Employee-Funded Supplement Retirement Savings Plans
The following optional retirement plans are available to all University employees, regardless of FTE and eligibility for other University benefits.
403(b) and 457(b) Supplemental Retirement Savings Plans:
- Retirement Information Guide - Supplemental Retirement Plans
- Supplemental Retirement Plans Comparison - 403(b) vs. 457(b)
- All University employees may participate through payroll deduction in one or both supplemental retirement plans. See the University's Annual Universal Availability Notice for more information.
- You may start or stop participation, or change your salary deferral amount at any time.
- Minimum deferral to each plan is $25/month ($12.50/paycheck).
- The IRS and plan rules govern withdrawals and maximum deferral amounts. Maximum amounts are reviewed annually by the IRS and future limits may increase based on cost of living increases.
2016 $18,000 2017 $18,000 - You may defer the maximum amount to both a 403(b) and a 457(b) account.
- Each plan has an Age 50 Catch-up that allows employees age 50 or older to defer an additional amount per year. For 2014, employees age 50 or older may defer an additional $5,500. For 2015, employees age 50 or older may defer an additional $6,000.
- Each plan has a special catch-up exception available that may allow you to defer more than the maximum amount.
- You can rollover assets from other similar accounts.
These accounts are not traditional savings accounts! There are strict rules governing withdrawal of funds. You should only defer money into one of these accounts if you intend to save for retirement.
RELATED LINKS:
- 403(b) Plan Summary
- 457(b) Plan Summary
- To Enroll in the 403(b) and/or 457(b) Plan, complete a Salary Reduction Agreement and submit it to the University Benefits Department.
- To Stop or Change the Amount You are Contributing to the 403(b) and/or 457(b) Plan, complete a new a Salary Reduction Agreement and submit it to the University Benefits Department.
- To Change Your Investment Provider in the 403(b) and/or 457(b) Plan, complete a new a Salary Reduction Agreement and submit it to the University Benefits Department.
- University-funded Retirement Plans
- University Investment Providers
- Change Investment Options
- Transfer Assets To Another Investment Provider
- Enrolling and Making Changes
- Change Your Beneficiaries