Supplemental Retirement Accounts

403(b) and 457(b) Plans

WVU offers supplemental, voluntary retirement plans, a 403(b) plan and a 457(b) plan through TIAA. All University employees, benefits-eligible and non-benefits-eligible, may enroll in any plans(s) at any time during employment. If you want to increase your retirement savings, consider contributing to one or both plans.

Features For Both Plans:

• Pre-tax and post-tax (Roth) options available.
• Employee contributions are immediately 100% vested.
• WVU does not make matching contributions to supplemental retirement plans.
• IRS contribution limits are the same.

Comparing the 403(b) and 457(b) Plans:

• The plans generally work the same; the primary difference is in how the plans consider and penalize withdrawals.

Pre-tax vs Post-tax (Roth) Options:

• Pre-tax
  • Pre-tax contributions lower your taxable income and could reduce your current income taxes.
  • Pre-tax distribution amounts are taxable when distributed. You defer taxes on interest and earnings until you withdraw your money. You'll pay taxes when you withdraw your money from your account, and federal withdrawal restrictions apply.
• Post-tax (Roth)
  • Post-tax Roth contributions are made after-tax, and your current taxable income is not reduced.
  • This means that you'll pay income taxes on your contributions now, but qualified distributions from a Roth account are tax-free.
  • Generally, for a qualified Roth distribution, Roth accounts need to be open for at least five years and you must be at least 59½ years old when you take a distribution.

Are pre-tax, post-tax, or both options best for you?

Contributions:

• You may enroll in and contribute to one or both plans and may elect pre-tax or Roth options for one or both.
• Contribution limits are established by the IRS each calendar year.
• You may contribute the maximum amount allowed by the IRS to both the 403(b) and 457(b) plans in the same calendar year.
• Contributions my be split between traditional pre-tax contributions and Roth contributions, but your combined contributions can't exceed the IRS contribution limit for each plan.

Still unsure of which plan(s) to enroll in and how much to contribute?

Sign up for a free one-on-one consultation with our TIAA financial consultant. 

In-person opportunities are available at three different locations in Morgantown, WV as well as virtual appointments.

WVU Supplemental Retirement Overview Video

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How to Enroll:

1. Complete a Salary Reduction Agreement to select your plan(s) and contribution percentage(s). For assistance contact Shared Services at 304-293-6006 or SharedServices@mail.wvu.edu . 
2. Create a TIAA account login at tiaa.org/public/tcm/wvu.
3. Once your first payroll deduction has occurred, sign into TIAA to allocate your contributions and name a beneficiary(ies).