As an eligible employee of Vassar College, you will be automatically enrolled in the Vassar College Supplemental Retirement Plan at a contribution rate of 4% of your pretax eligible earnings. Please note, Fidelity Investments and TIAA are Vassar's two investment service providers. If you do not make a selection, your pretax contributions will be directed to Fidelity and will be invested in a target date fund appropriate to your age.

You can change your contribution amount or investment service provider at any time.

Once you log in to your account, you will be able to change your investment service provider, update your contribution amount, select your investment options, and set up your beneficiary designation.

If you do not wish to contribute to the SRA Plan, you must opt out of plan participation. You must do so in writing. Contact your benefits office located on the third floor Baldwin to opt out of participation in the plan. We strongly encourage you to participate in the SRA Plan.

Through automatic payroll deduction, you can contribute from 0% to 100% of your eligible pay on a pretax basis, up to the annual IRS dollar limits.

With Roth contributions, you can make after-tax payroll contributions to your plan and withdraw those contributions tax-free (subject to the terms of the plan). Your earnings may also be withdrawn tax-free if you have a qualified distribution. A qualified distribution, in this case, is one that is taken five tax years after the year of your first Roth contribution and after you have reached age 59½, become disabled, or died.

Through automatic payroll deduction you may designate up to 100% of your eligible pay as Roth contributions, up to the annual IRS dollar limits.

Unlike a Roth IRA, there are no income limits to be eligible for a Roth 403(b) option within an employer-sponsored retirement plan. Generally, a Roth contribution may be beneficial if you expect your tax rate in retirement will be higher than it had been during the years you contributed.

For more information visit www.fidelity.com/atwork/roth or www.tiaa.org/vassar.

When you are "vested" in your savings, it effectively means the money is yours to keep. You are immediately 100% vested in all your employee contributions, as well as any earnings on them.

Your beneficiary or beneficiaries will inherit your account in the event of your death. Designate your beneficiary when you enroll in your plan, and update the information if you experience a life-changing event such as a marriage, divorce, birth of a child, or death in the family.

Be sure you update your beneficiary designation. You will need to set up your beneficiary designation with both providers.

Fidelity's Online Beneficiaries Service is available through NetBenefits^®.

TIAA's Online Beneficiaries Service is available through www.TIAA.org/vassar.

Withdrawals from your SRA Plan are generally permitted when you terminate your employment, retire, reach age 59½, become permanently disabled, or have severe financial hardship, as defined by your plan.

Although your SRA account is intended for the future, you may borrow from your account for any reason. Generally, plan rules allow you to borrow up to 50% of your vested account balance.

The minimum loan amount is $1,000, and a loan must not exceed $50,000. Any outstanding loan balances from the previous 12 months may reduce the amount you have available to borrow. You then pay the money back into your account, plus interest, through ACH deductions from your bank account.

You may have two loans outstanding at a time. The cost to initiate a loan is $75, and there is a quarterly maintenance fee of $6.25. The initiation and maintenance fees are deducted directly from your plan account.

Note: If you fail to repay your loan (based on the original terms of the loan), it will be considered in "default" and treated as a distribution, making it subject to income tax and possibly to a 10% early withdrawal tax penalty. Defaulted loans may also impact your eligibility to request additional loans.

Contact Fidelity Investments and/or TIAA for more information.