Marymount offers a supplemental retirement annuity plan, also known as a Tax Deferred Annuity (TDA). You can begin making contributions as soon as you become an employee. Also this plan is open to contributions from both full- or part-time employees regardless of the hours worked. Other differences include the ability to borrow against your retirement savings and greater flexibility to withdraw your funds under specific circumstances.
The TDA retirement vendor is TIAA-CREF. You are able to choose from the same investment choices as the Defined Contribution Plan, and you have the same flexibility to change your fund choices when you choose.
There are federally controlled contribution limits. If you are under the age of 50, you may contribute up to $18,000 throughout the year; if you are 50 or older you are permitted to contribute up to $24,000 throughout the year.
However, please note two factors that may further limit your voluntary contributions:
1. If you are a new employee, any voluntary contributions you made to a 403(b) while working for another employer during the calendar will reduce these limits.
2.There is also a limit that incorporates the contributions of both the Defined Contribution Plan and the SRA that may further reduce your voluntary contributions.
How Do I Enroll?
The Supplemental Retirement Annuity Plan requires that you go online to create your account and a Salary Reduction Agreement.
Once you have completed the forms, please return them to the Human Resource Office in Ireton Hall.
Any time you would like to increase, decrease, or stop your contributions, simply complete a new Salary Reduction Agreement and send it into the Human Resource Office.
Please contact the Benefits Manager at (703) 284-1680 for additional information.