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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 Stanford's Basic and Matching Contributions and see how you can reach a total potential 10% contribution from Stanford. . Your account balance including the Stanford contributions are always 100% vested.
Each calendar year, federal tax law limits the amount you may contribute to a retirement savings plan using before-tax dollars. In 2012, employees under age 50 may contribute up to $17,000. Employees age 50 and over may contribute an additional $5,500 (for a total of $22,500). Read more about Contribution Limits.
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. Contact Stanford Retirement Manager for more information.
You have a choice of investment options for your own contributions as well as the Basic and Matching contributions 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.
Whether deciding how much to contribute or what funds to invest in, you have access to free investment tools and counseling. You can:
The Retirement section of the Benefits Web site 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.
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