Benefits
About SCRP Contributions
Stanford Contributes to Your Retirement
To make the most of your retirement savings, take advantage of the Stanford Contributory Retirement Plan (SCRP) Matching contributions. If you are eligible for the Contributory Retirement Account (CRA) and have met your one year service requirement, Stanford will automatically establish a CRA account for you. Stanford will give you a Basic contribution, regardless of whether or not you enroll in SCRP. When you do enroll in CRA and contribute at least 4% of your pay, Stanford will add a 5% Matching Contribution. Get more information about and see how you can reach a total potential 10% contribution from Stanford. Your account balance including the Stanford contributions are always 100% vested.
Your Contribution Limits
Each calendar year, federal tax law limits the amount you may contribute to a retirement savings plan using before-tax dollars. In 2014, employees under age 50 may contribute up to $17,500. Employees age 50 and over may contribute an additional $5,500 (for a total of $23,000). Read more about .
These limits apply to all before-tax contributions you make during the calendar year to all retirement plans (a Stanford plan and/or another employer's plan). If you exceed these limits the IRS may impose penalties. To get more information or to change your contribution rate, contact the Stanford Retirement Manager for more information: www.netbenefits.com/stanford or call 1-888-793-8733.
Investing Your Contribution
You have a choice of investment options for your own contributions as well as the you receive from Stanford. If you do not make an investment election, your contributions and Stanford’s will default into an age-appropriate Vanguard Target Retirement Fund. If you elect to invest in TIAA-CREF, but do not complete the TIAA-CREF contract, contributions default into the Vanguard Money Market Fund. The defaulted contributions stay there until you make an investment election and move the account balance out.
Free Investment Advice
Whether deciding how much to contribute or what funds to invest in, you have access to free investment tools and counseling. You can:
- Use the .
- Read .
- Schedule an individual counseling session.
The Retirement Savings section of the Stanford Benefits website provides a summary of eligibility, coverage, vesting, retirement options, payment options and other subjects related to retirement savings. However, the official Plan Documents, together with certain annuity contracts and custodial agreements with investment providers (all as amended from time-to-time) govern Plan operation, and the determination and payment of benefits. In the event of any conflict between the information in this section and the official Plan Documents or any of the annuity contracts or custodial agreements, the Plan Document, annuity contract, or custodial agreement will govern.
