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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. 

TIAA 403(b) and 457(b) Plans at a Glance


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 ann uity income or ma ke a cash withdrawal.  T here is no minimum contribution an d paycheck deduction changes may be made at any time .


Supplemental Maximum Contributions 

IRS contribution limits are established annually by the IRS. 
2022 IRS Limits
Under the age of 50 during 2022 calendar year:   
Plan Limit   
403(b) $20,500   
457(b) $20,500    

Age 50 or older by December 31, 2021:   
Plan Limit   
403(b) $27,000   
457(b) $27,000    

Enrollment

When enrolling for the first time in any Supplemental Retirement Account 
When enrolling in a 403(b) or 457(b) or both with TIAA, employees will need to complete the appropriate enrollment form. In addition, employees will also need to complete a  Salary Reduction Agreement to indicate the percent per pay they would like to have deducted from their pay.

Note: If you already have an existing 403(b) or 457(b) account with TIAA there is no need to re-enroll – just complete a Salary Reduction Agreement to either change or re-start the salary reductions. 

At the current time, Roth contributions are only available through TIAA.  If you have questions regarding Roth 403(b) contributions, please contact TIAA at 800-842-2252.  

Enroll online with TIAA at   www.tiaa-cref.com/wvu

Health Science Center employees with Dual Appointments 
HSC staff with both West Virginia University and University Health Associates (Medical Corp. included) appointments should consider enrolling in the 457(b) plan with WVU, and the 403(b) plan with UHA. If the employee does have an appointment with WVU and UHA (Dental Corp.) but does not have a 403(b) available to him, then the employee can enroll in WVU’s 403(b) plan. Important to note is the employee does not want to be enrolled in 403(b) plans with each employer and “max out” under both 403(b) plans.