Supplemental Retirement Annuities (SRA)
Eligible employees of the Community College of Rhode Island may choose to participate in a supplemental retirement savings plan (SRA) over and above their regular retirement plan. Under Internal Revenue Code § 403(b), a supplemental savings plan is offered to CCRI employees as mechanism for additional pre-tax payroll deducted savings.
SRA's are available through Teachers Insurance and Annuity Association (TIAA).
Because these are retirement savings vehicles, employees who wish to withdraw funds prior to age 59½ will be charged a 10% penalty. Each plan does, however, offer a loan option, using the SRA as collateral. Beginning at age 59½, employees have complete flexibility when accessing funds. An SRA can be started at any time and contributions may be stopped at any time.
Employees may contact the Office of Human Resources for more information.