Note: The University makes no contribution to this Plan.
This voluntary plan is designed for regular full and part-time employees who are already maximizing their allowable contributions to the 403(b) Retirement Plan. Although there are no University contributions to the Plan, the tax benefits of participating in a 457(b) Plan make it very attractive for supplemental retirement savings. For further information please refer to the 457(b) Deferred Compensation Plan Annual Contribution Limits.
Administered by Fidelity Investments and Teachers Insurance and Annuity Association (TIAA) - College Retirement Equities Fund (CREF), the Plan offers the same investment options as the 403(b) Retirement Program. There are various income options at retirement, including lifetime annuity income, fixed period annuities, deferred income, systematic withdrawals, lump sum withdrawals, and interest-only payments. There are also some differences in the distribution rules for the 403(b) and 457(b) Plans. Please contact the Office of Human Resources for further information.
Employees interested in enrolling or making a change to their current contributions must complete a salary deferral agreement and an application, if opening a new contract. Salary reduction and deferral agreements for the 403(b) (faculty/professional or salaried/hourly staff) and 457(b) plans are separate and distinct. The earliest a change or new withholding can be effective is the first of the month following the date of a newly signed agreement. Eligible employees may participate concurrently in both Fidelity Investments and TIAA-CREF.
Please see the retirement plan vendors' interactive web sites: Fidelity Investments and TIAA-CREF. Through a secure logon, employees can make allocation changes, change beneficiaries, and have access to retirement planning tools.
For more information: