Payroll Office

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
Wyoming Deferred Comp 457(b) form

*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 $19,500 per year		Limited to $19,500 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 $6000		Additional $6000
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
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
Local Contact: Lisa Kinney, 307-274-5286, lisa.kinney@aig.com
Toll Free: 1-800-448-2542
Representatives available M-F, 7am-8pm (Central);
automated service available 24 hrs. a day, 7 days a week.

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: Margaret Meranda 742-5975 
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'Connort
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) Plans:

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
Local Contact: Lisa Kinney, 307-274-5286, lisa.kinney@aig.com
Toll Free: 1-800-448-2542
Representatives available M-F, 7am-8pm (Central);
automated service available 24 hrs. a day, 7 days a week.

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!


Security Benefit
Travis Whitaker, Goodwin Financial
(307) 287-0670

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/ WRS
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!

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 2021, the maximum deferral is $19,500. 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.