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Voluntary Savings Plans

Faculty, TEAMS, USPS, and OPS employees (including Housestaff/Residents, Graduate Assistants, Post Docs, and Adjunct Faculty) can participate in voluntary savings plans via payroll deductions. Employees may contribute to both a 403(b) plan and the 457 Deferred Compensation plan, up to each plan’s separate IRS limit. These plans are designed for long-term retirement planning purposes and therefore employees should use other methods to save for immediate or short-term expenses. The employer does not contribute to these plans.

403(b) Plans

Retirement savings plans, similar to a 401(k) plan, are offered to employees at public schools and certain 501c(3) tax-exempt organizations. Intended to supplement retirement income from a state plan or act as a stand-alone plan. Both tax-deferred plans and after-tax Roth plans are available.

More information is available here.

457 Deferred Compensation Plan

Retirement savings plan that allows employees to defer receiving a portion of earnings until retirement. Intended to supplement retirement income from a state plan or act as a stand-alone plan.

More information is available here.