I. Teachers’ Retirement System 401(a)
Organization: Teachers’ Retirement System (TRS)
All eligible employees are required by state law to contribute a percentage of their gross annual salary to TRS
This defined benefit program provides retired employees with a specific benefit payable monthly for the lifetime of the member. Upon service retirement, employees are also eligible to join the state’s Public Education Employee Health Insurance Plan (PEEHIP). Rates for this plan vary based on years of TRS service. Individuals resigning from employment before vesting in the program, or before qualifying to receive benefits, may request a refund of their contributions and applicable interest. Members may also request to have contributions rolled over to another qualifying retirement plan.
TRS also provides life insurance protection for active members during their working years. For more information, contact the HR Service Center or link to the RSA website http://www.rsa-al.gov/index.php/members/trs/.
II. 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 and VALIC. All University employees may choose to contribute to one or both of our 403(b) or 457(b) retirement savings plans, contributing up to the maximum amounts allowed by federal law to each plan. Although most participants choose to take advantage of pre-tax contributions, Roth post-tax contributions are available in both plans. All contributions are made by payroll deduction.
University of Alabama System 403(b) Retirement Savings Plan
This is a tax-sheltered plan which offers a variety of investments through TIAA or VALIC. The University makes a matching contribution (up to 5% monthly) to the 403(b) Plan for regular full-time faculty and exempt (monthly-paid) staff.
University of Alabama 457(b) Plans
Organization: Retirement System of Alabama (RSA-1)
The University offers two different 457(b) retirement savings plans. Employer matching contributions are not available for the 457(b) Plans.
The University’s 457(b) Plan allows pre-tax and/or Roth Post-tax retirement savings contributions through TIAA or VALIC. To enroll, use the online Retirement Manager system at https://www.myretirementmanager.com/myrm/
The University also sponsors The Teachers’ Retirement System’s 457(b) Plan, RSA-1. To enroll, visit http://www.rsa-al.gov/index.php/members/rsa-1/ or the HR Service Center.
III. Retirement Savings Limits
Each year, the Internal Revenue Service sets a limit on the amount of money you can voluntarily contribute on a pre-tax and Roth post-tax basis to these optional retirement savings plans. These limits apply to all pre-tax/Roth post-tax contributions you make to any (401(k), 403(b) and 457(b)) plans that the University and other employer you might have during the year.
|2018 Pre-tax/Roth Post-tax Contribution Limits to:||If you are under age 50, you can contribute up to:||If you are age 50 or older, you can contribute up to:|
|Both 403(b) and 457(b) Plans||$37,000||$49,000|
IV.Contact Information for Optional Retirement Savings Plans
Jared Gilbert, Richella Vincent-Lee or Brad Propst 800-732-8353
TIAA provides University employees with free, on-campus individual counseling sessions with a financial advisor. Employees can ask about investment options and strategies, retirement planning, or other investment matters. To schedule a session, call 1-800-732-8353.
Paige Lombardy 205-310-6224
Corbin Ellard 205-518-2115
VALIC also provides University employees free, on-campus individual counseling sessions with a financial advisor. Employees can ask about investment options and strategies, retirement planning, or other investment matters. To schedule an appointment with the VALIC representative, contact 205-967-8974.
Retirement System of Alabama
HR Service Center