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Tax Deferred Income Plans

The primary purpose of the deferred income plan is to allow you to postpone receipt of a portion of your current income until after you retire. 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. The university offers employees an opportunity to 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. View a comparison of 401(k), Roth 401(k), 403(b), 457 Plans. 

Participation in these programs is on a voluntary basis. Contributions to these plans are made through regular payroll deductions. 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.

Contribution Limits for 2013 and 2014 Under age 50 Over age 50
401(k) $17,500 $23,000
403(b) $17,500 $23,000
457 $17,500 $23,000

401(k) Plan

 

Administered by Great West Retirement Services. Phone toll free at 1-800-922-7772

The 401(k) was originally with "for-profit" companies in mind. The University of Tennessee was grandfathered into the 401(k) with the Tax Reform Act of 1986. Currently, the plan is administered by Great West through a contract set by the State of Tennessee. The 401(k) plan offers loans and hardship withdrawals. This plan offers a $50 match by the University. The minimum deferral is $20 per month or $10 per biweekly period.

Employees may select from various investment options and may change or transfer funds on-line through Great-West. You may enroll, increase, or decrease your 401(k) contribution at anytime.

The 401(k) plan is funded by pre-tax salary contributions. The Roth 401(k) is funded by after-tax dollars. Read MORE...

Do not submit forms to Great West. Completed forms may be faxed to Human Resources at (423) 425-4574. The Beneficiary Designation form cannot be accepted via fax or email.

 

Forms


457 Plan

 

Administered by Great West Retirement Services. Phone toll free at 1-800-922-7772

The 457 is a state plan and is very similar to the 401(k) with one exception. It does not offer a loan provision. The 457 is a state contract administered by Great West Retirement Services. There is no match with the 457.

Employees may select from various investment options and may change or transfer funds on-line through Great-West. You may enroll, increase, or decrease your 457 contribution at anytime.

Do not submit forms to Great West. Completed forms may be faxed to Human Resources at (423) 425-4574. The Beneficiary Designation form cannot be accepted via fax or email.

 

Forms


403(b) Plan


The 403(b) was originally designed for educational and non-profit organizations. The University of Tennessee 403(b) is a strict retirement savings plan and includes no loans and no in-service financial hardship withdrawal provisions. There is no match with the 403(b).

Employees may select from five providers: AIG/VALIC, Ameriprise Financial, Fidelity Investments, ING Financial and TIAA-CREF. You may enroll, increase or decrease your 403(b) contribution at anytime. To enroll in a 403(b) plan, complete the 403(b) form and enrollment packet to declare your investment choices and beneficiary. If you are enrolling in AIG/VALIC, Fidelity, ING or TIAA-CREF, enrollment packets are available in the Office of Human Resources. Ameriprise Financial enrollment form is only available through their representative at 1-800-328-8300.

403(b) Company Representatives:

ING:  Ed Stewart (615) 627-5936
TIAA/CREF:  John Reeder (866) 842-2336, Ext. 25916
Valic:  Celeste Friend (423) 227-0281, unless you are presently working with Ken Spann (423) 238-7618
Ameriprise Financial: (800) 328-8300
Fidelity: (800) 343-0860

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