Samford University

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403(b) Plans

403b Forms

  • All employees of Samford University, with the exception of student employees, are eligible to make voluntary personal contributions to the 403(b) Plan based on the annual maximums established by the Internal Revenue Code for 403(b) plans.  
  • Choices of 403(b) plans are limited to plans in effect at the University.
  • Employees may enroll in the 403(b) plan at any time. 
  • Enrollment packets are available in the Human Resources Office or by emailing Kelli Ledbetter
  • Employees may stop their voluntary contributions to the plan at any time.
  • Full time employees (those who work over 1,000 in a year) hired on or after 1/1/2013 are eligible for an employer match.  Please see information below regarding the match. 
  • Full time employees hired on or before 12/31/2012 are not eligible for the employer match.
  • All part time employees (those who work less than 1,000 hours per year) are not eligible for the employer match.
  • The vendors for the 403(b) plan are:
    • Fidelity Investments 
    • TIAA-CREF
     
  • Both Fidelity and TIAA-CREF offer a traditional 403(b) plan and a Roth 403(b) plan.
  • In a traditional 403(b) plan your contributions are taken on a pre-tax basis from your paycheck.  Withdrawals are taxed as ordinary income.
  • In a ROTH 403(b) plan your contributions are taken on an after-tax basis from your paycheck.  Withdrawals are tax free if IRS requirements are met.  Distributions are eligible for tax free treatment if made after five years following the January 1st of the year of the first ROTH 403(b) contribution, and on account of death, disability, or attainment of age 59 1/2.
  • Fidelity Investments provides personalized access to your account through www.netbenefits.com.  This tool provides you with links to your portfolio, questionnaires on retirement planning, online workshops, calculators, and educational content.  To access your account on netbenefits, click on New User Registration and follow the prompts.
  • Financial education webinars from TIAA-CREF can be accessed by clicking here. These can be accessed from any pc and run anywhere from 10-20 minutes in length.  Currently there are six different web presentations that can be viewed.  There is a moderator that goes through the slides.  There are also helpful links to retirement planning tools and calculators.  
  • The coverage and benefits described in the above summary are subject to certain restrictions, limitations, conditions, maximums and minimums, as described in the relevant Plan Document.  This is only a summary; in all instances the Plan Document will prevail.  

 Samford University 403(b) Plan for Full Time Employees hired on or after 1/1/2013:

  • Full-time employees hired on or after January 1, 2013 will participate in a 403(b) plan.  
  • Contributions by the University are applied to individual annuities or accounts by TIAA-CREF and Fidelity Investments.
  • Full-time employees hired on or after January 1, 2013 are immediately eligible to make voluntary personal contributions based on the annual maximums established by the Internal Revenue Code for 403(b) plans.
  • While full-time employees hired on or after January 1, 2013 can contribution to the 403(b) immediately after employment, participants will be eligible for a $1 for $1 match of all employee contributions up to 3% of pay on the first January 1 or July 1 following a one year of service requirement and attainment of age 21.
  • Full-time employees hired on or after January 1, 2013 who have met the eligibility requirements mentioned above will also receive an annual Samford contribution on 12/31.  
  • The contribution rate is tied to years of service pursuant to the following schedule:
    • 1-3 Years of Participation                   2%
    • 4-6 Years of Participation                   3.5%
    • 7+ Years of Participation                    5%
  • You must be actively employed on 12/31 to receive the Samford contribution. 
  • You are always 100% vested in your own contributions to the Samford University 403(b) Plan. Samford's matching contributions and discretionary contributions vest according to the following schedule:
  • Years of service

    Percent

    1 year

    0%

    2 years

    20%

    3 years

    40%

    4 years

    60%

    5 years

    80%

    6 years

    100%


  • The coverage and  benefits described in the above summary are subject to certain restrictions, limitations, conditions, maximums and minimums, as described in the relevant Plan Document.  This is only a summary; in all instances, the Plan Document will prevail. 
  • The vendors for the 403(b) plan are:
    • Fidelity Investments
    • TIAA-CREF
  • Both Fidelity and TIAA-CREF offer a traditional 403(b) plan and a ROTH 403(b) plan. 
  • In a traditional 403(b) plan your contributions are taken on a pre-tax basis from your paycheck.  Withdrawals are taxed as ordinary income.  
  • In a ROTH 403(b) plan your contributions are taken on an after tax basis from your paycheck.  Withdrawals are tax free if IRS requirements are met.  Distributions are eligible for tax-free treatment if made after five year following the January 1st of the year of the first ROTH 403(b) contributions, and on account of death, disability, or attainment of age 59 1/2.
  • Enrollment packets are available in the Human Resources office or by emailing Kelli Ledbetter.

Tax Deferred Annuities Frequently Asked Questions

  • Is there a limit as to how much money I can set aside in my 403(b)?
    Yes. The most an employee can tax-defer is governed by sections 415 and 402(g) of the Internal Revenue Code. For the year 2013, the maximum amount an employee can contribute to a tax deferred annuity is $17,500 for employees under age 50, and $23,000 for employees age 50 and over. 
  • How can I enroll in a 403(b)?
    Applications are in the Human Resources Office.  Please email Kelli Ledbetter  to request a packet.
  • If I leave Samford, can I roll my 403(b) to my new employer?
    It depends on whether or not the new employer's pan accepts roll-overs.
  • Can I roll my old 403(b) into my new Samford account?
    In most cases, yes. The roll-over forms are in Human Resources. You will need to read the instructions to see if your former tax-annuity can be rolled into your new plan.  Please email Kelli Ledbetter to request a rollover form. 
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