Employees may set aside supplemental retirement savings via salary reductions with the deferred compensation program, which includes 401(k), 401(k) Roth, 403(b) and 457 plans.
All employees hired after June 30, 2014, and who are participating in a retirement plan are auto-enrolled in a 401(k) plan with a contribution at 2 percent of base pay. Employees can opt out of the auto-enrollment feature, but UT matches contributions up to $50.
Overview of Plans:
Under the Roth 401(k), UT’s matching contribution will go into the traditional 401(k). The advantage of the Roth is that while you pay taxes on the money today, you do not pay taxes when you withdraw the funds and you don’t pay taxes on the growth of the funds either. Empower Retirement website.
401(k) Age Catch-Up available for members age 50 or older in the current calendar year.
This plan operates similarly to a 401(k) or 403(b), only there is no 10 percent penalty for withdrawal before the age of 59 ½. Empower Retirement website.
457 Age Catch-Up available for members age 50 or older in the current calendar year.
457 Standard Catch-Up
This plan offers the greatest amount of investment choices and is excellent for the investor who likes to choose from a variety of financial products.
403(b) Age Catch-Up available for members age 50 or older in the current calendar year.
403(b) 15-year Catch-Up rule
|2923 Ameriprise Financial Center
Minneapolis, MN 55474
|82 Devonshire Street, M31
Boston, MA 02109
|800-343-0860||Jeff Givens, CFP®
Workplace Planning and
Plan # 102587
|730 Third Avenue
New York, NY 10017
|100 Ashford Center North, Suite 100
Atlanta, GA 37338
VOYA (Previously known as ING)
Enrollment, Changes and Termination
401(k) and 457 Plans
Enrollment in and changes to 401(k) and 457 deferred compensation plans can be made through the Empower Retirement website.
To access the site without a PIN, call KeyTalk® at 1-800-922-7772 to speak to a customer service representative. Hours of operation are 8 a.m. to 7 p.m. Central Time, Monday through Friday.
Once you have logged in, go to the “Transactions” menu and select “Change Paycheck Contribution.”
If you’d like help making changes, call KeyTalk® at 1-800-922-7772 to speak with a representative.
To terminate a 401(k) and/or 457 plan, complete and submit both of the following forms:
To enroll in a 403(b) plan, contact your company of choice and request a 403(b) enrollment form to complete and include with the UT 403(b) enrollment/change form being submitted to the UT Office of Benefits and Retirement.
To change your 403(b) investment allocations or terminate your plan, please contact your 403(b) provider (see list of providers above).