Fillable Salary Reduction Agreement For 2020 Academic Retirement Plan (Pitzer College)

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Salary Reduction Agreement For 2020 Academic Retirement Plan (Pitzer College)

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The Salary Reduction Agreement For 2020 Academic Retirement Plan (Pitzer College) form is 1 page long and contains:

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  • 13 check-boxes
  • 20 other fields

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File type: PDF

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Salary Reduction Agreement For 2020
Academic Retirement Plan
See reverse side for instructions on completing this form
Section A – EMPLOYEE INFORMATION: PRINT information below
Last Name First Name
Employee ID (Workday) Institution
Section B – EFFECTIVE DATE OF ELECTION & PAYROLL FREQUENCY
Effective Date of Election: _______/_______/_________
Payroll Frequency: Monthly Semi-Monthly Bi-Weekly
Section C – TRANSACTION TYPE
New Enrollment Change Deduction Amount Change Contract Type
Section D – CONTRACT TYPE ELECTION: CHOOSE ONLY ONE
Please see reverse side for instructions on completing this section:
Retirement Choice (RC) Retirement Choice Plus (RCP)
Section E – CONTRIBUTION ELECTION
I elect to contribute the following Voluntary Elective Contributions:
Voluntary Elective Contributions of ___________% or $___________ per paycheck in a pay period up to the annual limit of $19,500 comprised
of ___________% pre-tax and ___________% Roth after-tax contributions
In addition, I elect to the following Catch-Up Contributions:
Age 50+ Catch-Up Contributions of ___________% or $___________ per paycheck in a pay period up to the annual limit of $6,500 comprised
of ___________% pre-tax and ___________% Roth after-tax contributions.
15 Year Rule Contributions* of ___________% or $___________ per paycheck in a pay period up to the annual limit of $3,000 comprised of
___________% pre-tax and ___________% Roth after-tax contributions.
*15 Year Rule Catch-Up Contribution election must be renewed every calendar year.
Section F – YOUR AUTHORIZATION
I understand the following:
• In contrast to the Core Funds which are listed in Tracks 1 through 3 on page 2 of this form, neither my employer nor The Claremont Colleges Services
(TCCS) is responsible for monitoring the Non-Core Funds offered in Track 4 for investment performance and expenses because of the number
of investment options made available. It is my responsibility to monitor the performance and expenses of the funds I choose to invest in, including
the Core Funds that are listed on page 2 of this form. (Employees can obtain extensive information from TIAA to evaluate fund performance
and expenses).
• If I contribute to a 401(k) or other qualified plan of a business I control or if I participate in a 403(b) program of another tax exempt organization,
contributions under those plans plus my contributions under plans offered by The Claremont Colleges cannot exceed an overall limit under Section
415 of the Internal Revenue Code (IRC) of $57,000 in 2020, or 100% of pay, if less. I assume responsibility to reduce my Academic Retirement Plan
(ARP) or personal plan contributions or both to stay within this limit and to stay within the limit of $19,500 in 2020 under IRC Section 402(g).
• TCCS may reduce, refund, or discontinue my contributions if necessary to ensure that my contributions do not exceed the limits of IRC
Sections 402(g), 403(b) and 415.
I hereby authorize TCCS, after the date signed, to reduce my salary as elected above. Such reductions shall continue until I complete
another Agreement to change or cancel my contributions, except for 15 Year Rule Catch-up Contributions which must be renewed
annually. THIS AGREEMENT WILL REPLACE ALL PRIOR AGREEMENTS.
___________________________________________________ ___________________________
Employee’s Signature Date
Last Updated: 11/7/2019 Page | 1
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Instructions For Completing The Academic Retirement Plan Salary Reduction Agreement For 2020
Step 1: Section A – Complete EMPLOYEE INFORMATION
Step 2: Section B – Complete EFFECTIVE DATE OF ELECTION & PAYROLL FREQUENCY
• Indicate the “Effective Date” of your New
Election. This Agreement will be effective on the date indicated except that, if the Agreement is incomplete or is
completed incorrectly, the Agreement will be considered null and void and you will be notified regarding any incorrect or missing information.
• Payroll Frequency: Monthly, Semi-Monthly or Bi-Weekly
Step 3: Section C – Select TRANSACTON TYPE
• Transaction:
o New Enrollment – Select this option if you are enrolling for the first time. The appropriate TIAA enrollment application must accompany this
Salary Reduction Agreement. TIAA enrollment applications can be obtained from TCCS Retirement Services. If an enrollment application is
not submitted with your Agreement, it will be considered incomplete and will delay processing.
o Change Deduction – Select this option if you are changing your existing Salary Reduction Agreement deduction amount.
o Change Contract Type – Select this option to change the contract to which your existing contributions to the Academic Retirement Plan will be
invested. (See Section D for instructions)
Step 4: Section D – Select CONTRACT TYPE
• If you had a legacy Group Supplemental Retirement Annuity (GSRA) contract or a Supplemental Retirement Annuity (SRA) contract in the ARP, you
may elect to make employee contributions to the Retirement Choice Plus (RCP) contract or you may elect to make employee contributions to a
Retirement Choice (RC) contract. If you did not have a legacy GSRA or SRA contract in the ARP, the only choice available to you is to elect the RC
contract. The difference between the RC contract and the RCP contract relates only to the TIAA Traditional Annuity. Investments in the TIAA Traditional
Annuity in an RC contract earn a higher crediting rate, and a restriction on withdrawals or transfers . Investments in the TIAA Traditional Annuity in a
RCP contract do not have the same restriction on withdrawals or transfers, but earn a lower crediting rate on new contributions. More information about
contracts offered by TIAA is available by contacting a TIAA Consultant at (800) 842-2252 or online at www.tiaa.org.
• Tracks 1 through 3 are the Core Funds
• Track 4 includes Non-Core Funds
TRACK 1
TRACK 2
TRACK 3
TRACK 4
Vanguard Target
Retirement Funds
TIAA
Accounts
Index Funds
TIAA Self-Directed Brokerage
Account (SDA)
Vanguard Target Retirement 2015 Fund
Vanguard Target Retirement 2020 Fund
Vanguard Target Retirement 2025 Fund
Vanguard Target Retirement 2030 Fund
Vanguard Target Retirement 2035 Fund
Vanguard Target Retirement 2040 Fund
Vanguard Target Retirement 2045 Fund
Vanguard Target Retirement 2050 Fund
Vanguard Target Retirement 2055 Fund
Vanguard Target Retirement 2060 Fund
Vanguard Target Retirement 2065 Fund
Vanguard Target Retirement Income Fund
TIAA Traditional
CREF Stock
CREF Inflation-Linked Bond
Vanguard Institutional Index Fund
Vanguard Small Cap Index Fund
Vanguard Mid Cap Index Fund
Vanguard Total Stock Market Index Fund
Vanguard Total International Index Fund
Vanguard Total Bond Market Index Fund
Vanguard Federal Money Market Fund
Cohen & Steers Real Estate Securities I
Access to thousands of mutual funds,
including funds with or without
transaction fees.
Step 5: Section E – Select CONTRIBUTION ELECTION
• Elect your contributions toward the $19,500 annual maximum as:
1. a percentage or flat dollar amount per paycheck in a pay period and the allocation to pre-tax and/or Roth after-tax contributions
• In addition, you may elect Catch-up Contributions as follows:
1. You are eligible to make Age 50 Catch-Up Contributions if you will be age 50 or older in 2020. Under this election, you may contribute any
amount up to $6,500 for 2020. Indicate the percentage or flat dollar amount per paycheck in a pay period you wish to contribute and the
portion(s) to be allocated as pre-tax and/or Roth after-tax. This election is in addition to the $19,500 annual maximum.
2. You may be eligible to make 15 Year Rule Catch-Up Contributions if you have completed 15 years of service with any one of The Claremont
Colleges and your lifetime elective employee contributions average less than $5,000 per year. Under this election, you may contribute up to
$3,000 per year for a lifetime maximum of $15,000. Indicate the percentage or flat dollar amount per paycheck in a pay period you wish to
contribute and the portion(s) to be allocated as pre-tax and/or Roth after-tax. This election is in addition to the $19,500 annual maximum and
must be renewed every calendar year.
Step 6: Section F – Give YOUR AUTHORIZATION
Sign and date the Agreement and send it, along with the TIAA enrollment application if applicable, to TCCS Benefits Administration, Administrative Campus Center.
If you have questions or need assistance with completing this Agreement, please contact:
Loo Hsing, Supervisor, Retirement
Services and Benefits Reconciliation
909-607-3780
Fax: 909-621-8169
loo.hsing@claremont.edu
Last Updated: 11/7/2019 Page | 2
Victor A. Medina, Retirement Analyst
909-607-7641
Fax: 909-621-8169
victor.medina@claremont.edu
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Salary Reduction Agreement For 2020 Academic Retirement Plan (Pitzer College)

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Completed 25 August 2020

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