Retirement Plans
UNCA HR
Author
03/31/2020
Added
1754
Plays
Description
Learn about the retirement plans available from the University of Nebraska.
Searchable Transcript
Toggle between list and paragraph view.
- [00:00:06.895]The University of Nebraska offers
- [00:00:08.765]opportunities that help you plan for tomorrow.
- [00:00:11.931]Employees have three options for retirement planning.
- [00:00:16.281]Basic Retirement 401(a)
- [00:00:18.835]Supplemental Retirement 403(b) and
- [00:00:22.501]Deferred Compensation Retirement 457(b)
- [00:00:26.344]With all three plans, money is deducted
- [00:00:28.734]from your paycheck and contributed
- [00:00:30.763]to your retirement account.
- [00:00:32.193]Two investment companies offer options
- [00:00:34.628]for investing your retirement savings:
- [00:00:36.594]TIAA-CREF and Fidelity Investments
- [00:00:40.594]Each of these companies offers a variety of
- [00:00:43.100]investment options among the categories of
- [00:00:45.983]Money Market, Bonds, Stocks
- [00:00:49.338]Guaranteed Annuity and Lifecycle Funds
- [00:00:52.518]For more information about investment options,
- [00:00:54.769]both investment companies offer educational resources
- [00:00:58.077]and financial counseling to help you make your decisions.
- [00:01:02.379]With all three retirement plans, your contributions
- [00:01:05.344]are immediately vested upon participation.
- [00:01:08.304]That means if you leave the university,
- [00:01:10.515]you can take both your contributions
- [00:01:12.757]and the university’s contributions with you.
- [00:01:16.527]Now let’s explore the individual retirement plans
- [00:01:19.707]offered at the university…
- [00:01:21.536]starting with the Basic Retirement 401(a) Plan.
- [00:01:25.005]The university has a semi-annual enrollment period
- [00:01:28.125]for the basic retirement plan.
- [00:01:30.213]This means you will be enrolled either
- [00:01:32.697]February 1 or September 1 following
- [00:01:35.094]two years of service to the university or
- [00:01:37.864]if you establish proof of two years of prior
- [00:01:40.714]service at another educational institution.
- [00:01:43.901]If you’re between the ages of 26 and 29,
- [00:01:47.301]participation is voluntary.
- [00:01:49.283]At the age of 30, you’re required to participate.
- [00:01:52.477]Both you and the university contribute to the
- [00:01:55.547]plan based on a percentage of your salary.
- [00:01:58.483]You can choose between two levels of contribution
- [00:02:01.863]depending on what percentage you want
- [00:02:04.161]taken out of your paycheck each month.
- [00:02:06.094]Tier 1 takes a lower percentage than Tier 2
- [00:02:09.708]and also offers less of a university contribution than Tier 2.
- [00:02:15.137]All contributions are withheld from your
- [00:02:17.577]paycheck on a tax-deferred basis.
- [00:02:19.703]That means it’s not included as part of your income
- [00:02:23.379]so your federal and state income tax is reduced.
- [00:02:28.952]Next, let’s review the Supplemental Retirement 403(b) Plan.
- [00:02:34.192]You can participate in this plan no matter how old you are
- [00:02:37.622]or how long you’ve been at the university.
- [00:02:39.772]Participation is voluntary.
- [00:02:41.372]Contributions to the plan are withheld each pay period
- [00:02:44.607]either as a percentage or a flat dollar amount.
- [00:02:47.771]You have two options depending
- [00:02:50.042]on how you want to pay taxes.
- [00:02:52.092]With a traditional 403(b),
- [00:02:54.179]your contributions to the fund aren’t
- [00:02:56.339]included in your taxable income…
- [00:02:58.349]you don’t pay taxes on that amount.
- [00:03:00.889]But when you withdraw the funds,
- [00:03:03.034]your investments and earnings are taxed as income.
- [00:03:06.254]With a Roth 403(b),
- [00:03:08.800]your contributions each pay period are
- [00:03:11.298]not tax-deductible… you pay taxes on
- [00:03:13.897]your money before you invest it.
- [00:03:16.507]But it’s tax-free when you withdraw the funds.
- [00:03:20.890]The IRS limits the amount of money you
- [00:03:23.003]choose to have deducted from your paycheck
- [00:03:25.283]and invested in your retirement account…
- [00:03:27.253]known as the amount you elect to defer.
- [00:03:29.458]There are different limits depending on
- [00:03:31.632]factors like age and years of service.
- [00:03:35.699]Finally, let’s take a look at the
- [00:03:37.685]Deferred Compensation Retirement 457(b) plan.
- [00:03:41.685]Any employee at the university can participate in this plan,
- [00:03:45.530]as long as they elected to defer the maximum
- [00:03:48.320]amount allowable to the university’s
- [00:03:50.400]Supplemental Retirement Plan.
- [00:03:52.291]Participation is voluntary.
- [00:03:54.218]Contributions are withheld each pay period
- [00:03:57.949]as a flat dollar amount and are made on a tax-deferred basis.
- [00:04:01.949]The money isn’t included in your income
- [00:04:04.511]but you pay taxes later.
- [00:04:07.159]Whether this is your first job…
- [00:04:09.035]or you’ve been part of the workforce for decades…
- [00:04:11.765]the University of Nebraska wants to help you
- [00:04:14.687]reach your retirement goals.
- [00:04:16.527]For more information, contact your campus benefits office.
The screen size you are trying to search captions on is too small!
You can always jump over to MediaHub and check it out there.
Log in to post comments
Embed
Copy the following code into your page
HTML
<div style="padding-top: 56.25%; overflow: hidden; position:relative; -webkit-box-flex: 1; flex-grow: 1;">
<iframe
style="bottom: 0; left: 0; position: absolute; right: 0; top: 0; border: 0; height: 100%; width: 100%;"
src="https://mediahub.unl.edu/media/12490?format=iframe&autoplay=0"
title="Video Player: Retirement Plans"
allowfullscreen
></iframe>
</div>
Comments
0 Comments