Let Stanford Help You Save for Retirement
This is a good time of the year to evaluate your retirement savings contributions and make adjustments for the New Year.
If you have been at Stanford for at least a year, you are enrolled in the Stanford Contributory Retirement Plan, or SCRP. Stanford automatically contributes to this plan on your behalf depending on the number of years of employment.
The best thing about SCRP is Stanford's matching contribution when you contribute to the plan too. If you only contribute 4% of your base salary each pay period, Stanford will add a 5% matching contribution. That's right, you contribute 4% and Stanford contributes 5%.
Time to Make a Change?
If you want to start making contributions to your SCRP account or change your contribution amount, go to the Benefits Web site and click on Retirement Manager Login in the top tool bar.
The IRS has certain limits to the amount of salary you can put aside into a retirement account. Click here for the 2009 limits. Keep in mind, if you are over age 50, you have a higher limit. Use the Before-Tax Calculator on the Benefits Web site to determine your annual maximum. You can also use the calculator to review different contribution amounts. To do this, go to the Benefits Web site. Click on Retirement and find the calculator under Quick Links.
Special Catch-up Limit on Your Contributions
If you have worked at Stanford for 15 or more years, you may be able to increase the limits by as much as $3,000 for up to five years. Contact the SLAC Benefits Office if you would like to receive information about this catch-up or to have your catch-up limits calculated. The University will not allow catch-up contributions without first calculating a limit for you. Consult your tax adviser if you have specific questions about your situation.
If you have any questions contact the SLAC Benefits Office (x2356 or x2357). You may also call Stanford Benefits at 736-2985 and press option 2.