Search form

Benefits

Voluntary Retirement Investment Plans

What You Need to Know: 

Interested in building wealth and retirement security through increased savings now? UK has options for you.

Eligibility

You are eligible to participate in the University of Kentucky's Voluntary Retirement Plans if:

  • You are a regular full-time employee, regular half-time employee, or regular part-time employee with at least .20 FTE or more.

  • You are an employee with a temporary full-time, temporary half-time, or temporary part-time assignment with a .20 FTE.

Voluntary Contributions

You may make additional tax deferred contributions to the 403(b) plan ("The Plan"), over and above the amount required for participation in the basic plan.  You must enter into a Salary Reduction Agreement with the University, separate from The Plan, which may be cancelled at any time.  The Salary Reduction Agreement form can be found on the Enrollment Forms page.  Carrier applications can be found on the Enrollment Forms page or can be obtained from the UK Employee Benefits office.  Both forms must be returned to the UK Employee Benefits office.  Voluntary contributions are a dollar amount, not a percentage, and do not have a matching contribution by the University.  Voluntary contributions may be changed at any time.

The University offers a voluntary pre-tax 403(b) plan, a Roth 403(b) plan, a pre-tax 457(b) plan and Roth 457(b) plan.  

Voluntary 403(b) and 457(b) contributions may be made to one of three accounts:

  1. The 403(b) retirement plan accounts, offered by Fidelity Investments and/or TIAA-CREF.

    To enroll, complete:
    UK Voluntary 403(b) Printed Enrollment Form (or enroll online)
    and
    Fidelity Printed Enrollment Form (or enroll online)
     or
    TIAA-CREF Printed Enrollment Form (or enroll online)

  2. The 403(b) TIAA-CREF Group Supplemental Retirement Annuity (GSRA).

  3. The 457(b) retirement plan accounts offered by TIAA-CREF or  Fidelity. To enroll, complete:
    UK Voluntary 457(b) Printed Enrollment Form (or enroll online)
    and
    Fidelity Printed Enrollment Form (or enroll online)
    or
    TIAA-CREF Online Enrollment

  4. To enroll in a 457(b) plan with Kentucky Public Employees Deferred Compensation Authority, please call 1(800) 542-2667.
     

Features of the 403(b) voluntary plan include:

  • $17,500 limit for calendar year 2014 for both pre-tax and after-tax (Roth) contributions

  • Catch-up provision for employees turning 50 or older in 2014.  Employees are eligible to tax defer an additional $5,500.

  • Catch-up provision for employees with 15 years of service who have not maximized retirement savings in prior years.  Employees may be eligible to contribute an additional $3,000 per year (must be utilized prior to over age 50 catch up).

  • Employees eligible for both catch-up provisions may tax defer $26,000.

Roth Educational Calculator

Roth 403(b) Frequently Asked Questions

Features of the 457(b) voluntary plan include:

  • $17,000 limit for calendar year 2014 (in addition to the 403(b) limit).

  • Catch-up provision for employees turning 50 or older in 2014.  Employees are eligible to tax defer an additional $5,500.

  • Catch-up provision for employees during the three years prior to their year of retirement, or year of eligibility of retirement. Employees may be eligible to double the current year limit allowing them to tax defer up to $34,000 in 2014.

  • Employees may only use one 457(b) catch-up provision in a calendar year.

  • Employees may withdraw funds from their 457(b) account when they separate from service, at any age, with no early withdrawal tax penalty.