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Retirement Plan: Salary Reduction Agreement

This form is to designate Supplemental (Unmatched) and Matched Retirement Contributions. If you intend to contribute the maximum annual contributions, please complete the Retirement Plan Maximize Contributions form.



Williams College will send an amount equal to this salary reduction to TIAA-CREF as contributions on behalf of the Employee to the following funds in the percentages indicated in this form: the College Retirement Annuity Plan (RA); and/or the Group Supplemental Retirement Annuity (GSRA).

A Participant’s optional unmatched contributions must be allocated by the Participant to either a Group Supplemental Retirement Annuity or Retirement Annuity.

  • Amounts allocated to the Group Supplemental Retirement Annuity (GSRA) can be withdrawn from the Plan by the Participant for any reason immediately after he or she attains age 59-½.
  • A Retirement Annuity (RA) receives a higher interest rate under the TIAA Traditional Annuity. However, amounts allocated to a Retirement Annuity can only be transferred from TIAA Traditional to CREF (or TIAA Real Estate) over a 10-year period.

NOTE: You must have fulfilled the one-year of service requirement to contribute unmatched contributions to the Retirement Annuity (RA).

Supplemental (Unmatched) Retirement Contributions*
Effective Date for Supplemental (Unmatched) Contributions*


Williams College will equally match the amount of this salary reduction and send the employee’s salary reduction amount and the College matching contribution to TIAA on behalf of the Employee, allocated among TIAA and CREF accounts as designated by the Employee.

Eligibility is reached:

  • immediately following the one-year anniversary of an employee’s date of employment if he or she worked at least 1,000 hours during that period. (Faculty who teach at least 1/2 time are deemed to satisfy the 1,000-hour requirement.)
  • immediately upon hire following verified prior service at another educational institution. (This is defined as employment in a non-student capacity at any accredited college or university, so long as such employment was within the three-year period immediately preceding employment at the College.) Prior service must be verified by submitting the Service Credit Form to the Human Resources Office.
  • Otherwise, participation begins on the January 1 following any calendar year in which an employee satisfies the 1,000 hours requirement.

 See Retirement Plan Eligibility and Credited Service for more details.

Matched Retirement Contributions Eligibility Requirements*
Effective Date for Matched Contributions*
Elected Salary Percentage to Contribute*


Subject to any limitations set forth in the Internal Revenue Code and effective for salary paid on or after the effective date as designated in this form, the Employee’s base salary as defined in the College Retirement Income Plan will be reduced by the elected percentage as designated in this form. 

These contributions will be allocated among TIAA accounts as designated by the Employee.

This agreement will continue in effect so long as the Employee’s employment with the College continues or until a new salary reduction agreement for unmatched supplemental contributions and/or optional matched contributions is executed by the Employee and the College; provided, however, that either the Employee or the College may terminate this agreement at any time by giving at least thirty (30) days written notice of the date of termination.

This agreement is subject to the provisions of the College Retirement Income Plan as amended from time to time, including the vesting provisions in the plan.

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