Retirement Saving Plans
The University of Pennsylvania provides eligible faculty and staff with multiple retirement savings options, including the Basic Plan, Matching Plan, and Supplemental Retirement Annuity (SRA) Plan.
Each plan offers a wide range of investment options, including funds from Vanguard, TIAA, and BlackRock. A brokerage option is also available, giving you access to mutual funds beyond the plans’ core investment menu.
TIAA is the service provider for the plans, and all plan investment options are available through TIAA’s platform.
On this page:
The Basic Plan and Matching Plan
The Basic Plan and Matching Plan work in tandem. If you’re a staff member, or faculty in an eligible position, you’re eligible for both plans.
The Basic Plan
Penn automatically makes age-based contributions to the Basic Plan. If you are eligible, no action is required to receive these contributions.
The following table shows Penn’s age-based contribution percentages to the Basic Plan:
| Your age on January 1 | Contribution to the Basic Plan (percent of your base pay) |
|---|---|
| 21-29 | 2.5% |
| 30-39 | 4% |
| 40 and above | 5% |
Contact Us
TIAA Retirement Call Center
(877) 736-6738
Penn Employee Solution Center
solutioncenter@upenn.edu
or
(215) 898-7372
Quick Links
The Matching Plan
Eligible employees may contribute up to 5% of their standard pay to the Matching Plan, subject to IRS limits. Penn matches these contributions dollar for dollar. If you wish to contribute more than 5%, you may do so through the Supplemental Plan; however, these additional contributions are not matched, and the same IRS limits apply.
Matching Contributions from Penn are made each pay period and only for periods in which you make an Employee Contribution. If your contributions stop for any reason (for example, because you reach an IRS limit), Penn’s Matching Contributions will also stop, and you may miss out on matching funds you otherwise could have received. To avoid reaching an IRS limit too early—and potentially losing Matching Contributions—be sure to set your per-pay-period Employee Contribution amount so that contributions continue throughout the entire year.
The Basic Plan and Matching Plan in Tandem
| Your Age | Penn's Basic Contribution (no employee contribution required) | Penn's Match Contribution | Total Potential Contribution from Penn | Total Potential Contribution from Employee and Penn |
|---|---|---|---|---|
| 21-29 | 2.5% | Dollar-for-dollar match on employee contributions up to 5% | 7.5% | 12.5% |
| 30-39 | 4% | Dollar-for-dollar match on employee contributions up to 5% | 9% | 14% |
| 40 or over | 5% | Dollar-for-dollar match on employee contributions up to 5% | 10% | 15% |
The Supplemental Retirement Annuity Plan
The SRA Plan is similar to the Matching Plan, except that it accepts employee contributions only.
Limit on Contributions to the SRA Plan
You may elect to contribute up to 80% of your standard gross pay each pay period. If you’re eligible for both the Matching and SRA Plans, the first 5% goes to the Matching Plan and the remaining 75% to the SRA Plan.
Employees Eligible for the Basic and Matching Plans
If you are eligible for the Basic and Matching Plans, contributions up to 5% go to your Matching Plan, and any amount above that is deposited into your SRA Plan.
Employees Ineligible for the Basic and Matching Plans
If your position is not eligible for the Basic and Matching Plan, you still have full access to the SRA Plan. The SRA Plan allows you to make tax-advantaged payroll contributions toward retirement and provides access to a wide range of investment options, as well as retirement counseling, educational resources, and other services offered by TIAA.