About Us | Contact Us | Search HR
Human Resources

UTSaver DCP 457(b) > Retirement Programs > Current Employees > HR Home

UTSaver DCP 457(b)

The UTSaver Deferred Compensation Plan is a 457(b) voluntary retirement program that allows you to save additional income for retirement through pre-tax contributions that will reduce your taxable income. As investments grow, the earnings are tax-deferred until funds are withdrawn. The program does not include an employer contribution. Contributions are made through payroll deduction and may be invested in fixed or variable annuities or mutual funds with the approved providers.

Beginning January 1, 2008, upon separation you can defer all or a portion of your unused annual-leave payment to your DCP account, not to exceed your maximum contribution limit. You must submit the Purchase Agreement for Annual Leave Deferral [PDF] to the HRSC no later than your last day of employment to take advantage of this opportunity.

Learn more about turning your annual leave payout into retirement savings.

Eligibility

All employees are eligible to participate.

Contributions

You can get started for as little as $20 per month or contribute as much as 100% of your eligible compensation, not to exceed your maximum contribution limit per calendar year.

Year Regular Contribution Limit Age 50+ Catch-up* Special Catch-up**
2011 $16,500 $5,500 $16,500
2012 $17,000 $5,500 $17,000

*You must be 50 years old or older during the calendar year of your participation.

**You must be within three years of normal retirement age and must have unused elective deferrals for the previous years in which you were eligible to participate in a 457(b) plan. Contact HRSC for this calculation. This catch-up may not be used during the calendar year in which you retire

The Age 50 Catch-up and the Special Catch-up may not be used simultaneously during any calendar year.

You can participate in both UTSaver plans simultaneously. The contribution limits for each UTSaver program are separate.

UTSaver Programs Comparison [PDF]

Enrollment

Making Changes

It's possible to increase, decrease or stop your contributions at any time. You may also redirect your contributions to another approved provider. Any of these changes can be accomplished in UTRetirement Manager, or by submitting the Purchase/Change Agreement [PDF]. If you'd also like to transfer the existing funds to the new approved provider, you'll need to complete the Transfer Verification Form [PDF], which HRSC must also sign.

Contact your provider directly if you want to change how your funds are invested.