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Supplemental Retirement Accounts

401(k), 403(b), and 457(b), Roth 403(b)

Supplemental retirement plans are available to University employees to help build retirement security through additional savings. Contributions are not matched by the University, but they are deducted before income taxes and deposited each pay period with the provider or providers chosen by the employee. An after-tax Roth 403(b) retirement plan is also available, which offers tax-free withdrawals at retirement. Changes to contribution amounts can be made at any time by completing and submitting a new salary reduction form for the plan.

Keep in mind

There are 26 paychecks in 2021.


401(k) – PERSI Choice

The PERSI Choice plan is a defined contribution 401(k) plan available only to benefit-eligible PERSI participants that work 20 hours/week for five (5) or more months. The contribution limit for calendar year 2021 is $19,500, with an additional $6,500 for “catch up contributions” for employees age 50 or over. This limit is shared with 403(b) accounts. For more information and enrollment forms, please visit the PERSI website.

403(b)

The 403(b) plans are defined contribution plans are available to all University employees through a select group of vendors (below). To enroll, you must first contact the vendor to set up an account. Once you have established a vendor account, you must submit a completed 403b Salary Reduction Agreement to Human Resource Services at mail stop 1265. The contribution limit for calendar year 2021 is $19,500, with an additional $6,500 for “catch up contributions” for employees age 50 or over. This limit is shared with 401(k) accounts and the Roth 403(b) after-tax plan.

403(B) Roth – After Tax

The Roth 403(b) is an after-tax retirement saving option through payroll deduction, with tax-free withdrawals of interest and earnings at retirement. All University employees are eligible to enroll, by contacting one of the two vendors and completing the Roth 403b Salary Reduction Agreement. The annual contribution limit for calendar year 2021 is $19,500, is shared with the pre-tax 401(k) and 403(b) plans with an additional $6,500 for “catch up contributions.”

457(b)

The 457(b) is a non-qualified deferred compensation plan that is available to all University employees through the following vendors. The contribution limit for calendar year 2021 is $19,500, with an additional $6,500 for “catch up contributions” for employees age 50 or over. This limit is separate from 401(k)/403(b) accounts.

Once the employee has enrolled with one of the three vendors, he or she needs to complete a 457b Salary Reduction Agreementand return to Human Resource Services at mail stop 1265.

View supplemental retirement savings vendors here.

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