Supplemental Retirement Accounts

Supplemental Retirement 403(b) and 457(b) 

WVU provides supplemental, voluntary tax-deferred retirement plan(s), a 403(b) plan and a 457(b) plan through TIAA.

These plans allow the benefits-eligible employees to supplement their retirement savings with the advantages of tax-deferral and payroll deduction. Contributions are limited to a maximum determined each year by the Internal Revenue Service (IRS). 

Also available is a 403(b) Roth plan, that allows post-tax contributions. 

403(b) Plan

The 403(b) - Pre-Tax Contributions

The 403(b) provides an opportunity for both benefits-eligible and non benefits-eligible employees to voluntarily save for retirement. Just like the 401(a) plan, contributions are tax deferred and made on a pre-tax basis. Unlike the 401(a) plan however, there is no employer matching contribution. All employee contributions are immediately 100% vested. 

Both loans and hardship withdrawals are available with the 403(b) plan. In-service withdrawals are also available from the plan once the participant has attained the age of 59 1/2. The IRS-imposed 10% penalty rules for pre-age 59 1/2 withdrawals are the same as the 401(a) plan. There is no minimum contribution and paycheck deduction changes may be made at any time. 

Annual 403(b) Universal Availability Notice 

Roth 403(b) -  Post-tax Contributions

On Sept. 1, 2011, West Virginia University introduced the Roth 403(b) supplemental retirement account available to all employees through TIAA. With this option, you may:

• Contribute after-tax dollars;
• Enjoy tax-free distributions, without penalty, when you are age 59 1/2 or older and when you take a distribution five years after you made the first Roth contribution to the contract. Withdrawals of earnings prior to age 59 1/2 are subject to ordinary income tax and a 10% penalty may apply.
• Rollover assets into a Roth Individual Retirement Account (IRA), or into/from another Roth 403(b) Supplemental Plan that accepts such assets. (Rollovers and withdrawals are subject to the provisions of your retirement plan.) 

457(b) Plan - Pre-Tax Contributions

The 457(b) plan provides an opportunity for benefits-eligible employees to voluntarily save for retirement. Just like the 401(a) plan, contributions are tax deferred and made on a pre-tax basis. Unlike the 401(a) plan however, there is no employer matching contribution. All employee contributions are immediately 100% vested. Loans are available with the 457(b) plan. No in-service withdrawals are available from the plan. The IRS-imposed 10% penalty for pre-age 59 1/2 withdrawals does not apply to the 457(b) plan.  Upon separation from service, the participant may begin annuity income or make a cash withdrawal.  There is no minimum contribution an d paycheck deduction changes may be made at any time.

Supplemental Maximum Contributions