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Human Resources

Compare 403(b) and 457(b) Retirement 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.

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Human Resources

Campus: Hill Hall, 3rd Floor

Mail: Dept 3422

1000 E. University Ave.

Laramie, WY 82071-2000

Phone: 307.766-2377

Fax: 307.766.5607

1000 E. University Ave. Laramie, WY 82071
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