Note: The University makes no contribution to this Plan.
Salaried and hourly staff, professional staff employees retaining the State Pension Plan as their primary retirement plan, and employees who are working on a supplemental contract or in a miscellaneous wage capacity, may elect to participate in the University of Delaware Voluntary 403(b) Retirement Plan1. There is no University match provided in this voluntary plan, but the plan does allow you to tax-defer a portion of your salary in addition to any contribution that you may be making to the Delaware State Pension Plan. Participation in the Voluntary Plan does not require a minimum contribution as does the standard University 403(b) Retirement Plan for faculty and professional staff.
The authorized investment companies under the plan are Fidelity Investments and the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF). Employees may designate their contributions to one company, or split them between Fidelity Investments and TIAA-CREF in a variety of investment options.
Individuals may not tax defer more than the IRS limits. Please see the 403(b) Retirement Plan Annual Contribution Limits for further information. Employees interested in making a change to their current contributions must complete a new salary reduction agreement and an application if opening a new contract. The earliest a change or new withholding can be effective is the first of the month following the date of a newly signed agreement.
Eligible employees may participate concurrently in both Fidelity Investments and TIAA-CREF. There are various income options at retirement, including lifetime annuity income, fixed period annuities, deferred income, systematic withdrawals, lump sum withdrawals, and interest-only payments.
Please see the retirement plan vendors' interactive websites: Fidelity Investments and TIAA-CREF. Through a secure logon, employees can make allocation changes, change beneficiaries, and have access to retirement planning tools.
For more information:
1 The plan excludes student employees.