HR Home > Benefits > Retirement Savings
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 1-800-842-2776
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).
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
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)
- Classified Retirement Plan Payout Options
- Classified Retirement Plan Application for Benefits
- Classified Retirement Plan Designation of Beneficiary
Retirement Guide for Salaried Employees
Retirement Guide for Houlry Employees
Social Security Retirement Estimator
Contact 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