608. Supplemental Retirement Plan
Santa Clara University provides a supplemental retirement plan for all eligible employees. This plan allows participants to make tax-sheltered contributions to a retirement account. The University offers its supplemental retirement plan through the Santa Clara University Tax-Deferred Annuity Plan (403(b)) and provides investment options through designated fund sponsors.
Any regular employee is eligible for participation in the Santa Clara University Tax-Deferred Annuity Plan on the first of the month coinciding with or immediately following the date of hire.
The amount of the contribution is determined by the employee, but must be an amount that does not exceed the employee’s statutory exclusion allowance under Section 403(b) or the limitations of Section 415 or 402(g) of the Internal Revenue Code, whichever is less. The tax-deferred contribution is made on a semi-monthly basis coinciding with the pay date. The contribution becomes effective on the first day of the pay period following the completion of a Salary Reduction Agreement, and an enrollment application.
It is the responsibility of the employee to complete the appropriate documentation to establish a Supplemental Retirement Account. It is also the responsibility of the employee to verify that he/she has not exceeded the annual contribution limits as allowed by the applicable laws. It is the responsibility of Human Resources to ensure that proper contributions are made and forwarded to the appropriate fund sponsor in a timely manner.
Contact Human Resources if you have any questions or if you would like more information regarding this policy. Specific information regarding designated fund sponsors may be found on the Human Resources web site or you can contact the appropriate fund sponsor.
Policy Approved: October 23, 1998
Last Updated: October 28, 1998
Last Reviewed: June 30 2022
Maintainer: Human Resources