Retirement Savings Plans
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 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.
For calendar 2013, the 403(b) maximum is the lesser of 100% of pay or $17,500; if you are age 50, you are eligible for an additional $5,500 catch-up, for a total of $23,000.
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:
ING Retirement Services 1-800-262-3862
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).
To contribute to an alternate vendor, follow these easy steps:
- Contact your chosen vendor and set up an account.
- Complete a new Salary Reduction Agreement. The new Agreement will replace any previous Agreement you submitted; therefore, you must restate the amount you want to tax-defer on the new Agreement.
- Fax the completed form to the Employee Benefits Center at (207) 561-3454 or mail to 16 Central Street, Bangor ME 04401. Your new investment options will begin once your form has been processed.
- Classified Retirement Plan Payout Options
- Classified Retirement Plan Application for Benefits
- Classified Retirement Plan Designation of Beneficiary
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 firstname.lastname@example.org. Have your Employee ID number for faster service.
Last Updated: April 18, 2013