Voluntary (Supplemental) Retirement Programs
Reach Your Retirement Goals
Interested in saving more? You have the option to participate in additional optional retirement plans! 香蕉直播 offers two supplemental plans (a 403(b) and a 457) to help you meet your retirement goals 鈥� with potential tax benefits.
Both voluntary supplemental programs allow you to make pre-tax and/or after-tax (Roth) contributions to help you save more money for retirement. This means that contributions are not subject to income tax until received by the team member, unless the contributions are designated Roth contributions.
All contributions are employee-funded and conveniently taken through payroll deduction. You may start, stop, or change their contributions at any time. Plus, both plans are portable, so you can take the savings with you if you move to a different employer.
Tax Deferred Account (TDA)
403(b) Plan
The 403(b) TDA plan provides all team members with the opportunity to invest in fixed annuity, variable annuity, or mutual fund accounts.
LEARN MORE ABOUT 403(b)Texa$aver
457 Plan
Benefits-eligible team members may participate in the State of Texas鈥檚 Texa$aver 457 plan. Contributions are employee-funded and may be made pre-tax or after-tax (Roth), or both.
LEARN MORE ABOUT 457Tax Deferred Account (TDA) - 403(b) Plan
The Tax Deferred Account (TDA) 403(b) plan is a voluntary retirement savings program that allows individuals to choose an investment company from a list of approved vendors and make contributions into a supplemental retirement account.
All contributions are employee-funded and conveniently taken through payroll deduction. Contributions may be made on a pre-tax or post-tax 鈥淩oth鈥� basis, as decided by the employee.
The contributions that you make to your TDA may be invested with a 403(b) fixed annuity, variable annuity or custodial mutual fund account through one of the vendors approved by Texas Tech University System.
- A 403(b) plan is offered by public schools and certain non-profits, and is similar to a 401(k).
- All contributions are funded by the employee and made automatically through payroll deduction.
- Contributions may be made on a pre-tax "traditional" or post-tax "Roth" basis.
- Employees may start, stop, or change their contributions at any time.
- The employee chooses which approved vendor(s) to use to invest these funds, and works directly with the vendor(s) to manage their investments.
- All team members, except students performing services described in IRC 3121(b)(10), are eligible to participate in the TDA 403(b) program.
- Temporary employees and part-time employees are also eligible to participate in the TDA 403(b) program.
- An employee may start participating in the TDA 403(b) plan at any time.
- To enroll and start making contributions to a TDA 403(b), you must select a vendor(s) from the list of authorized vendors and determine your contribution amounts.
- You must also make an account with your chosen vendor(s), and select your investments.
- Representatives from each of the approved investment companies are available to assist you with setting up an account.
- The TDA 403(b) Program may be combined with participation in the Teacher Retirement System (TRS), the Optional Retirement Program (ORP), and/or the Texa$aver plan, up to the limits prescribed by law.
- For individuals participating in the ORP plan, it鈥檚 important to note that there are annual combined limitations of employee and employer contributions to 403(b) plans that may restrict the allowable contributions. For ORP participants, the Texa$aver plan is another retirement account option.
Texa$aver 457 Plan
Benefits-eligible employees may also participate in the Texa$aver 457 plan offered by the State of Texas. Employees can enroll in the Texa$aver plan to have payroll deductions up to specified limits on a tax-deferred basis under IRS 457.
Visit the to learn more.
For individuals participating in the ORP plan, it鈥檚 important to note that there are annual combined limitations to 403(b) plans that may restrict the allowable contributions. For this reason, the Texa$aver 457 plan is especially beneficial to ORP participants, as it provides an additional retirement account option beyond the 403(b) plans.
- A 457 plan is offered by state or local governments and certain non-profits.
- All contributions are funded by the employee and made automatically through payroll deduction.
- Contributions may be made on a pre-tax "traditional" or post-tax "Roth" basis.
- TTU System doesn鈥檛 participate in the Texa$aver 401(k) plan; only the Texa$aver 457 plan is offered.
- Employees may start, stop, or change their contributions at any time.
- The employee chooses how to invest these funds.
- Benefits-eligible faculty and staff are eligible to participate in the Texa$aver 457 plan.
- You may participate in the Texa$aver 457 plan in combination with participation in TRS/ORP, and/or the 403(b) TDA plan, up to the limits prescribed by law.
- An eligible employee may start participating in the Texa$aver 457 plan at any time.
- Current team members can find additional information on the on the 香蕉直播 intranet.
- The Texa$aver 457 plan may be combined with participation in the Teacher Retirement System (TRS), the Optional Retirement Program (ORP), and/or the 403(b) TDA plan, up to the limits prescribed by law.
- For individuals participating in the ORP 403(b) plan, it鈥檚 important to note that there are annual combined limitations of employee and employer contributions to 403(b) plans that may restrict the allowable contributions. For ORP participants, the Texa$aver plan is another retirement account option.
Have Questions?
We're here to help. Contact Human Resources if you have any questions. Prospective employees and retired team members are encouraged to contact their local HR office, or the campus that is most relevant to their inquiries.
Current team members can find additional information on the (eRaider required).