Tax Sheltered Annuity 403(b) Plan and Deferred Compensation 457(b) Plan
Compare 403(b) and 457(b) Retirement Plans*
| Feature | 403(b) | 457(b) |
| Maximum Deferral | Limited to $23,500 per year | Limited to $23,500 per year |
| 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 $7,500 | Additional $7,500 |
| 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, disability, or death. Hardship may also be available | Termination from service, age 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.
Please note: Supplemental Retirement Agreement forms and Supplemental Retirement STOP Contribution forms must be turned into the Payroll Office by Payroll Deadline.
Supplemental Retirement Forms
403(b) Participating Retirement Companies
M-F 8am-10pm, Sat 9am-6pm (Eastern)
Toll-Free 1-800-842-2776
Access Code #101785
Please note that TIAA participants may simply fill out the Supplemental Retirement Agreement form and an account will automatically be established. Remember: UW match is $20 a month!
Corebridge Financial/Valic
Contact: Erik Jensen 720-962-8000 or 970-917-0657
To enroll in this plan, please establish an account with the vendor. This must be a separate account as UW does not allow funds to be co-mingled with those from another employer. After the account is setup, return the signed and completed Supplemental Retirement Agreement form to the Payroll Office. Remember: UW match is $20 a month!
Ameriprise Financial Services, Inc.
M-F 7am-10pm; Weekends 8am-5pm (Central)
Contact: Amie Lamborn
Toll Free: 1-800-297-7378 | Direct phone: 307-742-5975
aime.lamborn@ampf.com
Plan #101365
To enroll in this plan, please establish an account with the vendor. This must be a separate account as UW does not allow funds to be co-mingled with those from another employer. After the account is setup, return the signed and completed Supplemental Retirement Agreement form to the Payroll Office. Remember: UW match is $20 a month!
M-F 8am-7pm (Eastern)
Contact: Eric Woltkamp
Toll Free: 1-801-733-2488 | Direct phone: 307-761-3527
Plan #814528 000 & 001
To enroll in this plan, please establish an account with the vendor. This must be a separate account as UW does not allow funds to be co-mingled with those from another employer. After the account is setup, return the signed and completed Supplemental Retirement Agreement form to the Payroll Office. Remember: UW match is $20 a month!
Contact: Teo Ngatuvai
Toll Free: 1-800-813-1239
Plan #51658
To enroll in this plan, please establish an account with the vendor. This must be a separate account as UW does not allow funds to be co-mingled with those from another employer. After the account is setup, return the signed and completed Supplemental Retirement Agreement form to the Payroll Office. Remember: UW match is $20 a month!
Laramie and Cheyenne Contact: Investment Centers of America
Kyle Linton 307-632-3536
kyle.linton@investmentcenters.com
Plan #51658
To enroll in this plan, please establish an account with the vendor. This must be a separate account as UW does not allow funds to be co-mingled with those from another employer. After the account is setup, return the signed and completed Supplemental Retirement Agreement form to the Payroll Office. Remember: UW match is $20 a month!
457(b) Participating Retirement Companies
M-F 8am-10pm, Sat 9am-6pm (Eastern)
Toll-Free 1-800 842-2776
Access Code #101787
Please note that TIAA participants may simply fill out the Supplemental Retirement Agreement form and an account will automatically be established. Remember: UW match is $20 a month!
307-721-1725
Shannon Markle, shannon@marklefinancial.com
Taylor Baron, taylor@marklefinancial.com
ID 0010258863
To enroll in this plan, please establish an account with the vendor. This must be a separate account as UW does not allow funds to be co-mingled with those from another employer. After the account is setup, return the signed and completed Supplemental Retirement Agreement form to the Payroll Office. Remember: UW match is $20 a month!
Corebridge Finanicial/ Valic
Contact: Erik Jensen
720-962-8000 or 970-617-0657
To enroll in this plan, please establish an account with the vendor. This must be a separate account as UW does not allow funds to be co-mingled with those from another employer. After the account is setup, return the signed and completed Supplemental Retirement Agreement form to the Payroll Office. Remember: UW match is $20 a month!
Wyoming Retirement System - Wyoming Deferred Comp
Please note that the Wyoming Deferred Comp 457(b) has a different form that can be found on their website to be completed and turned into the Benefits Office.
Remember: UW match is $20 a month!
Frequently Asked Questions
For 2024, the maximum deferral is $23,000. The age 50 catch up is $7,500. 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.
You may enroll in either plan by the Payroll Deadline of the month you want to enroll. Enrollment forms and salary reduction forms must be received in the Payroll Office.
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 by the Payroll Deadline for the month you want to make the change.
