Supplemental Retirement Account (SRA) - Human Resources at Ohio State

Supplemental Retirement Account (SRA)

Ohio State offers supplemental, voluntary savings options to help faculty, staff and student employees plan for retirement. These options make it possible for you to save additional amounts to meet your retirement financial goals and realize potential tax benefits. Even small amounts of money invested regularly over your career can provide a significant financial resource at retirement.

Most Ohio State employees are eligible to participate in the 403(b) and 457(b) Supplemental Retirement Accounts (SRA). These plans allow you to enhance your retirement savings through voluntary pre-tax (state and federal only) contributions to a Tax-Deferred Account (403(b) plan) and Deferred Compensation Program (457(b) plan).

The university does not make contributions to your SRA. Your contributions are deducted from your pay on a pre-tax basis. Other pre-tax payroll deductions (e.g., health care, parking, local taxes, Medicare, etc.) may affect the amount available to contribute to an SRA.

Your contributions and investment earnings grow tax-deferred until withdrawal. You lower your taxable income while working and increase your income at retirement.

SRA Information

Step 1: Research available 403(b) and/or 457(b) providers

Things to consider:

  • Fees
  • Surrender charges
  • Investment returns

Step 2: Contact provider to open account(s)

Action Items:

  • Choose investments
  • Name beneficiaries

Step 3: Complete and submit 403(b) and/or 457(b) election

Action Items:

  • Log into eBenefits and click “Supplemental Retirement”

 

You may enroll in an SRA at any time you are employed in an eligible position. To enroll:

Step 1
Contact the SRA provider you choose to activate an account. The account must be opened before any contributions can be deposited to your account. If the account is not opened, the election will be invalid. Any deductions will be returned to you.

Step 2
See the SRA contribution start date calendars in order to determine the date your election will take effect.

  • 403(b) contributions begin on the pay date you designate on the SRA application or, if later, the next pay after the Office of Human Resources receives your election.
  • 457(b) contributions begin the month after the election is made.

Step 3
After you have established an account, submit an election in Employee Self Service using “Supplemental Retirement” under eBenefits.

Supplemental Retirement Plan Comparisons
Details 403(b) 457(b)
Minimum Contribution Limit Biweekly: $7; Monthly: $15 Biweekly: $15; Monthly: $30
IRS Contribution Limit $19,000; an additional catch-up contribution of $6,000 is available if age 50 or older1,2 $19,000; an additional catch-up contribution of $6,000 is available if age 50 or older1,3
Contribution Coordination There is no coordination between 403(b) and 457(b) plans. Employees can contribute the maximum to both. There is no coordination between 403(b) and 457(b) plans. Employees can contribute the maximum to both.
Taxability Amounts are taxable when distributed Amounts are taxable when distributed
Loans Available Not Available
Hardship/Emergency Withdrawal Available Available
Triggering Events to Access Funds Earliest to occur of: separation from service, age 59½, retirement, disability or death Separation from employment, retirement or death
Early Withdrawal Penalty Yes None
1 Your SRA provider may determine your maximum allowable contribution each calendar year based on your eligible pay.
2 If you paid into a 401(k) with a previous employer, the amount is aggregated with your 403(b) plan limits for the tax year. This summary provides a brief description of the university’s 403(b) and 457(b) plans and is subject to the terms and conditions of those plans. In the event of a conflict between this summary and those plans, the applicable plan will govern.
3 If contributing to Ohio Deferred Compensation (ODC), you may be eligible to contribute an additional amount under the IRS Special Catch-up provision. Contact ODC for more information.

IRS Contribution Limit
The IRS sets the maximum you are allowed to contribute to each plan. Employees will need to establish their deduction(s) within the IRS limits. Ohio State will also monitor the limits to ensure calendar year contributions are within the IRS limits.

Investments
Each provider offers a variety of options in which you may elect to invest your contributions. You assume the investment risk; all earnings and losses accrue to your account. You assume the cost for any management fees associated with your investments, which may vary from provider to provider.

Taxability
Consult a financial planner or tax specialist for answers to questions you may have around taxes.

Advantages
By adding a Supplemental Retirement Account, you will:

  • Lower your current state and federal taxes through tax-deferred savings
  • Save toward retirement
  • Have automatic deductions each pay period

You may change your SRA contribution amount and/or your provider at any time via Employee Self Service. You may also submit to the Office of Human Resources a completed 403(b) SRA Salary Reduction Agreement and/or 457(b) SRA Salary Reduction Agreement. See the SRA contribution start date calendars to review deadlines.

If you are changing providers, your existing SRA balance may remain with your previous active provider, or a portion may be transferred to the new provider, pending your investments allow this.

To estimate how your changed deduction may impact your paycheck, visit Employee Self Service and click Paycheck Modeler. (Note: This tool can only be used once per day.)

Questions regarding the Paycheck Modeler should be directed to Payroll Services.

SRA Providers×

SRA Provider List
Provider Contact Information Offers 403(b) Plans Offers 457(b) Plans
AIG Retirement Services
formerly VALIC
8050 N. High St, Suite 130
Columbus, OH 43235
(614) 436-4501
(800) 448-2542
Yes Yes
Ameriprise Financial, Inc.
530 Spring St, Suite 150
Columbus, OH 43215
(614) 621-2639 Yes No
Aspire Financial Services, LLC
4010 Boy Scout Blvd, Suite 450
Tampa, FL 33607
(866) 634-5873 Yes No
AXA/Equitable Life Ins. Co.
c/o MainStreet Financial Services
180 West Olentangy St., Suite B
Powell, OH 43065
(800) 551-2423 Yes No
Fidelity Investments
100 Crosby Parkway MZ: KC1E
Covington, KY 41015
(800) 642-7131 (appointments)
(800) 343-0860 (general inquiries)
Yes No
Lincoln National Life Ins. Co.
Lincoln Retirement Plan Services
PO Box 3441
Dublin, OH 43016
(800) 454-6265 Yes Yes
Metropolitan Life Ins. Co.
5600 Blazer Parkway, Suite 100
Dublin, OH 43017
(614) 790-9802 Yes No
Nationwide
c/o Michael L. Beers of Graystone
Morgan Stanley Wealth Management
4449 Easton Way, Suite 300
Columbus, OH 43219
(614) 269-3401 Yes No
Ohio Public Employees Deferred
Compensation Program
257 E. Town St, Suite 457
Columbus, OH 43215
(877) OHIO-457 (877-644-6457) No Yes
T. Rowe Price Retirement Plan Services, Inc.
Special Attn: Forms Enclosed
P.O. Box 17215
Baltimore, MD 21297
(800) 922-9945 Yes No
The Legend Group
2929 Kenny Road, Suite 215
Columbus, Ohio 43221
(800) 417-9099 Yes No
TIAA
485 Metro Place S, Suite 450
Dublin, OH 43017
(614) 659-1000
(877) 209-3138
Yes Yes
VOYA Financial Services
7965 N. High St, Suite 150
Columbus, OH 43235
(614) 431-5000
(800) 862-4287
Yes Yes

Contribution Start Date Calendars

The schedules below will help you determine the pay date that your SRA election may take effect if you have completed your election through Employee Self-Service or by using a paper form.

Online elections may be made through Employee Self-Service by clicking on Supplemental Retirement-403(b) under the eBenefits header within the Benefits tile. Elections must be made within the timeframe listed below to be effective on the corresponding pay date.

Biweekly Pay Dates for 403(b) SRA Elections via Employee Self Service
Pay Date First Day to Submit Last Day to Submit
Aug. 16, 2019 July 25, 2019 Aug. 7, 2019
Aug. 30, 2019 Aug. 8, 2019 Aug. 21, 2019
Sep. 13, 2019 Aug. 22, 2019 Sep. 4, 2019
Sep. 27, 2019 Sep. 5, 2019 Sep. 18, 2019
Oct. 11, 2019 Sep. 19, 2019 Oct. 2, 2019
Oct. 25, 2019 Oct. 3, 2019 Oct. 16, 2019
Nov. 8, 2019 Oct. 17, 2019 Oct. 30, 2019
Nov. 22, 2019 Oct. 31, 2019 Nov. 13, 2019
Dec. 6, 2019 Nov. 14, 2019 Nov. 26, 2019
Dec. 20, 2019 Nov. 27, 2019 Dec. 11, 2019
Jan. 3, 2020 Dec. 12, 2019 Dec. 30, 2019
Jan. 17, 2020 Dec. 31, 2019 Jan. 8, 2020
Jan. 31, 2020 Jan. 9, 2020 Jan. 22, 2020
Feb. 14, 2020 Jan. 23, 2020 Feb. 5, 2020
Feb. 28, 2020 Feb. 6, 2020 Feb. 19, 2020
March 13, 2020 Feb. 20, 2020 March 4, 2020
March 27, 2020 March 5, 2020 March 18, 2020
April 10, 2020 March 19, 2020 April 1, 2020
April 24, 2020 April 2, 2020 April 15, 2020
May 8, 2020 April 16, 2020 April 29, 2020
May 22, 2020 April 30, 2020 May 13, 2020
June 5, 2020 May 14, 2020 May 27, 2020

Online elections may be made through Employee Self-Service by clicking on Supplemental Retirement-457(b) under the eBenefits header within the Benefits tile. Elections must be made within the timeframe listed below to be effective on the corresponding pay date.

Biweekly Pay Dates for 457(b) SRA Elections via Employee Self Service
Pay Date First Day to Submit Last Day to Submit
Aug. 16, 2019 July 25, 2019 July 31, 2019
Sep. 13, 2019 Aug. 1, 2019 Aug. 31, 2019
Oct. 11, 2019 Sep. 1, 2019 Sep. 30, 2019
Nov. 8, 2019 Oct. 1, 2019 Oct. 30, 2019
Nov. 22, 2019 Oct. 31, 2019 Oct. 31, 2019
Dec. 6, 2019 Nov. 1, 2019 Nov. 26, 2019
Dec. 20, 2019 Nov. 27, 2019 Nov. 30, 2019
Jan. 3, 2020 Dec. 1, 2019 Dec. 30, 2019
Jan. 17, 2020 Dec. 31, 2019 Dec. 31, 2019
Feb. 14, 2020 Jan. 1, 2020 Jan,. 31, 2020
March 13, 2020 Feb. 1, 2020 Feb. 29, 2020
April 10, 2020 March 1, 2020 March 31, 2020
May 8, 2020 April 1, 2020 April 29, 2020
May 22, 2020 April 30, 2020 April 30, 2020
June 5, 2020 May 1, 2020 May 27, 2020

Elections made using a paper form must be submitted no later than the last day listed in the “Submitted by” column to be effective on the corresponding pay date.

Note: The preferred method of making elections is through Employee Self-Service by clicking the appropriate link under the eBenefits header within the Benefits tile. Enrollment is also accepted on the 403(b) Salary Reduction Agreement Form and/or 457(b) Salary Reduction Agreement Form.

Biweekly Pay Dates for 403(b) and 457(b) SRA Elections via Paper Forms
Pay Date 403(b) Submitted By 457(b) Submitted By
Aug. 16, 2019 Aug. 7, 2019 July 31, 2019
Aug. 30, 2019 Aug. 21, 2019 July 31, 2019
Sep. 13, 2019 Sep. 4, 2019 Aug. 31, 2019
Sep. 27, 2019 Sep. 18, 2019 Aug. 31, 2019
Oct. 11, 2019 Oct. 2, 2019 Sep. 30, 2019
Oct. 25, 2019 Oct. 16, 2019 Sep. 30, 2019
Nov. 8, 2019 Oct. 30, 2019 Oct. 30, 2019
Nov. 22, 2019 Nov. 13, 2019 Oct. 31, 2019
Dec. 6, 2019 Nov. 26, 2019 Nov. 26, 2019
Dec. 20, 2019 Dec. 11, 2019 Nov. 30, 2019
Jan. 3, 2020 Dec. 30, 2019 Dec. 30, 2019
Jan. 17, 2020 Jan. 8, 2020 Dec. 31, 2019
Jan. 31, 2020 Jan. 22, 2020 Dec. 31, 2019
Feb. 14, 2020 Feb. 5, 2020 Jan. 31, 2020
Feb. 28, 2020 Feb. 19, 2020 Jan. 31, 2020
March 13, 2020 March 4, 2020 Feb. 29, 2020
March 27, 2020 March 18, 2020 Feb. 29, 2020
April 10, 2020 April 1, 2020 March 31, 2020
April 24, 2020 April 15, 2020 March 31, 2020
May 8, 2020 April 29, 2020 April 29, 2020
May 22, 2020 May 13, 2020 April 30, 2020
June 5, 2020 May 27, 2020 May 27, 2020

Online elections may be made through Employee Self-Service by clicking on Supplemental Retirement-403(b) under the eBenefits header within the Benefits tile. Elections must be made within the timeframe listed below to be effective on the corresponding pay date.

Monthly Pay Dates for 403(b) SRA Elections via Employee Self Service
Pay Date First Day to Submit Last Day to Submit
Aug. 30, 2019 July 18, 2019 Aug. 18, 2019
Sep. 30, 2019 Aug. 19, 2019 Sep. 15, 2019
Oct. 31, 2019 Sep. 16, 2019 Oct. 22, 2019
Nov. 29, 2019 Oct. 23, 2019 Nov. 20, 2019
Dec. 31, 2019 Nov. 21, 2019 Dec. 15, 2019
Jan. 31, 2020 Dec. 16, 2019 Jan. 15, 2020
Feb. 28, 2020 Jan. 16, 2020 Feb. 16, 2020
March 31, 2020 Feb. 17, 2020 March 22, 2020
April 30, 2020 March 23, 2020 April 21, 2020
May 29, 2020 April 22, 2020 May 20, 2020

Online elections may be made through Employee Self-Service by clicking on Supplemental Retirement-457(b) under the eBenefits header within the Benefits tile. Elections must be made within the timeframe listed below to be effective on the corresponding pay date.

Monthly Pay Dates for 457(b) SRA Elections via Employee Self Service
Pay Date First Day to Submit Last Day to Submit
Aug. 30, 2019 July 1, 2019 July 31, 2019
Sep. 30, 2019 Aug. 1, 2019 Aug. 31, 2019
Oct. 31, 2019 Sep. 1, 2019 Sep. 30, 2019
Nov. 29, 2019 Oct. 1, 2019 Oct. 31, 2019
Dec. 31, 2019 Nov. 1, 2019 Nov. 30, 2019
Jan. 31, 2020 Dec. 1, 2019 Dec. 31, 2019
Feb. 28, 2020 Jan. 1, 2020 Jan. 31, 2020
March 31, 2020 Feb. 1, 2020 Feb. 29, 2020
April 30, 2020 March 1, 2020 March 31, 2020
May 29, 2020 April 1, 2020 April 30, 2020

Elections made using a paper form must be submitted no later than the last day listed in the “Submitted by” column to be effective on the corresponding pay date.

Note: The preferred method of making elections is through Employee Self-Service by clicking the appropriate link under the eBenefits header within the Benefits tile. Enrollment is also accepted on the 403(b) Salary Reduction Agreement Form and/or 457(b) Salary Reduction Agreement Form.

Monthly Pay Dates for 403(b) and 457(b) SRA Elections via Paper Forms
Pay Date 403(b) Submitted By 457(b) Submitted By
Aug. 30, 2019 Aug. 18, 2019 July 31, 2019
Sep. 30, 2019 Sep. 15, 2019 Aug. 31, 2019
Oct. 31, 2019 Oct. 22, 2019 Sep. 30, 2019
Nov. 29, 2019 Nov. 20, 2019 Oct. 31, 2019
Dec. 31, 2019 Dec. 15, 2019 Nov. 30, 2019
Jan. 31, 2020 Jan. 15, 2020 Dec. 31, 2019
Feb. 28, 2020 Feb. 16, 2020 Jan. 31, 2020
March 31, 2020 March 22, 2020 Feb. 29, 2020
April 30, 2020 April 21, 2020 March 31, 2020
May 29, 2020 May 20, 2020 April 30, 2020