| PLAN | 401(k) | 401(k) ROTH | 403(b) | 457 | COMPARED TO ROTH IRA |
|---|---|---|---|---|---|
| OWNERSHIP AND VESTING | Account in Employee's name- 100% immediate vesting | Account in Employee's name- 100% immediate vesting | Account in Employee's name- 100% immediate vesting | Account in Employee's name- 100% immediate vesting | Account in Employee's name- 100% immediate vesting |
| MAXIMUM ANNUAL CONTRIBUTIONS | Lesser of 100% of salary or $17,500. $23,000 for employees 50 or over. 401(k) & 403(b) combined total limit. |
Lesser of 100% of salary or $17,500. $23,000 for employees 50 or over. 401(k) & 403(b) combined total limit. |
Lesser of 100% of salary or $17,500. $23,000 for employees 50 or over. 401(k) & 403(b) combined total limit. |
Lesser of 100% of salary or $17,500. $23,000 for employees 50 or over. |
INCOME LIMITS: MARRIED COUPLES $178,000. SINGLE $112,000 |
| DEFERRED INCOME COMPANIES [top] |
Mutual funds and fixed accounts authorized by the State of Tennessee. | Mutual funds and fixed accounts authorized by the State of Tennessee. | Ameriprise Financial, Fidelity Investments, ING, TIAA-CREF, and VALIC. | Mutual funds and fixed accounts authorized by the State of Tennessee. | Mutual funds and fixed accounts (not provided by the university |
| ROLLOVERS | Rollover allowed. | Rollover allowed. | Rollover allowed. | Rollover allowed. | Rollover allowed. |
| CATCH-UP PROVISIONS | Not available | Not available | Available | Available | Not available |
| LOAN PROVISIONS |
Available- contact Great West | Available- contact Great West | Not available | Not available | Not available |
| AGE BENEFITS MUST BEGIN [top] |
April 1 of the calendar year following the year in which the participant either attains age 70 1/2 or retires, whichever comes later. | April 1 of the calendar year following the year in which the participant either attains age 70 1/2 or retires, whichever comes later. | April 1 of the calendar year following the year in which the participant either attains age 70 1/2 or retires, whichever comes later. | April 1 of the calendar year following the year in which the participant either attains age 70 1/2 or retires, whichever comes later. | No requirement to start taking distributions. |
| LIFETIME RETIREMENT INCOME | Amount of income depends upon value of accumulation, age at retirement, method of payment selected, and other factors. | Amount of income depends upon value of accumulation, age at retirement, method of payment selected, and other factors. | Amount of income depends upon value of accumulation, age at retirement, method of payment selected, and other factors. | Amount of income depends upon value of accumulation, age at retirement, method of payment selected, and other factors. | Amount of income depends upon value of accumulation, age at retirement, method of payment selected, and other factors. |
| TAXABILITY [top] |
Pre-Tax Contributions - Investment growth is not subject to Federal and most State income taxes until funds are withdrawn. | After-Tax Contributions- Investment growth accumulates without any tax consequences. | Pre-Tax Contributions - Investment growth is not subject to Federal and most State income taxes until funds are withdrawn. | Pre-Tax Contributions - Investment growth is not subject to Federal and most State income taxes until funds are withdrawn. | After-Tax Contributions- Investment growth accumulates without any tax consequences. |
| TAX-FREE EXCHANGES | Tax-Free exchange allowed | N/A | Tax-Free exchange allowed | Tax-Free exchange allowed | N/A |
| TAXES ON LUMP-SUM DISTRIBUTIONS | Taxable in the year received | Taxable in the year received | Taxable in the year received | ||
| WITHDRAWALS - Without Penalty | 1. Age 59 ½ 2. Death 3. Disability 4. Separation from service at age 55 or older 5. Distributions paid in the form of a lifetime annuity 6. Medical expenses to the extent deductible (above 7.5% of AGI) All withdrawals are taxed as ordinary income upon receipt. |
1. Age 59 ½ 2. Death 3. Disability 4. Separation from service at age 55 or older 5. Distributions paid in the form of a lifetime annuity 6. Medical expenses to the extent deductible (above 7.5% of AGI) All withdrawals are taxed as ordinary income upon receipt. |
1. Age 59 ½ 2. Death 3. Disability 4. Separation from service at age 55 or older 5. Contributions/ earnings credited to a 403(b) before 1/1/1989, at any time. All withdrawals are taxed as ordinary income upon receipt. |
1. Seperation from Service 2. Disability 3. Death No 10% penalty tax for distributions of 457(b) money taken prior to age 59 1/2 if separated from service. All withdrawals are taxed as ordinary income upon receipt. |
1. Age 59 ½ 2. Death 3. Disability 4. Separation from service at age 55 or older All withdrawals are taxed as ordinary income upon receipt. |
| WITHDRAWALS - With 10% Penalty | 1. Separation from service with age under 59 1/2 2. Extreme unforeseen financial hardship (limited to employee contributions). Must be approved by the State of Tennessee Hardship Withdrawal Review Committee All withdrawals are taxed as ordinary income upon receipt. |
1. Separation from service with age under 59 1/2 2. Extreme unforeseen financial hardship (limited to employee contributions). Must be approved by the State of Tennessee Hardship Withdrawal Review Committee All withdrawals are taxed as ordinary income upon receipt |
All withdrawals are taxed as ordinary income upon receipt. | A 50% excise tax applies if minimum required distributions are not taken before April 1 of the year following the attainment of age 70 1/2 or retirement, if later. All withdrawals are taxed as ordinary income upon receipt. |
10% penalty |
