Retirement Education
Supplemental Retirement Plans
The College offers its employees the opportunity to participate in voluntary supplemental retirement savings plans. The two options provided are 403b and 457b accounts. Both accounts allow the employee to make deposits on a tax-deferred (pre-tax) basis. This means that you do not pay state or federal income taxes on the funds being deferred nor the interest and earnings that accumulate until a future date when the funds are withdrawn. Annual contribution limits apply and are established by the Internal Revenue Service. Currently, tax laws allow an individual to establish both a 457b and a 403b account and contribute the allowable maximum to each account thereby doubling the amount of money you can set aside in these supplemental plans.
The money you save through these supplemental plans is automatically deducted from your pay before taxes are calculated on your income. In other words, your taxable income is lowered by the amount you save through the plan. Another valuable tax advantage is that you pay no taxes on the investment earnings in these supplemental accounts until the year you begin making withdrawals at retirement.
Participation in either or both of these supplemental plans does not reduce in any way the benefits that you may receive from SURS or the College.
Current Provider
Other Resources