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Supplemental Retirement

The University offers several tax deferred investment plans in which eligible employees may participate. The plans allow employees to reduce current taxable income while setting aside funds to supplement retirement benefits. The provisions for these investment vehicles are outlined by Internal Revenue Codes 401(k), 403(b), 403(b)(7), and 457. Contributions are made by the employee through payroll reduction on a pre-tax basis.

ELIGIBILITY

Permanent part-time and permanent full-time employees may participate. (Exception: Part-time employees working less the 30 hours a week cannot contribute to a 401(k) plan but can participate in a 403(b) or 457 plan.)

An employee may enroll at any time by completing an enrollment form and a salary reduction agreement

Employees may change or stop contributions at any time by completing a new salary reduction form.

Once participation in the plan begins, employees may change investment funds by contacting the vendor directly by telephone or mail and by using the vendor's website.

Employees may enroll with more than one vendor or switch vendors.

Each year contributions limits are set by provisions outlined in the Internal Revenue Code applicable to the plan selected.

Employees may change beneficiary information by completing the appropriate paperwork and forwarding it directly to the vendor.