Supplemental 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:
- You may participate in one or both supplemental retirement plans.
- 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.
2022 $20,500 - 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.
- 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: