-i-want-to-take-a-distribution-from-my-roth-403b-account-before-i-have-met-the-qualified-distribution-criteria\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>If you take a distribution from your Roth account before your Roth account has been open five years or before you are age 59\u00bd, the amount of the distribution that represents your earnings is includable in gross income and is taxable. The amount that represents your Roth contribution is not taxable.<\/p><p>Distributions from a non-qualified Roth account are taxed proportionally. For example: If you contributed $9,000 and your account grew to $12,000, then 75% ($9,000 \u00f7 $12,000 = 0.75) of any withdrawal represents your tax-free contributions, while 25% represents taxable earnings. So, if you withdraw $4,000, $3,000 (75%) would be tax-free, while $1,000 (25%) would be taxable.<\/p><p>Penalties for early withdrawal may also apply.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_how-is-that-different-from-a-roth-ira\">\n    <div class=\"panel-heading\" id=\"heading_how-is-that-different-from-a-roth-ira\">\n        <h4 class=\"panel-title\"><button href=\"#how-is-that-different-from-a-roth-ira\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"how-is-that-different-from-a-roth-ira\">How is that different from a Roth IRA?<\/button><\/h4>    <\/div>\n    <div id=\"how-is-that-different-from-a-roth-ira\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_how-is-that-different-from-a-roth-ira\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>In a Roth IRA you can take a distribution from the contribution-only portion at any time, and it's not taxable. You will have to pay income tax on any interest earned on the account.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_are-there-restrictions-on-pre-tax-uw-403b-srp-distributions\">\n    <div class=\"panel-heading\" id=\"heading_are-there-restrictions-on-pre-tax-uw-403b-srp-distributions\">\n        <h4 class=\"panel-title\"><button href=\"#are-there-restrictions-on-pre-tax-uw-403b-srp-distributions\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"are-there-restrictions-on-pre-tax-uw-403b-srp-distributions\">Are there restrictions on pre-tax UW 403(b) SRP distributions?<\/button><\/h4>    <\/div>\n    <div id=\"are-there-restrictions-on-pre-tax-uw-403b-srp-distributions\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_are-there-restrictions-on-pre-tax-uw-403b-srp-distributions\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>No, once you meet a distributable event \u2013 attainment of age 59\u00bd or separation from service \u2013 you can take a distribution.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-are-the-contribution-limits-for-2025\">\n    <div class=\"panel-heading\" id=\"heading_what-are-the-contribution-limits-for-2025\">\n        <h4 class=\"panel-title\"><button href=\"#what-are-the-contribution-limits-for-2025\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-are-the-contribution-limits-for-2025\">What are the contribution limits for 2025?<\/button><\/h4>    <\/div>\n    <div id=\"what-are-the-contribution-limits-for-2025\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-are-the-contribution-limits-for-2025\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p><strong>Roth 403(b):<\/strong> 2025 limit = $23,500, + $7,500 if you are 50 or over or an additional $11,250 if you are 60-63 (and an additional $3,000 if you are eligible for the 15-year rule service catch-up).<\/p><p>Both pre-tax and after-tax 403(b) contributions count towards this limit. For example, if you are under 50, you could contribute $10,000 pre-tax and $13,500 Roth after-tax to the UW 403(b) SRP, for a total of $23,500.<\/p><p><strong>Roth IRA<\/strong>: 2025 limits = $7,000 + $1,000 if you are 50 or over ($8,000 total).<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-are-the-contribution-limits-for-2026\">\n    <div class=\"panel-heading\" id=\"heading_what-are-the-contribution-limits-for-2026\">\n        <h4 class=\"panel-title\"><button href=\"#what-are-the-contribution-limits-for-2026\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-are-the-contribution-limits-for-2026\">What are the contribution limits for 2026?<\/button><\/h4>    <\/div>\n    <div id=\"what-are-the-contribution-limits-for-2026\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-are-the-contribution-limits-for-2026\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p><strong>Roth 403(b):<\/strong> 2026 limit = $24,500, + $8,000 if you are 50 or over or an additional $11,250 if you are 60-63 (and an additional $3,000 if you are eligible for the 15-year rule service catch-up).<\/p><p>Both pre-tax and after-tax 403(b) contributions count towards this limit. For example, if you are under 50, you could contribute $10,000 pre-tax and $11,500 Roth after-tax to the UW 403(b) SRP, for a total of $24,500.<\/p><p><strong>Roth IRA<\/strong>: 2026 limits = $7,500 + $1,100 if you are 50 or over ($8,600 total).<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_who-is-eligible\">\n    <div class=\"panel-heading\" id=\"heading_who-is-eligible\">\n        <h4 class=\"panel-title\"><button href=\"#who-is-eligible\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"who-is-eligible\">Who is eligible?<\/button><\/h4>    <\/div>\n    <div id=\"who-is-eligible\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_who-is-eligible\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p><strong>Roth 403(b)<\/strong> \u2013 Any UW employee can participate\u00a0regardless of income.<\/p><p><strong>Roth IRA<\/strong> \u2013 Highly compensated individuals are not eligible. For example, single filers earning over $165,000 may not be eligible to contribute to their Roth IRA.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_what-are-some-differences-between-a-roth-403b-and-an-individual-roth-ira\">\n    <div class=\"panel-heading\" id=\"heading_what-are-some-differences-between-a-roth-403b-and-an-individual-roth-ira\">\n        <h4 class=\"panel-title\"><button href=\"#what-are-some-differences-between-a-roth-403b-and-an-individual-roth-ira\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"what-are-some-differences-between-a-roth-403b-and-an-individual-roth-ira\">What are some differences between a Roth 403(b) and an individual Roth IRA?<\/button><\/h4>    <\/div>\n    <div id=\"what-are-some-differences-between-a-roth-403b-and-an-individual-roth-ira\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_what-are-some-differences-between-a-roth-403b-and-an-individual-roth-ira\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>A Roth 403(b) is part of the UW's 403(b) Supplemental Retirement Program. You have access to the same pre-tax options that are available \u2013 including the 18 best-in-class fund options and the brokerage window. These funds reviewed by the Supplemental Retirement Program Advisory Committee on a regular basis.<\/p><p>An IRA is an Individual Retirement Account (or agreement). You set up your own IRA and administer it yourself. Your choice of investments is not restricted, but you may have to meet minimum investment amounts (often $2,000) and other requirements, and you do not have access to funds with low-cost institutional share classes.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_can-i-contribute-to-both-a-uw-roth-403b-and-an-individual-roth-ira\">\n    <div class=\"panel-heading\" id=\"heading_can-i-contribute-to-both-a-uw-roth-403b-and-an-individual-roth-ira\">\n        <h4 class=\"panel-title\"><button href=\"#can-i-contribute-to-both-a-uw-roth-403b-and-an-individual-roth-ira\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"can-i-contribute-to-both-a-uw-roth-403b-and-an-individual-roth-ira\">Can I contribute to both a UW Roth 403(b) and an individual Roth IRA?<\/button><\/h4>    <\/div>\n    <div id=\"can-i-contribute-to-both-a-uw-roth-403b-and-an-individual-roth-ira\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_can-i-contribute-to-both-a-uw-roth-403b-and-an-individual-roth-ira\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Yes, you can contribute to both. Since the contribution limits for 403(b) and Roth IRA are separate, you can contribute the full amount to both your accounts.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_can-i-roll-my-roth-ira-into-my-roth-403b\">\n    <div class=\"panel-heading\" id=\"heading_can-i-roll-my-roth-ira-into-my-roth-403b\">\n        <h4 class=\"panel-title\"><button href=\"#can-i-roll-my-roth-ira-into-my-roth-403b\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"can-i-roll-my-roth-ira-into-my-roth-403b\">Can I roll my Roth IRA into my Roth 403(b)?<\/button><\/h4>    <\/div>\n    <div id=\"can-i-roll-my-roth-ira-into-my-roth-403b\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_can-i-roll-my-roth-ira-into-my-roth-403b\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>No, by federal regulation Roth IRAs can only be rolled into other Roth IRAs.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_can-i-choose-to-re-classify-my-pre-tax-contributions-as-roth\">\n    <div class=\"panel-heading\" id=\"heading_can-i-choose-to-re-classify-my-pre-tax-contributions-as-roth\">\n        <h4 class=\"panel-title\"><button href=\"#can-i-choose-to-re-classify-my-pre-tax-contributions-as-roth\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"can-i-choose-to-re-classify-my-pre-tax-contributions-as-roth\">Can I choose to re-classify my pre-tax contributions as Roth?<\/button><\/h4>    <\/div>\n    <div id=\"can-i-choose-to-re-classify-my-pre-tax-contributions-as-roth\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_can-i-choose-to-re-classify-my-pre-tax-contributions-as-roth\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Yes, the UW 403(b) SRP allows you to convert your pre-tax contributions to Roth.<\/p><p>You can also change your future contributions by making changes in Workday.<\/p><p>You can roll your pre-tax contributions to Roth through your account provider. You will need to pay taxes on the amount you roll over.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_the-uw-403b-srp-offers-loans-can-i-take-a-loan-from-my-roth-accumulations\">\n    <div class=\"panel-heading\" id=\"heading_the-uw-403b-srp-offers-loans-can-i-take-a-loan-from-my-roth-accumulations\">\n        <h4 class=\"panel-title\"><button href=\"#the-uw-403b-srp-offers-loans-can-i-take-a-loan-from-my-roth-accumulations\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"the-uw-403b-srp-offers-loans-can-i-take-a-loan-from-my-roth-accumulations\">The UW 403(b) SRP offers loans \u2013 can I take a loan from my Roth accumulations?<\/button><\/h4>    <\/div>\n    <div id=\"the-uw-403b-srp-offers-loans-can-i-take-a-loan-from-my-roth-accumulations\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_the-uw-403b-srp-offers-loans-can-i-take-a-loan-from-my-roth-accumulations\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Yes. Fidelity allows you to take a loan from your Roth accumulations. TIAA will have this functionality in 2026.<\/p>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_who-might-benefit-from-the-roth-403b\">\n    <div class=\"panel-heading\" id=\"heading_who-might-benefit-from-the-roth-403b\">\n        <h4 class=\"panel-title\"><button href=\"#who-might-benefit-from-the-roth-403b\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"who-might-benefit-from-the-roth-403b\">Who might benefit from the Roth 403(b)?<\/button><\/h4>    <\/div>\n    <div id=\"who-might-benefit-from-the-roth-403b\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_who-might-benefit-from-the-roth-403b\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Post-tax Roth 403(b) contributions might benefit you if:<\/p><ul><li>You have a longer time until retirement. This gives you longer to accumulate tax-free earnings.<\/li><li>You expect to be in a higher tax bracket in retirement.<\/li><li>You are a highly compensated employee who is not eligible for a Roth IRA.<\/li><li>You want some tax diversification in retirement.<\/li><li>You want to leave tax-free money to your beneficiaries.<\/li><li>You do not have to take Required Minimum Distributions (RMD) on any Roth account.<\/li><\/ul>                <\/div>\n    <\/div>\n<\/div>\n            <div class=\"panel panel-default \" id=\"panel_who-might-benefit-from-pre-tax-403b-contributions\">\n    <div class=\"panel-heading\" id=\"heading_who-might-benefit-from-pre-tax-403b-contributions\">\n        <h4 class=\"panel-title\"><button href=\"#who-might-benefit-from-pre-tax-403b-contributions\" data-toggle=\"collapse\" class=\"collapsed panel-link\" aria-expanded=\"false\" aria-controls=\"who-might-benefit-from-pre-tax-403b-contributions\">Who might benefit from pre-tax 403(b) contributions?<\/button><\/h4>    <\/div>\n    <div id=\"who-might-benefit-from-pre-tax-403b-contributions\" class=\"panel-collapse collapse\"  role=\"tabpanel\" aria-labelledby=\"heading_who-might-benefit-from-pre-tax-403b-contributions\" role=\"region\">\n        <div class=\"panel-body copy\">            \n            \n        <p>Pre-tax contributions might benefit you if:<\/p><ul><li>You are in a higher-tax bracket, and you expect your tax rate to drop in retirement.<\/li><li>You qualify for certain valuable tax credits, such as the earned income tax credit or the saver's credit.<\/li><\/ul>                <\/div>\n    <\/div>\n<\/div>\n            \n    <\/div>\n<\/div>\n\n\n\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module cfct-divider\">\n\t\t\t\t<hr class=\"\" \/>\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module uwsa-tabs-accordions\">\n\t\t\t\t    <div class=\"bs-component bs-tabs\">\n    <ul id=\"tab_0\" class=\"nav nav-tablist nav-tabs\">\n        <li class=\"active\"><a href=\"#where-do-i-go-if-i-have-a-question-that-is-not-on-this-list\" role=\"tab\" aria-selected=\"true\" aria-controls=\"where-do-i-go-if-i-have-a-question-that-is-not-on-this-list\" id=\"where-do-i-go-if-i-have-a-question-that-is-not-on-this-list_tab_label\">Where do I go if I have a question that is not on this list?<\/a><\/li>    <\/ul>\n    <div class=\"tab-content\">\n        \n            <div data-name=\"where-do-i-go-if-i-have-a-question-that-is-not-on-this-list\" id=\"where-do-i-go-if-i-have-a-question-that-is-not-on-this-list\" class=\"tab-pane fade  in active\" role=\"tabpanel\"  aria-labelledby=\"where-do-i-go-if-i-have-a-question-that-is-not-on-this-list_tab_label\">\n    <h3 class=\"sr-only\">Where do I go if I have a question that is not on this list?<\/h3>\n    <div class=\"copy\">\n\t    \n        <p>Good question! Send an email to <a href=\"mailto:uw403b-srp@wisconsin.edu\">uw403b-srp@wisconsin.edu<\/a> and someone will be able to help you!<\/p>        \t<\/div>\n<\/div>\n            \n    <\/div>\n<\/div>\n\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module cfct-divider\">\n\t\t\t\t<hr class=\"\" \/>\n\t\t\t<\/div>\n\t\t\t<div class=\"cfct-module cfct-lastupdate\">\n\t\t\t\t<div class=\"listing-module\"><p><span class=\"item-date\">Updated: 02\/24\/2026<\/span><\/p><\/div>\n\t\t\t<\/div><\/div><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t","protected":false},"excerpt":{"rendered":"","protected":false},"author":20,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1392","page","type-page","status-publish","hentry","cfct-can-haz-build"],"_links":{"self":[{"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/pages\/1392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/comments?post=1392"}],"version-history":[{"count":27,"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/pages\/1392\/revisions"}],"predecessor-version":[{"id":36844,"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/pages\/1392\/revisions\/36844"}],"wp:attachment":[{"href":"https:\/\/www.wisconsin.edu\/ohrwd\/benefits\/wp-json\/wp\/v2\/media?parent=1392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}