Tax Deferred Annuities
For the benefit of employees who wish to participate in a supplemental retirement annuity program, the University offers employees an opportunity to enroll in one or more of the three Deferred Income Plans. The plans available to eligible employees are defined in the Internal Revenue Code as 401(k), 401(k) Roth, 403(b), and 457 plans. Under current tax law, these plans provide opportunities to defer a portion of your income, the taxes on that income, and any interest earned until such time as you actually receive the funds, which usually occurs after retirement. In addition, employees who are separating from service may elect to make a tax deferred contribution from their unused annual leave payout.
Participation in these programs is available to all faculty and staff on a voluntary basis. The University does not endorse a particular plan nor does it encourage or discourage employee participation. The numbers of the various plans refer to where the information can be found in the Internal Revenue Service Code (IRS).
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