University of Arizona Human Resources

 
 
  • About HRAbout HR
  • Job DescriptionsJob Descriptions
  • Contact InformationContact Information
  • Schedules and CalendarsSchedules & Calendars
  • Site IndexSite Index
    • UA Works Twitter UA Works Facebook Jobs RSS Feed
    Employment Benefits Compensation Advising Forms Policies

    Voluntary Retirement Plans - Comparison


         		 Voluntary 403(b) Plan Deferred Compensation
    IRS code 403(b) 457
    Annual maximum deferral amount* Since 2001, employees may maximize their tax deferred savings by participating at the maximum levels in BOTH the Voluntary             403(b) and Deferred Compensation plans.  

    2010 & 2011 Maximum deferral limits:
    • < age 50 in plan year: $16,500 or 100% of includable compensation, whichever is less.
       
    • >= age 50 in plan year: $22,000 or 100% of includable compensation, whichever is less.
    ("Includable compensation"- gross earnings less mandatory contributions to 401(a) retirement plan.)
    Catch-up contributions* The lifetime catch-up provision provides that employees with at least 15 years of service and a history of low contributions may make additional contributions of up to $3,000 per year, subject to a $15,500 maximum on aggregate catch-up contributions. As an alternative to the age 50 catch-up, a 457 plan participant is eligible to defer up to twice the contribution limit in effect for the 3 years preceding the participant's normal retirement age.
    Minimum contribution $15 per pay period $10 per pay period
    Number of election changes allowed annually No limit
    Account distribution after employment ends
    • Death
    • separation,
    • retirement, or
    • permanent disability
    		 Requires Human Resources verification of separation from all Arizona University System employers. Requires Human Resources verification of separation.
    Mandatory distribution Must begin distribution at age 70 or separation of employment, whichever is later.
    In-Service Distribution (during employment) Available upon attainment of age 59½ Available under specific standards
    Administration Fees** Vary by company Vary by investment fund
    Loan provisions Vary by company Yes
    Deferred sales charges Vary by company None
    *Amounts are subject to IRS changes. **Administrative Fees include but are not limited to: front-end and back-end loads, commissions, transfer fees, management fees, wrap account fees, withdrawal charges.
    Revised: November 1, 2010

    Annual Maximum Deferral Amount (MDA)

      2009 2010 2011
    Maximum Deferral Amount (MDA)* $16,500 $16,500 $16,500
    Maximum Deferral Amount (MDA) for participants Age 50 and older in plan year* $22,000 $22,000 $22,000
    *Amounts are subject to annual IRS changes.
    Topics
    Employees Facing Job Separation FY 2011 Furlough Information
    Links
    Apply Here UAccess 24/7 Support Desk Mosaic Project Information
    HR Career Opportunities
    Features

    Professional Development Programs

    Human Resources announces new professional development programs.

    Flexible Work Arrangements Guide

    Introducing the University of Arizona employee's work life options.