UW 403(b) Supplemental Retirement Program

SRP CommitTee upcoming meetings

SRP Advisory Committee Meeting

Date: Friday, May 2, 2025
Time: 10:00am – 2:00pm
Location: 780 Regent St. Madison, WI 53715

 

Overview

The UW 403(b) Supplemental Retirement Program (SRP), formerly the UW Tax-Sheltered Annuity (TSA) 403(b) Program, allows employees to invest a portion of their income for retirement on either a before-tax basis, an after-tax (Roth) basis, or a combination of both. Participation in the UW 403(b) SRP is voluntary with employees making the entire contribution; there is no employer match. For more background, review the UW 403(b) SRP Plan Document pdf .

The UW 403(b) SRP is administered by Universities of Wisconsin Office of Trust Funds, with the SRP Advisory Committee serving as an advisory resource of the program. Financial information on the program can be found in the Annual Reports.

Providers

UW 403(b) SRP investment options include 18 best-in-class funds available through TIAA and Fidelity, with a separate Guaranteed Fixed Rate Annuity for each provider. Participants can also choose to work through a self-directed brokerage window.

Contact information for frozen providers can be found here.

Eligibility

All Universities of Wisconsin employees (including rehired annuitants, student hourly, and graduate assistants) are eligible to participate. Some positions funded by scholarships or fellowships are not eligible. Eligible employees can enroll at any time.

Fees

The UW 403(b) SRP provides a low-cost way to save for retirement. All funds are no-load: there are no sales commissions or broker fees. Participants have access to low-cost institutional share classes through the core line-up.

In the past, recordkeeping and administrative fees were included in the expense ratios. In order to be transparent, beginning in 2022 these fees are charged as a quarterly flat-dollar amount per participant and will be automatically deducted from your account. You will see them listed as “fees” on your statements.

TIAA

Account Balance
(as of the last day of the previous quarter)		 Quarterly Annual
< $5,000 $0 $0
$5,000 to $50,000 $4.50 $18.00
$50,000.01 to $100,000 $9.50 $38.00
$100,000.01 to $200,000 $17.00 $68.00
>$200,000 $24.50 $98.00

Fidelity- Effective July 1, 2024 reduced by $4.00 per tier!

Account Balance
(as of the last day of the previous quarter)		 Quarterly Annual
< $5,000 $1.00 $4.00
$5,000 to $50,000 $6.00 $24.00
$50,000.01 to $100,000 $13.50 $54.00
$100,000.01 to $200,000 $23.50 $94.00
>$200,000 $36.00 $144.00

Ready to enroll? Find information here

Frequently Asked Questions

Looking for more information or have a specific question? Take a look at the Frequently Asked Question page.

Education

It is important to ‘Save Smart, Save Early’ even a small amount adds up! There are many tools to help you learn about investment choices and how to meet your savings goals, including counseling sessions with representatives of the providers, live or on-demand webinars, and videos.

To learn about the UW 403(b) Supplemental Retirement Program, watch

SRP: Investing in Your Financial Future: Intro to the 403(b) Program On demand
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One-on-one counseling sessions are a free service available to both participants in the program as well as those considering participation. 

TIAA

Register Online or call (800) 732-8353 to schedule a one-on-one with a TIAA representative.

If you choose to register online:

  • Click on "Schedule"
  • Choose either "Register for TIAA access" or "Register for guest access"
  • Choose how and when you would like to meet 
Fidelity

Register Online or call (800) 642-7131 to schedule a one-on-one with a Fidelity representative.

If you choose to register online, the "University of Wisconsin" will pre-fill; choose from three options: Virtual Appointment, In-person, Phone; available time will be displayed.

TIAA

TIAA offers a variety of live webinars and access to past recordings that may not all apply directly to the UW 403(b) plan.

TIAA WEBINARs 

On-Demand Webinars

Alternatively, all employees can visit the TIAA Webinars page to view webinars on a variety of topics, not all specific to 403(b) plans or the UW 403(b) SRP.

  • Click "Explore Webinars."
  • If you have already enrolled, use your sign-in information to gain access. If you are not enrolled, click "Register for guest access" and follow the prompts.
  • Once registered, sign up for upcoming webinars or watch "On Demand Webinars."

Fidelity

Fidelity offers a variety of individual and video series to check out and may not all apply directly to the UW 403(b) plan.

On-Demand Webinars

Note: Live webinars offered by UW 403(b) SRP providers are available to all employees and may or may not directly pertain to the UW 403(b) SRP.

Additional webinar resources:

Enrollment

To enroll in the UW 403(b) SRP:

  1. 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.
  2. Choose a way to sign up. Click on the tabs below for instructions on how to set up an account using one of the following methods:
    1. EZ Enrollment
    2. Salary Reduction Agreement
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Use the EZ Enrollment as a one-step process to set up your basic account with the recordkeeper and your contribution election through your paycheck. 

Your contributions will be defaulted to an age-appropriate target date fund that you can update to other investments after the account has been established.

For questions about the EZ Enrollment reach out to your benefits contact. 

Complete and submit to:

  • serviceoperations@support.wisconsin.edu for all campuses except Madison and Milwaukee
  • benefits@ohr.wisc.edu for UW-Madison
  • benefits@uwm.edu for UW-Milwaukee

Already enrolled and need to make a change to your deduction?
Visit Deduction Changes below for instructions.

1) Set up your account using the link(s) below based on your choice of recordkeeper. 

  • TIAA: Click the Ready to Enroll button, select the UW 403(b) Supplemental Retirement Program, and click Begin enrollment. Log in if you already have an account or click Register now to create one.
  • Fidelity: Click the Get started button. If you have a log in, enter your information. If you do not have a log in, register as a new user.

2) Once you have established your account with the recordkeeper, fill out the Salary Reduction Agreement (SRA) to start your deduction. 

  • SRA eForm in the my.wisconsin.edu (Instructions) OR
  • SRA Paper Form pdf Complete and submit to:
    • serviceoperations@support.wisconsin.edu for all campuses except Madison and Milwaukee
    • benefits@ohr.wisc.edu for UW-Madison
    • benefits@uwm.edu for UW-Milwaukee

Do NOT file a Salary Reduction Agreement until you have enrolled with your recordkeeper. You must have an account established with your recordkeeper under the UW System program before your deduction is taken. Recordkeepers cannot accept your 403(b) contribution until you have opened an account.

Information about the Salary Reduction Agreement:

  • The Salary Reduction Agreement (SRA) authorizes the Universities of Wisconsin to withhold either a dollar amount or percent of pay (salary) from each paycheck and send it to the SRP recordkeeper(s) you choose.
  • It is your responsibility to confirm that your SRA has been properly processed by monitoring your earnings statement.
  • WARNING: If you choose 100%, then ALL of your salary — after Social Security (FICA), insurance premiums, and required deductions — will be sent to your SRP recordkeeper and you will have a $0.00 paycheck.

A paper application only sets up your account with the recordkeeper. To start your deduction from your paycheck, submit a completed Salary Reduction Agreementpdf (SRA).

Already enrolled and need to make a change to your deduction?
Visit Deduction Changes below for instructions.

Deduction Changes

If you’re already enrolled and want to change your deduction, you have several options.

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Sign into my.wisconsin.edu and click the Benefits and Well-Being tile. Select the Savings Summary tab on the left side menu. 

Instructions can be found in the View and Update Benefit Savings tipsheet.

Why use this option?
This is a quick way to change your current deduction on the paycheck for the next pay period.

To enroll with a different recordkeeper, change the type of deduction (before-tax vs. after-tax), stop your deduction, or change your deduction for the current period or schedule a deduction change for the future, use either the Salary Reduction Agreement (SRA) eForm or the Salary Reduction Agreement Paper Form.

Sign into my.wisconsin.edu and click the Forms tile. In the left-hand menu, select Salary Reduction Agreement, then select Add New SRA. 

Instructions can be found in the Salary Reduction Agreement Form tipsheet.

Why use this option?
This option allows you to start, change, or stop your deductions. You can also choose a future paycheck date. This method will send the information to your institution benefits office for entry.

Submit a completed Salary Reduction Agreement (SRA) to:

  • serviceoperations@support.wisconsin.edu for all campuses except Madison and Milwaukee
  • benefits@ohr.wisc.edu for UW-Madison
  • benefits@uwm.edu for UW-Milwaukee

Why use this option?
This form can be used to start, change, or stop your deductions. You can also change a deduction in the current pay period or choose a future paycheck date.

Questions? Reach out to your benefits contact.

Contributions

You can invest on a before-tax and/or after-tax (Roth) basis.

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Contributions deducted from your earnings on a before-tax basis reduce your current taxable income. Both your contributions and your earnings grow on a tax-deferred basis. When you withdraw money from your account, it is taxed as regular income to you in the year you receive it.

Contributions deducted from your earnings on an after-tax (Roth) basis are included in taxable income in the year they are made, but the account balance and earnings are not taxed when you take the money out in retirement (subject to certain restrictions). TIAA and Fidelity offer the Roth option.

Limits

The following maximum contribution limits apply to the UW 403(b) SRP. As of 2022 there is no minimum contribution.

2024

  • if under age 50: $23,000
  • if age 50 or older at any time during the year: $30,500 (includes an additional $7,500)

2025

  • if under age 50: $23,500
  • if age 50 or older at any time during the year: $31,000 (includes an additional $7,500)

You may contribute an additional $3,000 per year ($15,000 max over a minimum of five years) if:

  • You have 15 years or more of service with the Universities of Wisconsin; and
  • Your Universities of Wisconsin 403(b) contributions average less than $5,000 per year over the course of your Universities of Wisconsin employment.

By IRS rule, the $3,000 (per year) service catch-up is used first, before the age 50 and over catch-up.

Note: You must check with your Institution Benefits Contact to see if you qualify each year and this must be approved each year. Due to the $5,000 per year average, you may qualify one year but not the next. It is advisable to have this checked by early fall for the upcoming year. This will allow time for you to submit a new Salary Reduction Agreement with any necessary changes to your contribution amount prior to the first paycheck of the new year.

Contributions to Other Savings Plans

Contributions to the Wisconsin Retirement System (WRS), Wisconsin Deferred Compensation (WDC) or other 457 deferred compensation plans, and Individual Retirement Accounts (IRAs) do not affect your 403(b) limit. You may contribute the full amount to the UW 403(b) SRP, the WDC 457 Program, and to a personal IRA, either traditional or Roth. You may also contribute the full amount to the UW Medical Foundation 401(a) plan.

402(g) Limit – Elective Deferrals

Your UW 403(b) SRP contribution limit is reduced dollar for dollar by contributions you make to any of the following retirement savings plans: other 403(b), 401(k), and Federal Thrift Savings Plans (TSP) and SIMPLE IRAs, SIMPLE 401(k)s, and salary reduction SEP IRAs.

415(c) Limit – Annual Additions

If you own more than 50% of a business, then retirement contributions made on your behalf by that business must be aggregated with your UW 403(b) SRP contributions and are limited by the 415(c) limit – $69,000 in 2024. Your 403(b) contributions made under the Age 50 catch-up are not included when calculating the 415(c) limit.

Investment Options

The UW 403(b) SRP offers 18 best-in-class options through TIAA and Fidelity, including a Guaranteed Fixed Rate Annuity for each provider.

Annuities are insurance contracts purchased from an insurance provider. Fixed annuities pay interest at or above a guaranteed rate.

Participants can also choose to work through a self-directed brokerage window with TIAA or Fidelity.

Review the UW 403(b) SRP Core Investment Line-up pdf for a list of investment options that are authorized for UW System employees under the UW 403(b) SRP. The same options are available from TIAA and Fidelity.

SRP staff is not able to provide financial advice, however a guide on How to Choose a Financial Planner pdf does offer some tips on obtaining financial advice.

The UW 403(b) Supplemental Retirement Program (SRP) Advisory Committee (SRPAC) reviews the investment options available in the program and works with the providers to make sure the program has the lowest fees and expenses where possible.

Distributions

The IRS regulates and limits the access you have to your retirement savings. You may withdraw your contributions (take a distribution) only when you:

  • leave employment with the Universities of Wisconsin,
  • reach age 59 ½ — even if you are still working, or
  • become disabled.

Once you meet the eligibility criteria above, you have three options to manage your UW 403(b) SRP assets. Make sure to explore the pros and cons of each before making a decision.

  • Leave your assets with your provider in the UW 403(b) SRP.
  • 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 under age 59 ½.

To access your funds, contact your SRP provider(s). Withdrawals from TIAA and Fidelity may be initiated over the phone or through online distribution requests. To withdraw your funds from Lincoln or Ameriprise, you must use their form.

Note: Only the following frozen providers – Allspring Global Investments (Wells Fargo originally Strong), DWS (Scudder), American United Life (One America), and Security Benefit Life — require a signature from the 403)b SRP Administrator. BNY Mellon (Dreyfus) does not require a signature once the participant is 59 ½ or older.

See Transfer from a Current or Frozen Provider for frozen provider contact information.

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The money you take out from your pre-tax SRP accounts is taxed as regular income to you in the year you receive it:

  • Withdrawals before age 59 ½ may result in tax penalties.
  • If you terminate UW employment at age 55 or older – even though you are not 59 ½ – you may take distributions from your UW SRP pre-tax accounts without being subject to the 10% tax penalty for early withdrawal.

Withdrawals from your Roth after-tax 403(b) account are tax-free as long as you meet the IRS restrictions:

  • You must have had the account open at least five years from your first Roth contribution, and
  • You must be at least 59 ½ years old.

The SECURE 2.0 Act, which became law in December 2022, increases the age at which individuals must begin taking Required Minimum Distributions (RMDs) from their retirement account from 72 to 73, starting on Jan. 1, 2023. SECURE 2.0 enhances the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) that became law on December 20, 2019. The Secure Act had also made changes to the RMD rules.

Under the initial  Secure Act, if you reached age 70 ½ in 2020 or later and you were no longer working for the University, you had to take your first RMD by April 1 of the year after you reached 72. (If you reached 70 ½ before January 1, 2020, you must have taken your first RMD by April 1 of the year after you reached 70 ½.)

With SECURE 2.0,  if you reach 73  in 2023 or later and are no longer working for the University, you must take your first RMD by April 1 of the year after you reach 73. If you had reached 72 in 2022 or earlier, you will need to continue taking RMDs as scheduled.

Secure 2.0 also reduces the penalties associated with failing to take an RMD. If you neglect to take the distribution, you will incur a 25% tax penalty (reduced from 50%) on the minimum amount you should have received. The penalty will be further reduced to 10% if you take appropriate action. Your investment provider will calculate your minimum required distribution upon request.

Note: If you are still working at the UW at age 73, you do not need to take a distribution from your UW 403(b) SRP until April 1 of the year following your termination of employment. Please note, if you choose to delay until April after the year you retire, you'll need to take a second RMD for the same year by Dec. 31 of that year.

If you have accounts with previous employers or IRAs, you should begin taking distributions on those accounts according to your age and the appropriate legislation -- by April 1 of the year after you turn 73 (70 ½ if you were born before July 1, 1949, or 72 if you were born July 1,1949 and after but before January 1, 1950).

Rollovers & 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 403(b) SRP. Consider the following information based on your situation:

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If you are permitted to withdraw your money from your former plan, you can roll it into an account in the UW 403(b) SRP -- with either TIAA or Fidelity.

Money that you roll in to your UW 403(b) SRP account will be treated like other 403(b) money for all tax purposes, except that you may be allowed to withdraw it before terminating employment or reaching age 59 ½, usually with a 10% tax penalty.  

The UW 403(b) SRP will accept money from 401(a) "qualified" plans, 401(k), 403(a), 403(b), 457 governmental deferred compensation plans, and Thrift Savings Plans, as well as from traditional (pre-tax), SEP, and SIMPLE IRAs. Be aware that if you roll your 457 account into a non-457 plan, it becomes subject to the 10% early withdrawal penalty, which could otherwise not apply.

If you decide to roll over a retirement account, elect a direct rollover, in which the money is paid directly to the new plan. Otherwise, 20% of the account will be withheld for income tax. 

To get started, contact your former plan or employer to get distribution paperwork. You may also need roll-in paperwork from your current UW 403(b) SRP provider.

Note: Roth IRAs can only be rolled into other Roth IRAs by federal regulation.

You may move your money within the UW 403(b) SRP between current providers - TIAA and Fidelity -  or from a frozen provider to a current provider. Since frozen providers no longer accept contributions, you may want to consolidate your account with a current provider. If you don't have an account with either TIAA or Fidelity, sign up before you start the transfer process. To begin the transfer process, call the new provider and ask for a 403(b) transfer request. Complete the form(s) and return them to the new provider. Your new provider is responsible for contacting the old provider and requesting the money.

Exception: If you are transferring money from Ameriprise/RiverSource or Lincoln you must also use their form. You will also need the new provider's form. Complete both and send them to your new company. Alert your new provider that it must submit the Ameriprise/RiverSource or Lincoln form.

Below is contact information for the frozen providers (current provider information can be found in the Overview).

If you would like more information, review Tips for Transferring Funds pdf .

Loans

If you need access to your money and you can’t or don’t want to take a distribution, you may be eligible to take a loan from your SRP account.

Loans are available from current SRP providers TIAA and Fidelity, and from frozen providers Ameriprise/RiverSource and Lincoln. With TIAA, Fidelity, and Ameriprise you borrow the money from yourself and pay the interest to your own account. With Lincoln, a portion of your account is collateralized, and you borrow from the company, but the interest rate is low.

To start the loan process contact your SRP provider. Each provider has its own loan procedure. University authorization is not needed. In the UW 403(b) SRP, you may have up to two outstanding loans at any time, either both from the same provider or one each from different providers. The minimum loan amount is $1,000 and you may borrow the lesser of $50,000 or one-half of your account, subject to federal regulation and provider requirements. There are no restrictions on what the loan can be used for. Generally, the loan must be repaid within five years unless the loan is used to acquire your principal residence. Loan repayments are made from your bank account to the provider.

The loan administrative fee depends on which provider you use and are generally quite low.

  • With TIAA, the origination fee is $75 per loan, ($125 for a primary residence) along with a $25 annual loan maintenance fee per loan. This is assessed annually in January.
  • With Fidelity, there is a $35 origination fee plus a $3.75 per quarter maintenance fee. If you take a loan with Fidelity, the costs in the first year will be $50: every year thereafter you will pay $15.

Your monthly loan repayments, including interest payments, are reinvested into your account. These payments do not count towards IRS contribution limits, and you can keep contributing to your account as you repay your loan. However, if you take a loan, you may miss out on potential market growth you might have gained on that money.

You may continue paying off your loan even if you have terminated Universities of Wisconsin employment. You can also initiate a loan even if you are no longer employed with Universities of Wisconsin.

Beneficiary Information

Employees are encouraged to designate a beneficiary(ies) to ensure benefits are paid according to their wishes. Whenever an employee has a life event, such as a marriage, divorce, or birth of a child, beneficiary designations should be reviewed and updated. Beneficiary designations can be changed at any time through your online account with TIAA or Fidelity. For security reasons, beneficiary changes must be made in writing.

Contact Information:

For more information on beneficiary designations, see the Beneficiary Information web page.

Name & Address Changes

If you are enrolled with a UW 403(b) SRP provider and need to make changes to your personal information, do the following:

  • Name Change: Must be made in writing. Contact your provider to obtain a form.
  • Address Change: Contact the provider via phone or in writing. Only TIAA permits online address changes.

SRP Advisory Committee

The SRP Advisory Committee (SRPAC) is a nine-member committee consisting of faculty, academic, and university staff that provides oversight of the program and advice on program issues. Members are appointed by the Universities of Wisconsin President to three-year terms that are staggered to provide continuity to the function of the SRPAC. The chair and vice-chair are elected at the fall meeting of even-numbered years.

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*Note: All agendas and meetings prior to July 2021 were under the former name: TSA Review Committee (TSARC). All agendas and meetings are now under the Supplemental Retirement Program Advisory Committee (SRPAC).

2024

Agendas

Minutes

2023

Agendas

Minutes

2022

Agendas

Minutes

2021

Agendas

Minutes

2020

Agendas

Minutes

2019

Agendas

Minutes

Additional agendas and minutes are available upon request.

Forms & Resources

Plan document & Investment Policy statement

 

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EZ Enrollment

See the instructions for more details on enrolling using the EZ Enrollment.

Salary Reduction Agreement (SRA)

See the instructions for more details on enrolling using the Salary Reduction Agreement (SRA).

Paper Applications
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UW 403(b) SRP Core Investment Line-up
Flash Report

Contact Information

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Current Providers 
  • TIAA | (800) 842-2776
    • University of Wisconsin TIAA Plan ID Number is 100988
Past Providers
UW 403(B) SRP

Updated: 12/18/2024