Retirement Plans

Back to Retirement Benefits

 

MANDATORY RETIREMENT PLAN

Alabama State Teachers' Retirement System

All regular University employees must contribute 5% of applicable salary to the Alabama State Teachers' Retirement System.  This mandatory contribution provides for retirement benefits at age 60 with 10 years of participating service or retirement at any age with 25 years of participating service.  For more information, contact the HR Service Center, or link to the RSA website http://www.rsa-al.gov/

OPTIONAL RETIREMENT PLANS

The University of Alabama is proud to offer our employees retirement savings plans provided by two of the leading financial services companies in the country: TIAA-CREF and AIG Retirement.  All University employees  may choose to contribute to one or more of our 403b or 457b retirement savings plans through payroll deduction.  Although most participants choose to take advantage of pre-tax contributions, post-tax contributions are possible.  All of these plans allow participants to save on income taxes now, while saving for thier retirement years.

For more information about the variety of plans that are available, contact the HR Service Center at 348-7732.

SECTION 403b RETIREMENT SAVINGS PLANS (OPTIONAL)

1.  TIAA/CREF - (with University Match) This is a tax-sheltered annuity program which offers a variety of TIAA-CREF investments.  The University makes a matching contribution (up to 5% of eligible amount monthly) for regular full-time faculty and exempt (monthly-paid) staff to the TIAA-CREF 403b Plan. Employees may enroll by visiting the HR Service Center in G-69 Rose.

For more information contact the HR Service Center at 348-7732, or link to TIAA/CREF website www.tiaa-cref.org

TIAA-CREF provides free, on-campus Individual Counseling Sessions with a financial representative to University employees. These confidential one-hour sessions are held monthly in the Rose Administration Building. Employees can ask about investment options and strategies, planning for retirement, or other investment matters. Employees may schedule a session up to three months from the date they contact TIAA-CREF. To schedule a session, call 1-800-842-2003, extension 3522, or go to the TIAA-CREF website (www.tiaa-cref.org) and then click on “Meetings/Counseling” on the TIAA-CREF site.

 

2008 SCHEDULE: TIAA-CREF On-Campus Counseling Sessions
August 19 - 20
9:00 a.m. - 4:00 p.m.
September 30 - October 2
9:00 a.m. - 4:00 p.m.
October 14 - 16
9:00 a.m. - 4:00 p.m.

 

(TIAA-CREF will not schedule appointments more than three months in the future.)

2.  AIG Retirement - University employees may also chose to participate in a 403(b) retirement plan through AIG Retirement.

Employees normally contribute to AIG Retirement 403b accounts on a pre-tax basis through payroll deduction. However, the AIG Retirement 403b Plan is the only retirement savings plan that offers University employees the option of contributing post-tax money to a Roth 403b account.  Money contributed to a Roth 403b account can grow over time and be free of taxation upon withdrawal at retirement.  AIG Retirement offers a wide variety of investment choices and has financial advisors ready to provide professional, confidential investment advice.

Visit the AIG Retirement website at: www.aigretirement.com

To enroll in a AIG Retirement 403b or for free professional retirement savings advice, UA employees may contact a local AIG Retirement financial advisor at:  1-205-792-3556.

 

SECTION 457b RETIREMENT SAVINGS PLANS (OPTIONAL)

These plans also provide University employees the ability to save on a pre-tax basis for retirement.  The University sponsors three different 457b retirement savings plans.  Contributions to 457b plans may be made instead of, or in addition to, any 403b contributions.  University employees may participate in both 403b and 457b plans in the same year, contributing up to the maximum amounts allowed by federal law to each plan.

1.  RSA-1 Deferred Compensation Plan (provided by the State of Alabama) Employees can invest up to the current maximum pre-tax limit for the calendar year. For information, contact the HR Service Center, or link to the RSA website http://www.rsa.state.al.us/  Then click on “RSA-1 Deferred Compensation Plan.”

2.  TIAA/CREF also provides a 457b plan for our employees.  For additional information contact the HR Service Center at 348-7732.

3.  AIG Retirement also provides a 457b plan for our employees.  For additional information contact the HR Service Center at 348-7732.

 

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