UW 403(b) Supplemental Retirement Program (SRP)
The UW 403(b) Supplemental Retirement Program (SRP), formerly the UW Tax-Sheltered Annuity (TSA) 403(b) Program, is a supplemental retirement savings plan that allows you to invest a portion of your income for retirement either on a pre-tax or post-tax (Roth) basis or a combination of both. Participation in the UW SRP Program is voluntary with employees making the entire contribution; there is no employer match.
The UW offers SRP accounts through the following providers:
- Employees covered by the WRS
- LTE and Project employees
- Rehired annuitants
- Student hourly employees
- Graduate Assistants
- Short-Term Academic Staff employees
2022 Maximum Contributions
- $20,500 if under age 50
- $27,000 if age 50 or older at any time during the year
2023 Maximum Contributions
- $22,500 if under age 50
- $30,000 if age 50 or older at any time during the year
Special 15-Year Catch-Up
If you have 15 years or more of UW service, and your average SRP contribution is less than $5,000 per year, you may be eligible to contribute an additional $3,000 per year ($15,000 maximum over 5 years). You must confirm your eligibility each year by contacting HR.
The UW 403(b) SRP continues to provide options that are no-load with no sales commissions or broker fees. Participants have access to institutional share classes through the core line-up.
This fee structure provides more transparency of administrative recordkeeping fees, which may be reduced by moving to this new structure. Recordkeeping fees will be charged as a flat-dollar amount per participant and be automatically deducted from your account. You will see them listed as an “administrative fee” on statements.
You may withdraw your contributions (take a distribution) only when you:
- Leave employment with the UW System,
- Reach age 59½—even if you are still working, or
- Become disabled
Once you meet this eligibility criteria, you have three options to manage your UW SRP 403(b) program assets:
- Leave your assets with your provider in the UW SRP Program
- Roll over to another plan with a new employer or to an Individual Retirement Account (IRA)
- Cash out. Get immediate access to your retirement savings, minus 20% withholding and possible early withdrawal penalties if under age 59½
To access your money, contact your SRP provider(s). Withdrawals from TIAA and Fidelity may be initiated over the phone; TIAA and Fidelity also provide online distribution requests.
Note: a signature from the UW Plan Administrator is not required for any of the current SRP providers—just complete the form, sign it, and submit it directly to the SRP provider.
To enroll in the UW 403(b) SRP:
- Research and select a 403(b) SRP recordkeeper(s) that can help you meet your future retirement needs with the flexibility you need to manage your account. The recordkeeper websites have great information on investment basics.
- Set up an account using one of the following methods:
If stopping contributions, or changing to/from Roth contributions a paper SRA is required.
Rollovers and Transfers
If you have funds in an account from a previous employer or you have funds with one of our frozen providers, you may benefit from moving that money to a current provider with the UW SRP Program. To get started, contact your former plan or employer to obtain distribution paperwork. You may also need roll-in paperwork from your current UW SRP Program provider. Contact your provider directly for this paperwork.
Address and Beneficiary Changes
You can change your address by contacting your investment company via phone or in writing. You can change your beneficiary online with Fidelity and TIAA. With the other companies, you must submit a new beneficiary designation to change your beneficiary.
Learn more about the SRP Program
Individual Counseling Appointments
One-on-one counseling sessions are a free service available to both participants in the program as well as those considering participation.
Register Online or call 800-732-8353 to schedule a one-on-one with a TIAA representative.
If you choose to register online:
- Choose “At Work” to view opportunities on your campus. You can select by your location for dates and times.
- Choose “Virtual Consultation” to meet remotely. Select your state and current opportunities will be listed.
Register Online or call 800-642-7131 to schedule a one-on-one with a Fidelity representative.
If you choose to register online, click on the “Select a time to meet.” Type in “University of Wisconsin” for your employer and choose from three options: Virtual Appointment, In-person, Phone.