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Supplemental Retirement Accounts
In addition to the pension and ORP retirement plans, all employees including faculty, exempt and nonexempt staff, contractual contingent category I and II employees, postdoctoral fellows, residents, and graduate assistants may enroll in a supplemental retirement plan at any time. UMB offers 401(k), 403(b), 457(b) and Roth plans. The vendors are Fidelity, TIAA, and Nationwide.
All of the vendors have on-campus office hours to assist employees in enrolling and planning for retirement. Click here to locate and schedule an appointment with either, Fidelity, TIAA, or Nationwide.
Contribution limits are determined by the IRS. The 2018 IRS contribution limits are:
- $18,500 for a 401(k) or a 403(b) plan.
- An additional $18,500 may be contributed to a 457(b) plan.
- If the employee is 50 or older, they may be able to contribute an additional $6,000 to the plans. Contact the vendor for additional details and IRS restrictions.
Information about Supplemental Retirement Accounts
Forms to enroll, change, or cancel:
- TIAA-CREF SRA, 403(b) Deduction Authorization Form
- TIAA-CREF SRA, 457(b) Deduction Authorization Form
Central Payroll's Net Pay Calculator
Saving money in a supplemental retirement plan will lower an employee’s taxes. A net pay calculator is available to determine the tax impact. It will be helpful to have a current paycheck available to be able to enter correct information. Employees can view their paycheck online by clicking here. Employees will need a paycheck stub within the past eight weeks to sign up for the first time. Note: Optional Retirement Plan (ORP) participants should not fill in anything under "retirement deduction" since ORP participants do not contribute to the ORP.
The exact dollar amount written on supplemental retirement paperwork will be taken per pay by Central Payroll. If the paycheck amount changes and cannot support the deduction, a deduction will not be taken and the employee will need to complete additional paperwork to change the deduction for the future. Central Payroll must take out the exact amount as indicated on the form.