457(b) PlanTo enroll in Deferred Compensation Plan 457(b), please click here and follow the steps provided.
Forms & Links
You are eligible to participate in the 457(b) Deferred Compensation Plan as long as you have "elected to defer" the maximum 402(g) amount allowable to the university's Supplemental Retirement Plan 403(b).
Effective Date of Participation
Participation is effective the first of the month following submission of a 457(b) Deferred Compensation Plan Salary Reduction Agreement form and completion of account application forms.
Contributions to the Plan
457(b) Deferred Compensation Plan contributions are withheld each pay period as a flat dollar amount ($50 pay period minimum) up to the Internal Revenue Service's maximum allowance. Contributions made to the 457(b) Deferred Compensation Plan are withheld on a voluntary basis and are made on a tax-deferred basis, thus reducing federal and state income tax.
Allocating Plan Contributions
You may allocate contributions among or between TIAA 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.
You may invest contributions with TIAA 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
- Stocks (Equities)
- Bonds (Fixed Income)
- Guaranteed Annuity
- Lifecycle Funds
Transferring Plan Contributions
457(b) Deferred Compensation Plan funds may be transferred among or between TIAA and Fidelity Investments at any time.
Roll over of Funds
You may roll over funds from another governmental employer's 457(b) Deferred Compensation Plan to the university's 457(b) Deferred Compensation Plan only if the original retirement plan in which the funds were contributed provided for the roll over of funds.
Access to Funds
457(b) Deferred Compensation Plan funds may not be accessed prior to separation of employment. Deferred Compensation Plan funds received are taxable. Additional information is available from your Campus Benefits Office.