Supplemental Retirement Accounts

  • In addition to the regular retirement previously mentioned, the University of Maryland Eastern Shore offers employees an exceptional opportunity to save for the future while reducing your present tax liability.  All employees are eligible to participate in any of the Supplemental Retirement Account (SRA) Plans available.  We offer a 403(b), 401(k), and 457(b) plan.  Participation is voluntary.

    There are three vendor choices:  The Maryland Supplemental Retirement Plan (administered by Nationwide), Fidelity Investments, and TIAA CREF.

    Contributions made to the SRA are deducted from your salary on a pre-tax basis.  You may contribute as little as $5 per paycheck.  You can open account at any time and you can change the amount being contributed as often as you like.  The 2012 contributions limit is $17,000 for employees under age 50 and $22,500 for employees age 50 and over.

    Participation in any tax deferred investment plan will not affect future benefits from any retirement plan or Social Security.  If you separate employment with the University, you will not be eligible to make direct payments on a tax sheltered basis to any plan, since all contributions must be made through payroll deductions while employed.  However, you may choose to leave your money in the investment plan and receive these benefits at a later time.