Investing in Your Supplemental Retirement

Why Should I Invest in my Retirement?

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.

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 $22,500 per year	Limited to $22,500 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.

403(b) Participating Retirement Companies

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

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!

Valic/Corebridge
Contact: Lalani Jensen 720-962-8000
lalani.jensen@corebridgefinancial.com
720-962-8000
Toll Free: 1-800-448-2542

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.
Local Contact: Amie Lamborn 742-5975
aime.lamborn@ampf.com
Toll Free: 1-800-297-7378
M-F 7am-10pm; weekends 8am-5pm (Central)

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!

Equitable Life Insurance Company
Local Contact: Joseph O'Connor
joseph.oconnor@equitable.com
Toll Free: 1-316-250-9240
M-F 8:00am-6:00pm (Mountain)

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!

Fidelity Investments
Toll Free: 1-800-813-1239

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!

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)

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

Security Benefit
Travis Whitaker, Goodwin Financial
travisw@gfs01.com
(970) 223-2377

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 Deferred Comp/Wyoming Retirement System
Wyoming Deferred Comp requires participants to complete their Wyoming Deferred Comp 457(b) form. Fill out and return the Wyoming Deferred Comp 457(b) form to the Payroll Office. Remember: UW match is $20 a month!

Supplemental Forms

Supplemental Retirement Agreement*

NEW AGREEMENTS

Supplement Retirement STOP Form*

STOP CONTRIBUTIONS

HOW TO WITHDRAW FROM YOUR 403(B)

WITHDRAW OR BORROW

Wyoming 457 Deferred Compensation

NEW ENROLLMENTS ONLY

Paycheck Contribution Election WRS 457 Deferred Comp

CHANGES TO 457 DEFERRED COMP

Please note: Supplemental Retirement Agreement forms and Supplemental Retirement STOP Contribution forms must be turned into the Payroll Office BY pAYROLL dEADLINE.

Frequently Asked Questions

For 2023, the maximum deferral is $22,500. 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 Payroll Deadline. 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 the month prior for the effected change.

Contact Us

Human Resources Benefits Office

Campus: Hill Hall rooms 339, 341, 343

Mail: Dept. 3422

1000 E. University Ave.

Laramie, WY 82071

Office Hours: Monday - Friday

Regular: 8:00 am - 5:00 pm

Summer: 7:30 am - 4:30 pm

Phone: 307.766.2437

Fax: 307.766.5636

Email: claud@uwyo.edu