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Retirement Savings Plans

 

Retirement Home | Salaried | Hourly | Voluntary TDA | Voluntary 457(b)

 

ANNOUNCEMENTS

The University of Maine System 403(b) retirement plans provided to eligible employees are tax-deferred plans that provide an opportunity to set retirement monies aside that are deferred for federal and state taxes.

Eligible University employees may sign a salary reduction agreement (faculty & salaried employees or hourly-paid employees) to tax defer their contributions. The "tax sheltering" may cover the mandatory contribution employees make to an approved vendor as well as an additional voluntary amount subject to Internal Revenue Service regulations.

For calendar 2011, the 403(b) maximum is the lesser of 100% of pay or $16,500; if you are age 50, you are eligible for an additional $5,500 catch-up, for a total of $22,000.

For calendar 2012, the 403(b) maximum is the lesser of 100% of pay or $17,000; if you are age 50, you are eligible for an additional $5,500 catch-up, for a total of $22,500.

Employees may also contribute voluntarily to a 457(b) retirement plan up to the same limits. Therefore, you are allowed to contribute the maximum possible to both plans.

Current approved vendors are:


  • TIAA CREF logo TIAA-CREF 1-800-842-2776

  • ING logo ING Retirement Services 1-800-262-3862

  • Fidelity logo  Fidelity Investments 1-800-343-0860

  • VALIC 1-800-892-5558 (Ext. 89272)


Before you can contribute to an approved vendor, you must set up an account with that vendor (with the exception of TIAA-CREF).


Related Information

Salary Reduction Agreement for Faculty & Professional Employees

Salary Reduction Agreement for Hourly-paid Employees

Incentive Retirement Plan Policy

Partial/Phased Retirement Plan Policy

TIAA-CREF website

457(b) Deferred Compensation Plan

Faculty & Professional Retirement Plan Description

Hourly-Paid Basic Retirement Plan

Optional Retirement Plan for Classified Staff (Formerly Defined Benefit Plan NCRP) (PDF)

Retirement Guide for Salaried Employees

Retirement Guide for Houlry Employees

 

Social Security Retirement Estimator

 

UMS Question logoContact the Employee Benefits Center

The above is a brief summary of benefits offered by the University of Maine System.  If you have a question about benefits enrollment, call toll-free 866-269-9635 (or 973-3373) or email benefits@maine.edu.  Have your Employee ID number for faster service.

 

Last Updated:  February 28, 2012