Retirement
Retirement can be one of the most pleasant times of your life--a period
during which you are free to pursue many special interests. With careful
planning during your working years, you should be able to enjoy your retirement
free from serious financial worries.
Quick Reference Forms
Tax Deferred Income Plans
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), 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.
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).
To increase your
payroll deduction or enroll in the 401(k), see forms below:
Salary reduction agreement for the
401(k)Traditional and 401(k) Roth
New 401(k) Traditional / Roth
enrollment form
More 401(k) Roth information
The match of $50 per month is for
the 401(k) Traditional plan only, and not with the 457, 403(b) or 401(k) Roth.
To enroll or make changes to the 403(b), see forms below:
403(b)
form
403(b) Investment companies
401(k) Roth
Effective
September 1, 2006, the University of Tennessee offered 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. However, the combined total
contributions cannot exceed the Internal Revenue Service limit set for
individual plans--that is, $15,500 (or $20,500 for employees aged 50 or over).
An employee who participates in both plans can designate the amount to be
applied to each plan. Once a decision is made, the participant cannot switch
money among the plans. (Roth 401k participants who change employers can roll
over the proceeds into a Roth IRA.)
The match of $50 per month is for the 401(k) Traditional plan only, and not with
the 457, 403(b) or 401(k) Roth.
New salary reduction agreement for the
401(k) Traditional and 401(k) Roth
deferred compensation program.
New 401(k) Roth
enrollment form
More 401(k) Roth information
Group Medical Insurance
at Retirement
If you qualify under the State of Tennessee's Insurance Committee
rules, you may continue insurance coverage for
yourself and your dependents into retirement.
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