401(a) Plan

To enroll in Basic Retirement Plan 401(a), please click here and follow the steps provided.

Objective

The University of Nebraska provides you a retirement plan for the purpose of accumulating lifetime retirement income through participation in the Basic Retirement Plan.

Eligibility

Mandatory Participation
Employees age 30, who are employed in a "Regular" budgeted position, and who have completed two years of service and possess an employment status equal to one-half full-time equivalency (.5 FTE) or greater are required to participate. Certain positions may be excluded from participation.

Voluntary Participation
Employees ages 26-29, who are employed in a "Regular" budgeted position, and who have completed two years of service and possess an employment status equal to one-half full-time equivalency (.5 FTE) or greater may participate voluntarily. Certain positions may be excluded from participation. Employees declining voluntary participation when initially offered may not participate until the mandatory participation requirements are satisfied.

Employees who satisfy the eligibility requirements for participation except for the two-year service provision may enroll if they can prove qualifying service with a prior employer whose primary purpose or activity provided a formalized program of education.

Effective Date of Participation

Mandatory Participation
Participation is effective the first of the month coincident with or following satisfaction of the eligibility requirements.

Voluntary Participation
Participation is effective the first of the month coincident with or following satisfaction of the eligibility requirements. Participation for employees who decline voluntary participation is effective the first of the month coincident with or following satisfaction of the mandatory participation eligibility requirements.

Contributions to the Plan

Both you and the university contribute to the Basic Retirement Plan based on a percentage of your salary. Your contributions are withheld on a tax-deferred basis, thus reducing federal and state income tax. You may choose between two levels of participation:

Employee Contribution University Contribution Total
Tier 1 3.5% 6.5% 10.0%
Tier 2 5.5% 8.0% 13.5%

Employees initially electing Tier 1 may, at a later date, change to Tier 2 effective each July 1 (election form must be submitted by June 1). No change will be permitted from Tier 2 to Tier 1.

Vesting

All contributions, including those made by the university, are vested immediately upon participation.

Allocating Plan Contributions

You may allocate Basic Retirement Plan contributions among or between TIAA-CREF and Fidelity Investments in any whole-number percentage, including full allocation to any option. Once participation begins, allocation changes of future premiums may be made at any time by contacting the respective investment company.

Investment Alternatives

You may invest Basic Retirement Plan contributions with TIAA-CREF or Fidelity Investments. Both retirement plan investment companies are committed to offering a wide range of investment options while providing the educational resources to help you plan for a successful retirement. You may invest retirement plan contributions among the following categories:

  • Money Market
  • Bonds (Fixed Income)
  • Stocks (Equities)
  • Guaranteed Annuity
  • Lifecycle Funds

How to Enroll

In order to enroll, you should obtain the appropriate enrollment packet(s) from your Campus Benefits Office. If you need assistance or any additional information, contact your Campus Benefits Office.

Transferring Plan Contributions

Basic Retirement Plan funds may be transferred among or between TIAA-CREF and Fidelity Investments at any time. Certain conditions apply when transferring money from TIAA.

Roll over of Funds

You may not roll over retirement plan funds from another retirement plan to the university's Basic Retirement Plan. This includes roll overs from a previous employer's plan, personal IRA, self-employed retirement plan, etc. or any other retirement plan such as a qualified Defined Benefit plan, qualified Defined Contribution plan, 401(a), 403(b), 401(k), SEP, or Governmental 457 pension plan.

Access to Funds

As required by governing law, employees generally are not permitted to receive a distribution from University of Nebraska retirement plans including the Basic 401(a), SRA 403(b), and Deferred Compensation 457(b) while actively employed by the university in any full-time, part-time, temporary, on- call, etc., position. Employees who have attained normal retirement age (age 62) with an employment status of .5 FTE or less may access Basic 401(a) Retirement Plan accumulations. Employees who have attained age 59 1/2 may access SRA 403(b) Retirement Plan accumulations. Otherwise, accumulations may be accessed after termination of employment. Unless the distribution is rolled over to an eligible retirement plan, funds received from the retirement plans are taxable. In some cases, a 10 percent excise tax will be assessed. You should seek competent tax advice before receiving a distribution.

The university will only approve retirement plan distributions for those retired and/or separated employees where there is no expectation or pre-planned agreement of future employment by the university. To assure compliance, if a separated employee receives a retirement plan distribution, he or she generally may not be reemployed by the University of Nebraska in any paid position for a period of 12 months from date of separation. This includes any full-time, part-time, temporary, or on-call employment position.

Benefits Office

32 Canfield Administration
University of Nebraska-Lincoln
Lincoln, NE 68588-0409

Campus Mailing Address
32 ADMN (0409)

Main Line/TDD
(402) 472-2600

Fax
(402) 472-6803

Online contact form

Contacts

Diane Fry
Retirement Plans
(402) 472-0937
dfry4@unl.edu

Michelle Tiedtke
Retiree Insurance
(402) 472-4589
mtiedtke2@unl.edu

Susan Turco
Insurance Plans
(402) 472-8048
sturco2@unl.edu

Lyndi Essink
Worker's Compensation
(402) 472-8414
lessink2@unl.edu

Greg Clayton
Director of Risk Management & Insured Benefits
(402) 472-8044
gclayton1@unl.edu