These questions and answers are designed to give you a summary of some of the program’s highlights.

Q: What is the Stanford Contributory Retirement Plan (SCRP)?
 

A: SCRP is Stanford’s retirement savings plan for benefits-eligible employees. There are two portions of SCRP: the Tax-Deferred Account (TDA) and the Contributory Retirement Account (CRA).

After receiving your first paycheck, you are eligible to enroll in TDA and begin making pre-tax contributions from your paycheck. Stanford does not match the TDA pre-tax contributions.

If you are in a benefits-eligible position and have been employed at Stanford for one year, you become eligible for CRA. There are two types of employer contributions in CRA: Basic Contribution and Match Contribution. When you become eligible for CRA, Stanford automatically rewards you with a Basic Contribution based on your salary and years of service. You do not have to defer any money out of your paycheck to receive the Basic Contribution. It is free money from Stanford toward your retirement savings.

If you choose to make contributions of your own in addition to receiving the Basic Contribution from Stanford, you become eligible for Stanford’s Match Contribution. Unlike the Basic Contribution, you cannot receive the Match Contribution unless you defer money out of your paycheck toward your CRA. It is important to note that the only way to receive Stanford’s maximum 5 percent Match Contribution is to enroll in CRA and contribute at least 4 percent.

Over time, your contributions, in addition to Stanford’s Basic and Match Contributions, add up to significant retirement savings.

Q: What is Auto-Enrollment?

A: Stanford wants to help you reach your retirement goals. When employees don’t contribute the minimum 4 percent, they are leaving a 5 percent bonus on the table in the form of matching contributions for their retirement savings. We want to help you take advantage of the benefits offered to you as a Stanford employee.

If you are in a benefits eligible position, Stanford will automatically enroll you at the 4 percent CRA pre-tax rate to begin after your reach your year of service at Stanford.  For example, if you are hired on January 15, 2015, you will be auto enrolled to begin 4% CRA pre-tax contributions beginning February 1, 2016. 

Q: Are there situations where I will not be Auto-Enrolled at 4 percent CRA pretax rate?

A: Yes, if you choose to make any other elections (TDA and/or CRA) before you reach your year of service, you will no longer be auto-enrolled at 4% CRA pre-tax.   For example, if you decide to contribute in TDA contributions prior to reaching your year of service, you will not be auto enrolled in CRA.  As a result, you will have to remember to enroll in CRA to receive matching contributions. 

Q: I am a rehire and have over a year of service, how does Auto-Enrollment affect me?

A: Stanford will auto enroll you at the 4 percent CRA level to begin a year after your rehire date.  Since you may be eligible to participate in CRA immediately, you want to contribute sooner than a year by making a CRA election on your own.   This will allow you to start receiving matching contributions sooner than later.

Q: What if I don’t want to be auto-enrolled in SCRP and have money taken out of my paycheck?
 

A: If you do not wish to contribute 4 percent, you may select any contribution rate you wish—or may choose to contribute nothing—by contacting Fidelity Investments (Stanford’s retirement savings plan administrator) at 1-888-793-8733, or visiting www.netbenefits.com/stanford. Please keep in mind, however, that lowering your contribution amount or choosing not to contribute means that you will miss out on free money that Stanford has to offer you to help you plan for your retirement. See important payroll deadline dates to make changes.

Q: How can I change my contribution rate?
A: If you want to change your contribution rate, you may do so in one of two ways:

• Call Fidelity Investments at 1-888-793-8733; or
• Visit www.netbenefits.com/stanford and change your election to the percentage you choose (or to 0 percent if you do not want to contribute).

Q: Where can I find more plan information about SCRP? 
A: You can log onto the Stanford Benefits website at benefits.stanford.edu and click on the “Retirement Savings” tab. This is where you can download a copy of the SCRP Summary Plan Description (SPD).

Q: If I have any questions, whom can I contact?
A: You may speak with a plan representative at Fidelity Investments at 888-793-8733 or the UHR Service Team at 650-736-2985 (press option #3).