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Supplemental Retirement Program (SRP)

The Supplemental Retirement Program (SRP) is a 403(b) plan that offers a flexible and convenient way to save for retirement. You are eligible to participate in the SRP as of your hire date. You can begin saving for retirement immediately by taking advantage of the Supplemental Retirement Program (SRP). There is no deadline by which you must enroll – you can enroll at any time by logging into Workday. You also must establish a TIAA account for the investment of your SRP contributions after you have enrolled via Workday.

Participation is Voluntary

The SRP is a voluntary plan under which you specify the dollar amount that you wish to contribute by payroll deduction each pay period. The University does not contribute to your SRP account. Distributions from previous employers' retirement plans can be rolled over to the SRP. For more information, please contact TIAA at 800.842.2252.

If you already are enrolled in one of the University’s mandatory retirement plans (CRP and ERIP), you can save even more towards your retirement by electing to contribute to the SRP. If you are not yet eligible to participate in a mandatory retirement plan, you can still save for retirement by participating in this program. For example, staff employees who have not completed a year of service and are thus not eligible for CRP or the ERIP may choose to participate in the SRP from their date of hire.

Contributions

You may choose to contribute traditional pre-tax contributions with tax deferred earnings, or you may choose to contribute after-tax Roth contributions with tax free earnings, or a combination of both. Traditional contributions and earnings are not taxed now but will be taxed upon withdrawal. Roth contributions and earnings are taxed now but will not be taxed upon withdrawal assuming you are at least age 59 ½ and the account has been open for at least five years.

Contribution Limits

The IRS limits the maximum amount that you can contribute to the SRP each calendar year. The contribution limits listed below are shared between Roth and traditional contributions. When your combined contributions reach the yearly limit, all contributions will stop. Your voluntary contributions to another employer's retirement plan reduce the amount that you can contribute to the SRP. If you make voluntary contributions to another employer's retirement plan (or if you maintain a retirement plan as a sole proprietor), please consult with the Benefits Office (benefits@uchicago.edu) regarding your maximum SRP contribution.

Maximum Contribution: 2025 - $23,500
Catch-up Contributions*: 2025 - $7,500

*Note: If you will be age 50 or older in 2025, you may make additional catch-up contributions in either traditional or Roth.

Vesting

You are always 100% vested in your SRP account, meaning you have a right to receive your contributions (adjusted for investment gains and losses) when you leave the University (and Medical Center).

Comparing Roth Contributions to SRP 403(b) and a Roth IRA

Roth contributions to IRAs and 403(b)s share many similarities yet are different in some respects. Please take a moment to learn more about the similarities and differences between Roth contributions to IRAs versus Roth contributions that are now available within the Supplement Retirement Plan (SRP).

Similarities

Roth SRP 403(b)	Roth IRA
Contributions are made with after-tax dollars.	Contributions are made with after-tax dollars.
Grows tax free. Contributions and earnings are not taxed upon withdrawal assuming age 59 ½ and have held the Roth account for 5 years or more.	Grows tax free. Contributions and earnings are not taxed upon withdrawal assuming age 59 ½ and have held the Roth account for 5 years or more.
Does not require Required Minimum Distributions (RMD) after you reach age 73.	Does not require Required Minimum Distributions (RMD) after you reach age 73.
Upon your death, your Roth account will pass to your heirs tax free, therefore maximizing generational wealth transfer.	Upon your death, your Roth account will pass to your heirs tax free, therefore maximizing generational wealth transfer.

Differences

Roth SRP 403(b)	Roth IRA
After-tax contributions are conveniently withheld from your pay and contributed to your Supplemental Retirement Plan at TIAA.	After-tax contributions are made by you to any Roth IRA service provider.
All employees are eligible for Roth contributions within the SRP, regardless of salary.	Only individuals with an adjusted gross income of less than $161,000 or married with an adjusted gross income of less than $240,000 may contribute to a Roth IRA for 2024.
Contribution limit is $23,500 or $31,000 if age 50 or older. The limit is shared with pre-tax voluntary elections in the SRP and the voluntary portion of the ERIP.	Contribution limit is $7,000 or $8,000 if age 50 or older.

If you are interested in enrolling in Roth contributions in the SRP, log into Workday and navigate to “Benefits & Pay” on the menu. Click “Benefit Elections” under “Benefits”. Then click “Change Benefits” and choose “Retirement Plan Changes” under the “Change Reason” dropdown. If you need assistance, contact the Benefits department at 773.702.9634 or benefits@uchicago.edu.

Additional Information

For more information, please review plan documents found under Benefit Plan Documents.