457(b) voluntary salary deferral agreement
In addition to your University Retirement Plan contributions, you can establish a 457(b) Public Deferred Compensation Plan (Supplemental Retirement Account) with TIAA-CREF as a way to save more for retirement. The University does not match contributions to the 457(b) account; however, they are pre-tax deductions from your paycheck. This is a voluntary plan and all contributions are made by the employee.
All staff employees,
medical faculty, fixed-term faculty, regular faculty, and post-doctoral
research fellows (with appointments half-time or greater) are eligible to participate in this plan.
You can start, stop, increase or decrease your contribution at anytime. Changes will be made effective the first available pay period of the following month. Participants are allowed to contribute to both the 457(b) and the 403(b), if eligible. Refer to the
comparison grid to see the benefits and limitations of each plan.
Save with as little as $25 per pay period or as much as permitted by the IRS. All deferral elections are based on a percentage (%) of salary. Participants who contribute to both a 457(b) and to a 403(b) plan will be allowed to contribute
the maximum amount permissible to both plans.
A special catch-up limit allows participants who are age 50 and over to contribute an additional amount each year.
A separate provision allows participants who are within three years of attaining their normal retirement age (age 55) to contribute up to twice the "annual contribution limit". For these participants, the maximum allowed becomes the lesser of:
- twice the annual limit, or
- the total amount of underutilized contributions from prior years
This provision requires a calculation to determine the maximum limit for the year. Participants who use this catch-up limit
cannot also use the "age 50" catch-up limit in the same year.
For detailed information on allocations & investments, withdrawals & rollovers and distribution payout options contact TIAA-CREF. (info on right)