Deferred Compensation
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 for the first time, 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 by calling Empower Retirement at 1-800-922-7772. Before opting out, employees should consider that UT matches contributions up to $50 per month/$25 per pay period for a biweekly employee.
Overview of Plans:
401(k) and Roth 401(k)
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.
IRS Limits on Deferred Compensation – Catch-ups available for members age 50 or older in the current calendar year.
| Empower Retirement Contacts | ||
|---|---|---|
| Schedule | Jeff Flowers | 615-564-7022 |
| Schedule | Bryan Sodomora | 615-564-7023 |
457 Plan
This plan operates similarly to a 401(k) or 403(b), only there is not a 10 percent penalty for withdrawal. Empower Retirement website.
IRS Limits on Deferred Compensation – Catch-ups available for members age 50 or older in the current calendar year.
403(b)
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.
IRS Limits on Deferred Compensation available for members age 50 or older in the current calendar year.
403(b) Providers
| TIAA
Plan # 102587 |
730 Third Avenue New York, NY 10017 |
800-842-2733 | |
| VOYA (Previously known as ING)
Plan# VT0057 |
|
800-584-6001 |
Changes to the ORP and 403b Plans
The state made changes to the ORP and 403B plans. You can find information about these changes on the state’s website at ORP Transition. There is contact information for vendors and documentation regarding the changes.
Closed Vendors
AIG (VALIC) is no longer a vendor for the ORP or 403b plan.
| Ameriprise Financial
Plan# 113650 |
2923 Ameriprise Financial Center Minneapolis, MN 55474 |
800-328-8300 | |
| Fidelity Investments
Plan# 50232 |
82 Devonshire Street, M31 Boston, MA 02109 |
800-343-0860 | Jeff Givens, CFP® Workplace Planning and Phone: 865-315-4122 Fax: 859-392-6600 Jeffrey.Givens@fmr.com |
Helpful Resources
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.
403(b) Plan
To enroll in a 403(b) plan, contact your company of choice and complete the online enrollment process. Then a New/Change 403b Form will need to be submitted to the UT Retirement Services office.
To change your 403(b) investment allocations or terminate your plan, please contact your 403(b) provider (see list of providers above).