401k 403b 457 DC Forms FAQ's Contribution Limits
Retirement can be one of the most pleasant periods of your life, particularly if you are relatively free from the financial worries that all too often plague retirees. Although Social Security and pension plans provide income during retirement, the income from these two sources alone may not be enough to maintain the standard of living you desire. To aid in ensuring that your financial needs during retirement are adequately met, you may wish to participate in one or more of the deferred income plans available to employees of the University of Tennessee.
Under current tax law you are permitted to put aside a portion of your gross income and defer paying taxes on that income and the interest it earns until such time as you actually receive the funds (generally upon retirement). The university offers a variety of deferred income plans, which make it possible for employees to take advantage of this provision in the law. Enrollment in these programs is voluntary and the decision to participate resides solely with each employee. UT does not endorse any specific plan and serves only as an intermediary to enable employees to defer a portion of their pre-tax earnings through a series of routinely scheduled salary reductions.
Among the benefits available to those who participate in these plans are the opportunities to . . .
1. Automatically set aside a portion of your pre-tax earnings through regularly scheduled salary reductions.
2. Choose one or more investment options for allocation of your contributions.
3. Realize current income tax advantages.
4. Balance your retirement income through investment payout options designed to provide a hedge against inflation.
Higher education employees who wish to set aside supplemental retirement savings on a before-tax basis may make salary reduction contributions to a 403(b) plan or to the state's 401(k), Roth 401(k) or 457 plan.
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)
