Compare 401(k) Plans 401k Forms Retirement & Deferred Compensation Is the ROTH 401(k) For You? 401k & 457 Participation Guide
Investment Options 401(k) Loan Brochure FAQ's
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. There are currently 18 investment options in the 401(k).
The University of Tennessee is now offering a Roth 401(k) as part of our benefit package. The Roth 401(k) is a hybrid that combines features of Roth IRA and traditional 401(k) plans. The combined total contributions to either or both plans cannot exceed the Internal Revenue Service limit set for individual plans--that is, $17,000 (or $22,500 for employees age 50 or over) per year. There is a 10% penalty for withdrawal before the age of 59 1/2 (although the withdrawal is subject to ordinary income taxation). An employee who participates in both plans must designate the amount to be applied to each plan. Once a decision is made, the participant cannot switch money between the plans. This plan offer a $50.00 per month maximum match by the University. For example, if you contribute $50.00, the university will contribute $50.00. If you contribute $200.00, the university will contribute $50.00. No matter which plan you choose, the traditional 401(k) or the ROTH 401(k) , the university’s contribution will go into the traditional. 401(k ) The amounts you specify are deducted from each paycheck you receive excluding longevity pay.
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. The amount of current earnings deferred will not be considered as income for federal income tax purposes until you actually receive the income, usually after retirement when you may be in a lower tax bracket. At that time, it will be taxed as ordinary income. By deferring payment of income taxes until you receive the value of your account as a retirement benefit, you can invest more of your current earnings for retirement. By doing so, you may reduce the total amount of income taxes paid during your lifetime and thereby accumulate a larger sum for retirement than would have been possible had you invested after-tax dollars.
RESOURCES:
Campus/Institute Contacts:
Chattanooga
Family Practice- Chatt.
Health Science Center
Knoxville Area
Martin
UTSI
UT Memorial Hospital
SEND FORMS TO:
Deferred Compensation (401k, 457, 403b) Forms:
Total Rewards/ Benefits & Retirement Office
600 Henley St, #115
Knoxville, TN 37996-4115
Insurance Forms:
Insurance & Retirement
P115 Andy Holt Tower
1331 Circle Park
Knoxville, TN 37996-0100
Retirement Forms:
Total Rewards/ Benefits & Retirement Office
600 Henley St, #115
Knoxville, TN 37996-4115
Other Links:
Deferred Compensation (State site)
Deferred Compensation (Great West site)
Optional Retirement Program (ORP State site)
Tennessee Consolidated Retirement System (TCRS State site)
Office of Personnel Management- OPM (CSRS & FERS)
