Posted 9:22 a.m. Thursday, April 20, 2023
April is Financial Literacy Month. Having adequate retirement savings is one component of an overall financial plan.
As a University of Wisconsin System employee, you are eligible for the UW 403(b) Supplemental Retirement Program (SRP) – a voluntary supplemental retirement savings plan administered by UW System specifically for UW employees.
As an employee of the UW System, you’ve been automatically enrolled in the Wisconsin Retirement System (WRS), which provides a great pension benefit when you retire. However, most people will need additional savings to supplement this income. An extra retirement savings cushion can help you cover everyday living expenses and provide you with financial resources to pursue things you enjoy, such as travel or a favorite hobby.
In the UW 403(b) SRP, there are two record keepers to choose from—TIAA or Fidelity. Both record keepers offer the same 18 best-in-class choice of mutual funds, and each also offers a guaranteed interest option and access to a brokerage window. You decide how much to save, which of the fund options to invest in, and whether to contribute on a pre-tax and/or Roth (after-tax) basis. You can start, change, or stop your deductions at any time.
Resources to assist you are available on the UW 403(b) Supplemental Retirement Program web page. You may find the on-demand webinar helpful: SRP: Investing in Your Financial Future: Intro to the 403(b) Program. You can also sign up for an individual counseling session.
Enrollment is simple! Complete an EZ Enrollment and submit it to your institution benefits contact. If you want to read more about the UW 403(b) Program, or enroll online, visit the UW 403(b) Program enrollment section.
It’s never too early or too late to start saving. The UW 403(b) SRP can help you save for your retirement goals – get started today!
UW 403(b) Supplemental Retirement Program (SRP)
