When faculty and staff fulfill their eligibility requirements, they automatically enter the retirement plan. A 6% pre-tax reduction is automatically deducted from the first paycheck after the date you enter the plan. In addition, the College match is also made.

You will enter the MCW Mandatory 403(b) Retirement Plan as a condition of employment after completing two years of service at the College as long as you are at least 21 years of age.

The Benefits Office will send you a letter notifying you of your eligibility. You will be invited to a retirement meeting with all of the retirement companies.

Twenty-three companies are approved for the Voluntary 403(b) Retirement Plan, which includes the four approved companies for the Mandatory 403(b) Retirement Plan.

The approved Voluntary 403(b) Retirement Plan company listing will be sent to you along with your SRA Worksheet or it can be obtained by calling the Benefits Office or via the Voluntary 403(b) Retirement Plan page.

Answer: IRS code section 403(b) allows all 501(c)(3) organizations, (churches, religious education organizations, health care, and charitable non-profit) to establish a pre-tax and tax-deferred employer sponsored retirement plan. The contributions may be made by just the employer, just the employee, or a combination of the two. *

Answer: Implementing Freedom 10 involves 4 on-line steps and then telephone enrollment appointments between your CMPs and one of our LifeStage Counselors who hold an NASD securities registration and are representatives of Lincoln Investment Planning, Inc., a broker dealer and ainvestment advisor. Step 4: Submit your application online and send your paperwork and invoice payment to Envoy Financial.

Answer: The employer's responsibility is to establish the plan via Board Resolution, to have in place either a full plan document or an adoption agreement, regularly withhold participant contributions, and send them in to the Custodian, if required, to submit the simplified 5500 form, and to not allow participants to over contribute. A ministry does not need to submit a 5500 form if a) the organization is a church; or b) the plan is a voluntary-only plan. *

Answer: We understand that many ministries' budgets will not allow for ministry contributions into the retirement plan. Many plans will be voluntary only, meaning that they will only allow for the elective deferrals on behalf of the participants. Nonetheless, we believe there are some plan design principles that you may find interesting. Here are some guidelines to help implement an effective plan. * Participation is the first step toward understanding stewardship responsibility.

Answer: 403(b) plans are best suited for ministry because they cost less to set up and administer than 401(k) plans, allow simplified reporting, and have special benefits for those with ministerial status that other types of plans do not have. Further, many ministers will be able to take distribution later in life as part of their housing allowance. Therefore, they will save taxes there, too.

Duke offers plan participants a wide range of investment options. These include money market, bond, fixed investments, asset allocation funds, equity income funds and stock funds. There are over 300 funds to choose from. All of Duke's retirement plan providers provide automated toll-free telephone services to help you keep track of your retirement assets. You may also access your account on the Investment Carriers page.

The 403(b) is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations. Participants contribute to either annuity contracts with insurance companies, or invest in mutual funds. Contributions and investment earnings grow tax deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income. The name 403(b) refers to the relevant section in the Internal Revenue Code.

Your retirement account will remain as a retirement account invested with the retirement company that you have chosen. Funds will remain in the contract until you attain age 55 and are separated from service.

All State employees have to contribute to a retirement fund. Because UNM is an educational institution all employees are required by law to contribute to the Educational Retirement Board.

Effective November 16, 2007, online enrollment is now available through the NEW UMASS/AIG Retirement 403(b) microsite. Click here to visit the new microsite: www.aigretirement.com/umass Effective February 14, 2008, online enrollment is now available via the NEW UMASS/Fidelity branded 403(b) microsite. Effective February 19, 2008, online enrollment is now available via the NEW UMASS/TIAA CREF branded 403(b) microsite. Click here to visit the new microsite and/or to enroll online: www.tiaa-cref.

No, it is not a new type of plan. Designated Roth contributions are a new type of contribution that can be accepted by new or existing 401(k) or 403(b) plans. This feature is permitted under a Code section added by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), effective for years beginning on or after January 1, 2006.

You set aside money for retirement on a pretax basis through a salary reduction agreement with your employer. The money grows tax deferred until withdrawal at retirement.

The 403b is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations. Participants contribute to either annuity contracts with insurance companies, or to mutual funds with mutual fund companies. Contributions and investment earnings grow tax deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income. Withdrawals before age 59 1/2 are subject to a 10% federal income tax penalty.

Plan B® was first approved by the FDA for prescription use in July 1999. In August 2006, Plan B® was approved for OTC use for consumers 18 years and older.

A 401(k) plan is a type of retirement plan offered by an employer under section 401(k) of the Internal Revenue Code. A 403(b) plan is a somewhat different type of retirement plan, which has many of the same features of a 401(k). Since Duke is a tax-exempt, non-profit organization and educational institution we can offer a 403(b) plan.

The 403(b) carriers offer different "funding vehicles." These vehicles may be Fixed Annuities, Mutual Funds, or Variable Annuities. Click here for a description of these funding vehicles which will help you understand their differences. Each provider may offer several investment funds for your choice. For example, a provider may offer Money Market, Stock, and Bond investments under their funding vehicle. You allocate your 403(b) contributions among the funds provided by your carrier.

Yes. All three of the University's approved providers currently offer a loan provision. Please contact the approved providers directly to obtain information on how the loan provision operates as well as current interest rates, repayment schedules, and any limits or restrictions on your 403(b) plan loan.

Yes. The University's 403(b) Plan accepts transfers and rollovers of other 403(b) accounts. There are also new rollover provisions that permit you to rollover funds between certain retirement plans in addition to 403(b) plans. You should carefully check with your prior carrier to identify any withdrawal restrictions and fees that may be applied to your transfer to this, or any other, 403(b) program.

Select one of the University's three approved 403(b) Plan providers. 403(b) Plan provider information and applications for new accounts are available at the University Treasurer's Office and your Campus Personnel Office. Throughout each year, representatives from the carriers will be on campus to answer your questions. Please check with the University Treasurer's Office for more details on this. Determine the amount you want to contribute to the plan.

All changes must be done using an IRS-approved salary reduction agreement. This form allows you to start, increase, lower, or stop deduction, and change the investment provider. To view your vendor list, select your district from the home page.

You can generally move the pretax portion of your vested account balance from one type of plan to another as long as your new plan accepts transferred retirement assets. Your after-tax contributions are only transferable between similar plans (for example, from a 403(b) plan to 403(b) plan), and you must move your money directly between plans. Check with your new plan to make sure it accepts rollovers from other plan types and/or rollovers of after-tax contributions.

Contributing "pre-tax" money to your employer's qualified retirement plan reduces your current taxable income by the amount of salary you defer under the plan. Therefore, you are able to invest more than you otherwise would if you put your money into a comparable after-tax investment. For example, one hundred dollars ($100) invested pretax would "cost" you the same as $72 invested after tax (assuming you are in the 28% tax bracket).