Retirement
For more information on incentive retirement programs for Faculty and Staff, or for commonly used retirement forms, visit our Forms Library.
UST Retirement Plan
UST currently offers a qualified retirement plan to employees. This 403(b) plan enables the university to provide contributions for eligible salaried and hourly employees who hold full and part-time regular positions that are approved to work at least 1,000 hours annually. To be eligible, an employee must be at least 21 years of age and have completed one year of service at the university. (The one-year waiting period is waived for employees age 40 and over on date of hire.)
The university contributes 10.4% of base annual salary for all eligible employees. Employees may choose to deposit these funds in one of two available vendors: TIAA-CREF or Fidelity Investments. All university contributions are made each payday and are fully and immediately vested. Periodic account statements will be mailed to your home by the vendor.
Applications for the retirement plans are handled through the department of Human Resources. Failure to complete the application on a timely basis may result in contributions being deposited to a default account. You may change your default contribution election by contacting the Human Resources Department.
Summary Plan Description (SPD) - as PDF
Voluntary Retirement Plan
Starting to save early can make a significant difference in reaching your retirement goals. The Voluntary Retirement Plan is an easy way to invest pre-tax earnings to build the level of income you will need for a secure financial future.
Its tax deferral feature allows you to make contributions into your retirement account on a before-tax basis. This means you can reduce the amount of your salary that is taxable under both state and federal income taxes and delay paying taxes on the money you contribute as well as on your gains, dividends, and interest. Tax deferral can allow your savings to accumulate faster than an after-tax savings program.
Voluntary retirement accounts are available to you at any time, and do not require any type of participation eligibility. These accounts involve employee contributions only; the University does not contribute money to your voluntary retirement account. The Internal Revenue Code limits the amount that can be contributed. At no time may you go over the elective deferral limit for the year.
The Voluntary Retirement Arrangement offers eligible employees the opportunity to direct voluntary contributions to one or both carriers: TIAA-CREF and Fidelity Investments.
To help you in planning and calculating the impact of changes, go to the following websites:
TIAA-CREF http://www.tiaacref.org/calcs
Fidelity http://www.mysavingsatwork.com/atwork/1081430099016/990738457349.htm
