Supplemental Retirement Plans
Generally, all full-time and part-time employees are eligible to participate in a 403(b) or 457 retirement plan. However, an employee who is primarily a student is not eligible to participate in the plans.
You will need to contact the company that you would like to participate with and complete the enrollment paperwork to have an account setup.
You have the right to cancel your 403(b) or 457 contributions at any time. To cancel your 403(b) contributions you will need to complete the Salary Reduction Agreement form and submit to Human Resources to stop contributions. To cancel your 457 you will need to contact ICMA-RC, VRS’ third party administrator for the 457 plan.
Yes, the university may automatically stop your contribution if your contributions exceeds the IRS annual contribution limit.
The annual contribution limit for 2023 is $22,500 and will increase to $23,000 in 2024. However, if you have at least 15 years of service with the university and/or you are at least 50 years of age by the end of the calendar year, you may qualify for special catch-up provisions.
The annual contribution limit is by the Internal Revenue Service (IRS).
Human Resources
