SUPPLEMENTAL RETIREMENT ACCOUNTS
Tax-Deferred Annuities - 403(b) and 457 Accounts
The university provides wage employees the opportunity to save for retirement through pre-taxed supplemental retirement accounts. Contributions will be payroll deducted and placed into a special “savings account” that can be accessed at the time of retirement. Employees may elect to have up to 100% of their income (up to IRS cap) deducted and placed into a 403(b) or a 457 account. If interested in participating in a supplemental retirement account, please contact a Benefits Specialist at 540-568-3593. The employee is responsible for ensuring that their contributions are in compliance with IRS regulations concerning tax-deferred contributions. Visit the HR website for a list of participating companies.
Roth 403(b) and Roth 457 Contributions
The university provides wage employees the opportunity to save for retirement through after-tax supplemental retirement accounts. The compensation that you defer to a Roth 403(b) or Roth 457 is contributed to the plan after state and federal income tax have been withheld. Then, at retirement, when you are eligible to take qualified distributions from your Roth 403(b) or Roth 457 account, the contributions and earnings on those contributions are not subject to federal income tax. Visit the HR website for a list of participating companies. Also, see the FAQs on HR’s website to help you decide whether Roth contributions are the right savings feature for you.
Roth IRA
Employees may invest in a tax-advantaged Roth IRA retirement account. Employee-only contributions are made with after-tax dollars and are tax-free at the time of withdrawal. Employees investing in Roth IRAs are responsible for ensuring that their contributions are in compliance with IRS regulations. Visit HR's Roth IRA website for a list of participating companies and detailed information.
