Photo by Kevin Bain/Ole Miss Communications
Retirement is the goal of all employees. Whether this event will happen soon or several years down the road, financial stability is a common concern.
Questions you may be asking yourself are will I be able to retire on my scheduled date, have enough money to support the retirement lifestyle I want, or have sufficient funds to last throughout retirement?
If these thoughts have crossed your mind and you are looking for opportunities to increase future assets, consider taking advantage of the university’s supplemental retirement programs.
The university offers two voluntary, supplemental retirement programs, 403(b) and Deferred Compensation. Participation is available to all employees (faculty and staff), student workers and re-employed retirees. If you receive compensation via the university payroll system, then you may participate. These individual retirement accounts are funded by employee contribution only. The university does not match contributions. The amount you contribute is at your discretion.
Both programs offer a diversified set of investment options to include but not limited to global/international, small cap, large cap and bonds. For calendar year 2017, the contribution limit is $18,000. Employees age 50 or older may contribute an additional $6,000, which increases their contribution limit to $24,000.
With the 403(b) program, there are three authorized providers with which you may invest (TIAA, Voya and VALIC). To participate is a two-step process. First, you must select the provider(s) in which you will invest and establish an investment account. Second, you must complete and submit to 108 Howry Hall a Salary Reduction Agreement, or SRA, to set up payroll deduction. Contributions may be pre- and/or post-tax. Please ensure you provide the pay period contribution amount in the appropriate box designating pre-tax versus post-tax on the SRA.
Financial consultants from TIAA, Voya and VALIC are available to discuss this program and assist in setting up an investment account, selecting investment options and completing the SRA. The SRA and contact information for financial consultants can be accessed at http://www.olemiss.edu/hr/retirement.html.
Photo by Kevin Bain/Ole Miss Communications
Deferred Compensation is administered by the Public Employees’ Retirement System of Mississippi with investment accounts managed by Empower Retirement.
To participate, complete the Participant Enrollment Form, and fax or mail it to Empower Retirement. The form is available at https://mdcplan.gwrs.com/login.do via the Resource Center tab. This step must occur one month in advance of when the payroll contributions will begin. Deferred Compensation is a pre-tax contribution.
Questions about these programs should be directed to Pamela Johnson, assistant director of benefits, at pkjohnso@olemiss.edu or 662-915-5432.
Further reading: https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/top10ways.pdf