TAX DEFERRED INCOME PLANS
Employees may enroll in one or more of the three Deferred Income Plans as defined in the Internal Revenue Code as 401(k), 403(b), and 457 plans. Under current tax law, these plans provide opportunities to defer a portion of your income and any interest earned until such time as you actually receive the funds, which usually occurs after retirement. Employees may sign a new 401(k), 403(b), or 457 agreement as often as once per month. Forms must be submitted to the Office of Human Resources by the end of the month preceding the month in which they are to become effective. View a comparison of 401(k), 403(b), 457 Plans.
Under Age 50 Over Age 50
| 401(k) | $15,500 | $20,500 |
| 403(b) | $15,500 | $20,500 |
| 457 | $15,500 | $20,500 |
Combined Contribution Limits for 2008:
Under Age 50 Over Age 50
| 401(k), Roth 401(k), 403(b) | $15,500 | $20,500 |
| 401(k) and 403(b) | $15,500 | $20,500 |
| 401(k) and 457 | $30,500 | $40,500 |
401k and 457 PLANS
Employees may select from 19 different funds offered by Great West Life (1-800-922-7772) and may change investment options or transfer funds on-line through Great West Life. The General Assembly of the State of Tennessee passed legislation that increases the amount the state will match in the 401k deferred compensation program from $40 to $50 per month effective July 1, 2007. The minimum deferral remains at $20 per month or $10 per biweekly period. You may enroll, increase, or decrease your 401k contribution at anytime. Faxes cannot be accepted. Do not submit forms to Great West Life. Click here for a form to enroll, increase, decrease, or cancel deferrals.
The Deferred Compensation program will add eight new investment options and eliminate one existing Fidelity fund option in the 401k and 457 plans on May 28, 2008. The new options include a target date fund series with underlying investment objectives geared towards one year near your retirement year. Read MORE....
View 401k and 457 Participation Information
Forms
Enroll in a 401k, including Roth 401k, AND/OR enroll in a 457
Increase, decrease, or cancel deferrals in a 401(k) or Roth 401(k)
Increase, decrease, or cancel deferrals in a 457
All 401k and 457 Forms
403b PLAN
Employees may select from numerous investment companies approved to write 403(b) contracts. You may view a list of investment companies.
Form
Enroll, increase, decrease, or cancel deferrals in a 403b
