457(b) Deferred Compensation Plan
Last updated
August 10, 2009 12:26:02 AM PDT
Read about the 457(b) Plan, which provides another opportunity for faculty and staff to increase tax-deferred retirement savings.
UCSD offers a 457(b) tax-deferred savings plan, giving faculty and staff another retirement savings option. When used with the existing 403(b) plan, the new plan effectively doubles the amount that can be put into tax-deferred retirement savings.
Plan details
- Contribution limit: Faculty and staff can enroll in either or both tax-deferred plans, with separate contribution limits for each plan. For example, an employee contributing the maximum amount to the 403(b) plan ($16,500 in 2009) could also contribute up to $16,500 annually in the 457(b) plan. Note: Employees who will be 50 or older as of December 31, 2009, can defer up to $22,000 in each plan.
- Enrollment: Fidelity Retirement Services maintains administrative records for the 457(b) plan. When you are ready to enroll, log on to Fidelity's NetBenefits, or call Fidelity at (866) 682-7787.
- Administrative expenses: The 457(b) plan is designed to be self funded at no cost to the university or the retirement system. Plan participants pay the ongoing administrative expenses.
