Skip to Main Navigation. Each navigation link will open a list of sub navigation links.

Skip to Main Content

Apply to the University of Wyoming apply now

Global Resource Navigation

Visit Campus
Download UW Viewbook
Give to UW

Payroll Office

Supplemental Retirement Information

Supplemental Retirement Information

Home
Compare Plans
Retirement Companies
FAQs

Tax Sheltered Annuity 403(b) Plan and Deferred Compensation 457(b) Plan


Did you know...

        Financial planners estimate that you'll need between 70-90% of your pre-retirement income to live comfortably in retirement.  Retirement income is typically made up of your social security benefit, group retirement (Wyoming Retirement System or TIAA Retirement System) and personal savings.  Savings include tax sheltered annuities, deferred compensation, IRAs, mutual funds, CDs or other types of retirement savings plans. 

Both Tax Sheltered Annuities and Deferred Compensation are excellent supplemental retirement plans because they are tax deferred (you postpone paying income tax on the invested money and its earnings until you withdraw the funds).  This allows you to systematically save for retirement through payroll deduction and to take advantage of tax deferral and the power of compounding. The younger you start, the better.  But, employees close to retirement may still benefit from tax sheltering.

Supplemental Retirement Agreement *
Supplemental Retirement STOP Contribution Form*
How to Borrow or Withdraw from Your 403(b) Account

*Please note:  Supplemental Retirement Agreement forms and Supplemental Retirement STOP Contribution forms must be turned into the Payroll Office at least 30 days prior to the pay date on which you want the change to go into effect.  Thanks.

Compare 403b and 457b Plans


    403(b)   457(b)
Feature   Retirement Plan *   Retirement Plan *
Maximum Deferral   Limited to $18,000 in 2015   Limited to $18,000 in 2015
         
Enhanced Catch-up Provisions   Additional catch up may be available for more than 15 years of service; please contact your 403(b) company to determine your eligibility   Additional catch up may be available if within 3 years of normal retirement age of the plan; please contact your 457(b) company to determine your eligibility
         
Age 50 Catch-up Amounts   Additional $6000 in 2015   Additional $6000 in 2015
         
Tax Treatment of Distributions Not Rolled Over (Early Withdrawal)   Ordinary income tax and a 10% IRS penalty if under age 59 1/2   Ordinary Income Tax - no 10% IRS penalty, unless distribution is derived from funds rolled in the plan from a 401(a) or 403(b) plan, or an IRA
         
Triggering Events for Withdrawal   Termination from service, age 59 1/2, disability, or death.  Hardship may also be available   Termination from service, age 70 1/2, or death.  Unforeseeable emergency may also be available
         
University $20 Match   Your deferral and the University match combined cannot go over the maximum deferral allowed   Your deferral and the University match combined cannot go over the maximum deferral allowed
         
Loans   Yes, if permitted by the provider   No provision in plan document
         
Rollovers Out of Plan   Permitted to IRA, 401(a), 401(k), 457(b) public and other 403(b) plans that accept it - 10% penalty on early withdrawal still applies.  Not permitted to 457(b) private plans   Permitted to IRA, 403(b), 401(a), 401(k), and other 457(b) public plans that accept it - subject to the rules of the new plan, including possible 10% penalty on early withdrawals.  Not permitted to 457(b) private plans

*This chart does not constitute tax advice. Employees are advised to consult with their financial advisor for specific, individualized advice with regard to these funds.

Participating Retirement Companies


The University of Wyoming offers 403(b) and 457(b) plans through the following vendors.

403(b) Plans:

TIAA * please see note below
Toll-Free 1-800 842-2776
M-F 8am-10pm, Sat 9am-6pm (Eastern)

Valic
Local Contact: Lisa Kinney 745-7427
or 1-800-892-5558 ext 88770
or Dale Forde 970-266-4203
Toll Free: 1-800-448-2542
Representatives available M-F, 7am-8pm (Central);
automated service available 24 hrs. a day, 7 days a week.

Ameriprise Financial Services, Inc.
Local Contact: Margaret Meranda 742-5975 
Toll Free: 1-800-297-7378
M-F 7am-10pm; weekends 8am-5pm (Central)

AXA Equitable Life Insurance Company
Local Contact: Ryan Bennett, MBA 307-354-6670 ryan.bennett@axa-advisors.com
Toll Free: 1-800-628-6673
M-F 8am-7pm (Eastern)

Fidelity Investments
Toll Free:  1-800-823-0172

Voya Financial
Laramie Contact:
Principal Securities
Dale Sailors 307-755-5516 sailors.dale@princor.com
Laramie and Cheyenne
Contact: 
Investment Centers of America
Kyle Linton 307-632-3536, kyle.linton@investmentcenters.com
Laramie, Cheyenne and Fort Collins Contact:
Jody Roth 970-407-0039, jroth@tfamail.com
Toll Free:  1-800-584-6001
M-F 8am-10pm; Sat 8am-4pm (Eastern)


457(b) Plans:

TIAA  *please see note below

Valic

Security Benefit
Jonathan Neher, Goodwin Financial
(970) 223-2377

Wyoming Deferred Comp/ WRS  **please see note below

To enroll in either of these plans, please establish an account with your vendor of choice and then fill out and return the Supplemental Retirement Agreement form to the Payroll Office.  Remember:  UW match is $20 a month!

*Please note that TIAA-CREF participants may simply fill out the Supplemental Retirement Agreement form and an account will automatically be established.

**Please note that the Wyoming Deferred Comp 457(b) has its own form to be completed and turned into the Payroll Office. Please use the Wyoming Deferred Comp 457(b) form instead of the Supplemental Retirement Agreement form when enrolling in Wyoming Deferred Comp.  Thanks!

As always, please do not hesitate to contact the Payroll Office with any questions or concerns.

Frequently Asked Questions


How much can I contribute to a 403(b) or a 457(b) plan?
For 2015, the maximum deferral is $18,000. The age 50 catch up is $6,000. For 403(b)'s, additional catch up may be available for more than 15 years of service; please contact your 403(b) company to determine your eligibility. For 457(b)'s, additional catch up may be available if within 3 years of normal retirement age of the plan; please contact your 457(b) company to determine your eligibility.

When can I enroll in 403(b) and 457(b) plans?
You may enroll in either plan at any time. Enrollment forms and salary reduction forms must be received in the Payroll Office the month prior to the pay date you would like to start. (i.e. If you would like the change to take place on your May 31st paycheck your paperwork needs to be in to the Payroll Office no later than April 30th.)

Am I limited in the number of times I may change the deduction amount?
You may increase, decrease or suspend your contribution at any time. You'll need to complete a new salary reduction agreement that reflects the new deduction amount. Please remember to have the paperwork in the month prior for the effected change.

Share This Page:

1000 E. University Ave. Laramie, WY 82071
UW Operators (307) 766-1121 | Contact Us | Download Adobe Reader

Twitter Icon Youtube Icon Instagram Icon Facebook Icon

Accreditation | Emergency Preparedness | Employment at UW | Gainful Employment | Privacy Policy | Accessibility Accessibility information icon