Retirement

Alabama Teachers’ Retirement

All full-time employees of Jacksonville State University are required to participate in the State Retirement Program. Deductions are on a pre-tax basis and sent to the Retirement System. You become vested after being a contributing member for 10 years.  

• Tier 1 employees (hired prior to January 2013 or former TRS members) contribute 7.5% of your gross salary per pay period; eligible to retire at any age after 25 years of service, or at age 60 with 10 years of service.
• Tier 2 employees (hired after January 2013) contribute 6.2% of your gross salary each pay period; eligible to retire at age 62 with 10 or more years of service.

For more detailed information about this benefit, please visit the Alabama Teachers' Retirement website.

Please Note: Alabama law provides that TRS retirees employed with a TRS employer may continue to receive full retirement benefits under certain conditions.

Learn More about TRS Post-Retirement Employment

RSA-1

RSA-1 is a voluntary, supplemental, deferred compensation plan administered by the Retirement Systems of Alabama (TRS). As explained in the RSA-1 brochure, by contributing pre-tax dollars, a member lowers his/her taxable income and reduces the amount of taxes they pay. RSA-1 is deductions are available via payroll deduction which makes saving easy and convenient. There is no minimum contribution amount, and the contributions may be increased, decreased, or stopped at any time and as often as desired by the member.

Roth 457(b) - New!

This is a voluntary after-tax contribution option to which members can contribute funds from their paycheck that have already been taxed. They would then pay no taxes on the qualified distributions withdrawn during retirement, including earned interest. An additional benefit is that there is no required minimum distribution.

Pre- or Post-tax?  Participants choose whether the deferrals are to be deducted on a pre-tax or post-tax (Roth) basis OR a combination of the two.  Should I choose Roth deferrals (post-tax) or pre-tax deferrals?  This is a determination you must make, and it is dependent on your retirement goals and current financial needs.  It is best to consult a financial advisor when making this decision, but this online article contains some online information to help you understand the differences and make a determination that is best for you.

The maximum amount a member may defer per year is 100% of his/her includable compensation reduced by other tax-deferred retirement contributions and pre-tax salary reductions, but not more than the following annual contribution maximums: 

Annual Contribution Maximum

Year: 2024
Under Age 50: $23,000
Age 50 and Over: additional $7,500
Total: $30,500

If you are a current RSA-1 participant and want to make changes to your payroll contribution amount, please complete the Authorization to Defer Compensation Form and forward to the Payroll Office.

For all other changes or for more information regarding RSA-1, please visit the RSA website at https://www.rsa-al.gov/rsa-1.

More information regarding RSA-1 can be obtained on the TRS website at www.rsa-al.gov.

403-B Plan Administered by TIAA

The University offers a retirement annuity plan with Teachers Insurance and Annuity Association of America (TIAA). The plan is pre-taxed and consists of Regular Annuity (RA) and Supplemental Retirement Annuity (SRA). 

The 2023 contribution limit for employees who participate in the 403(b) to $22,500.

The catch-up contribution limit for employees aged 50 and over who participate in the 403(b) plan has increased to $7,500. Therefore, participants with 403(b), who are 50 and older can contribute up to $30,000, starting in 2023.

Retirement Annuity (RA)

The University will match an employee's contributions with TIAA at 3%, 4%, or 5%, only after two years of full-time employment. However, if an employee is coming from another Higher Education Institution without a break in employment, the employee may be eligible for immediate matching. Documentation verifying continuous employment and prior participation in a TIAA plan is required. If an employee chooses not to contribute to this plan, the University will contribute 1% of the employee's salary to this plan on behalf of the employee (but the employee must still enroll and establish an account with TIAA). 

Supplemental Retirement Annuity (SRA)

Full-time employees may participate in the Supplemental Retirement Annuity upon employment or anytime thereafter. Contributions to the SRA will not be matched by the University.

How to sign up for TIAA

Employees may review their paystub to ensure TIAA is being properly deducted.

Find out when you can take money out of your TIAA account

Sick Leave Conversion Table (Tier 1 Only)