Tax Deferred 403(b), 457 Deferred Compensation and ROTH 403(b)

Whether you participate in retirement or not, you are eligible to contribute pre-tax contributions into a Tax Deferred Account (TDA), a Roth 403(b) and/or a Deferred Compensation Program (457). Each of these types of plans are supplemental retirement savings plans that you can contribute to in order to supplement your regular retirement through TRS/ORP. Neither plan receives a state contribution.  The benefit of the TDA and 457 plan is the tax sheltering of your contributions until retirement age (or withdrawal of your account after termination of employment, if prior to retirement). Roth accounts are after tax contributions with the benefit of deferring taxes on earnings and tax-free withdrawals during retirement.

For enrollment into a voluntary 403b plan contact an authorized provider to participate in the 403b plan and log into Retirement Manager. The User ID for this system is your Oracle ID and can be obtained by contacting the TWU Benefits Office.

For enrollment in the 457 program, contact Great West to review their investment options and other important information. For more information concerning the 457 Program, call Great West at 800-634-5091 or visit Texasaver.

Universal Eligibility Notification -- Voluntary 403b Savings Plans

Eligibility
All employees are eligible to contribute to a Voluntary 403b. 

2020 Contribution Limits
Minimum contribution $20/month
2020 403(b) and 457(b) annual maximum contributions are as follows:
General Limit: $19,500
Age 50 Catch-up $6,500(for those 50 or older)
Aggregate cap $57,000 (maximum for all combinations of 403(b), including Roth, ORP, and voluntary TSA)
Compensation Limit: $285,000.

 

Details

Article ID: 31170
Created
Thu 6/1/17 5:14 PM
Modified
Tue 4/6/21 7:32 AM