- Provided so that employees who wish can supplement their SU pension with additional income by participating in a tax deferred/sheltered annuity program.
- 403(b)s are available to full-time employees and regular part-time employees.
- Choices of 403(b) plans are limited to plans in effect at the University.
- Employees may enroll in the program at any time.
- Enrollment packets are available in the Human Resources office or by emailing Amy Key.
- Employees may also cancel enrollment in the program at any time.
- There is no employer match.
- The vendors for the 403(b) plan are:
- Fidelity Investments
- Both Fidelity and TIAA-CREF offer traditional 403(b) plan and ROTH 403(b) options.
- 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 slides. There are also helpful links to retirement planning tools and calculators.
Attention all current Fidelity Participants: Fidelity Brokerage Link is now available to all of Samford's Fidelity participants. This is a brokerage account platform, within the shell of your 403b account, for participants to invest in thousands of different mutual funds, stocks, CD's, Government Bonds, and Corporate Bonds. Meet with, or email Walter Wood for details.
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 2012, the maximum amount an employee can contribute to a tax deferred annuity is $17,000 for employees under age 50, and $22,500 for employees age 50 and over.
- How can I enroll in a 403(b)?
Applications are in the Human Resources Office. Please email Amy Patterson to request a packet.
- Why does Samford not match employee contributions to the 403(b)?
Because Samford currently funds the pension plan for employees.
- 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 Amy Patterson to request a rollover form.