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Tax-Deferred Savings Plan Enrollment Information for 2014

The University offers employees 403(b) and 457(b) tax-deferred savings plans to save for retirement.

The plans work like this:

  1. You elect by salary reduction agreement how much money you want to contribute to each plan by pre-tax deduction from your paycheck, up to the maximum allowable by law.
  2. Your contributions are invested in a retirement account. You can choose from investment options offered by TIAA-CREF and Fidelity Investments.
  3. You do not pay any income taxes on your contributions or their earnings until you receive the funds as income.

If you are already enrolled in a 403(b) plan and/or a 457(b) plan and wish to continue your current election (percentage or flat dollar amount), you do not need to complete a new salary reduction agreement. Your current election will continue in 2014. However, please note that your contributions will not automatically increase due to an increase in your maximum contribution limit.

Please note that if your plan contributions were stopped in 2013 because you reached your maximum limit, you must complete a new salary reduction agreement if you wish to participate in the plan in 2014.

To enroll or change your contribution amount:

  1. Determine the amount you wish to contribute in 2014, not to exceed the applicable maximum. Your limit for each plan is based on your age:
    • If you are under age 50, your 403(b) and 457(b) maximum is $17,500 for each plan.
    • If you are age 50 or over, or will turn age 50 during calendar year 2014, your 403(b) and 457(b) maximum is $23,000 for each plan.
    • If you have 15 or more years of University service, you may be eligible for an additional catch-up contribution to the 403(b) plan.
  2. If you are enrolling for the first time, you must also enroll online with TIAA-CREF and/or Fidelity Investments to designate how your funds are to be invested. For enrollment instructions or additional information on plan limits, phone Sanford Advisory Services: (269) 488-6900 x28.
  3. Download the 2014 salary reduction agreement from Sanford Advisory Services or Forms.
    • Fax the completed agreement directly to Sanford Advisory Services: (269) 488-6100.

To meet with an investment advisor

Representatives of Sanford Advisory Services are available to meet with you on campus or at their office to objectively discuss your retirement savings and investment options. View the appointment schedule at Sanford Advisory Services. To schedule an appointment, phone Sanford Advisory Services: (269) 488-6900 x28.