Salary Reduction Agreement

A Supplemental Retirement(SRA) is a way to have an additional tax-deferred retirement account. In order to start an SRA, you request in writing that part of your salary be deposited with Teachers Insurance and Annuity Association, College Retirement Equities Fund (TIAA CREF) as a premium for an SRA Contract. In doing so, you are, in effect, entering into an agreement with the Institution to "reduce" your salary and contribute an amount equal to the "reduction" to your SRA Contract.