The 457(b) Deferred Compensation Plan is a voluntary pre-tax way for employees to save money toward their retirement. The amount that can be saved in this manner is limited by the IRS and may change from year to year. We currently offer this 457(b) plan through Fidelity and TIAA-CREF as approved vendors.
The deduction amount selected is a per pay deduction and is deducted in the following manner:
- bi-weekly 12-month staff and service employees—Deduction will be taken from each regular check, 26 times per year.
- bi-weekly Dining Services nine-month employees—Deduction will be taken from each regular check September through May, 20 times per year.
- exempt/faculty/professional fiscal year employees—Deduction will be taken from each regular check, 12 times per year.
- tenured and contract faculty/professional academic year employees—Deduction will be taken from each regular check of the academic year August through May, 10 times per year.
For additional plan information refer to the 457(b) Deferred Compensation Summary Plan Description.
If you are interested in enrolling in this plan, please click on the appropriate vendor's link below.
The employee must complete all forms required by the university and the vendor selected by the employee to participate in the plan.
A salary reduction agreement form must be completed and returned to the Office of Payroll and Employee Benefits authorizing the pre-tax contributions to be deducted from the employee’s pay.