Part-time employees may voluntarily participate in the College’s Supplemental Retirement Account (SRA) immediately upon hire, without College match. Part-time employees can tax defer up to 100% of salary or the annual IRS limit, whichever is less.
Employee contributions to the Retirement Plan are deducted from each paycheck by salary reduction contributions with "before-tax dollars.” Taxes are not paid on these contributions or the investment earnings until the employee withdraws accumulations from the plan.
Employees may change their retirement contribution once per pay period. To change your retirement contribution, download the “Salary Reduction Agreement” form.
Important: If a regular part-time Metro employee is contributing at, or close to, his/her annual tax-deferral limit through another employer’s retirement plan, he/she may be at risk of exceeding the tax-deferral limit under IRS code by participating in Metro retirement plan.
The College’s Retirement Plan offers employees the choice between two investment carriers: TIAA-CREF, www.tiaa-cref.org or Fidelity Investments. Both companies offer a diverse array of investment options, including the guaranteed TIAA Traditional Annuity, mutual funds, and variable annuity investment accounts through TIAA-CREF, and over 150 mutual funds through Fidelity Investments. Contributions are used to purchase individually-owned annuity contracts or custodial accounts.
When an employee retirees, he/she may choose from several retirement income options including, but not limited to, a lifetime monthly annuity income, systematic withdrawal, or a lump sum withdrawal.
TIAA-CREF Customer Service: 800-842-2776
TIAA-CREF Website: http://enroll.tiaa-cref.org/metrocc
Fidelity Investments Customer Service: 800-343-0860
Fidelity Investments Website: www.fidelity.com/atwork
HR Contact: Julie Nohrenberg, (402) 457-2232, or Karla Stoltenberg, (402) 457-2235