Retirement

Voluntary 403(b)

The University of ÐßÐßÊÓƵprovides a voluntary 403(b) to all employees. This account is for employee contributions only. No employer contributions are allowed. There are two options for the 403(b): pre-tax contributions via Tax-deferred Annuity (TDA) and post-tax contributions via Roth. 

 

Voluntary 403(b) Enrollment

All University of ÐßÐßÊÓƵemployees are eligible to participate in the 403(b). This includes students, adjuncts and other temporary employees. Participation in this plan is voluntary and consists of employee contributions only. 

Any employees can open a voluntary 403(b) at any time. Employees can also change or stop this contribution at any time. Employees will choose a fund sponsor to receive their contributions.​

Any benefit-eligible employee can start, stop, or change their contributions at any time.

Any benefit-eligible employee can start, stop, or change their contributions at any time.

Any temporary employee can start, stop, or change their contributions at any time. (This includes any students, graduate students, or adjunts.)

Complete a New Form
Employees participating in the voluntary 403(b) may change fund sponsors at any time by submitting a new .

Decide to Consolidate Accounts or Keep Separate
Once submitted, the change will affect where new contributions are deposited and will not automatically transfer account balances.  Employees may keep the accounts separate or consolidate accounts. To combine funds, employees will need to contact the previous fund sponsor and request a rollover form  to transfer the balance from the previous fund sponsor to the new fund sponsor.

Stop the Right Fund Sponsor
If an employee wants to change their current 403(b) fund sponsor to a different fund sponsor, they must indicate on the form that they are stopping deductions for one fund sponsor and starting them for another fund sponsor. We will not automatically stop any active deductions without an employee's direct authorization.

If an employee submits a form to start a fund sponsor, but does not make any indication regarding their current fund sponsor, we will simply add the new fund sponsor and will not start, stop, or change the existing fund sponsor.

Employees can make both changes on the same form by selecting their current 403(b) provider and entering "$0" to stop the deductions and then entering the dollar amount for the new provider immediately below.

Stopping the deduction does not move the funds from one fund sponsor to another. Review "Decide to Consolidate Accounts or Keep Separate" above.

To update the contribution limit, complete a new and indicate the new biweekly and yearly goal amount(s). Be sure to designate if these contributions will be pre-tax (tax-deferred) or post-tax (Roth). 
To update the contribution type to/from TDA or Roth, complete a new and indicate the biweekly and yearly goal amount(s) and what type (pre-tax or post-tax). Changing the deduction from pre- to post-tax will not move the funds that have already been contributed from one type of contribution to the other. 
 Coverage and contributions begin when the employee elects to start a voluntary 403(b). Contributions end when an employee stops their contributions or separates from the university. 

 

Voluntary 403(b) Basics​

There are two types of voluntary 403(b)s:

  • Tax-deferred Annuity (TDA) where employees contribute pre-tax dollars
  • Roth where employees contribute post-tax dollars (provided with TIAA only)