Universal Availability Notice 403b
The University of Toledo is a public education institution eligible to offer a voluntary retirement savings program as described under section 403(b) of the Internal Revenue Code (also referred to as a “403(b) Plan”). This IRS required notice is to make you aware of the 403(b) Plan and provide enrollment information. Under the 403(b) Plan, eligible employees may contribute on a pretax or post tax basis, where investment earnings grow tax deferred until they are distributed. The employee is responsible for investigating and selecting an investment service program (vendor) and investments from among the vendors available under the plan.
How Do I Enroll?
To sign up for a 403b, go to the Retirement@Work website. Log-in or register for the first time and go to Contributions.
Already Contributing?
If you are already currently contributing to the 403(b) plan, you may be able to increase or decrease your pretax contributions. To change your contributions, visit the Retirement at Work webpage listed above.
Why contribute to a 403(b) Plan?
- Lower taxes today. You contribute before taxes are calculated thus lowering your taxable income.
- Tax deferred growth earnings on your contributions grow tax-deferred until distributed.
- Contributing to a 403(b) retirement plan now will provide more money for you at retirement.
How much can I contribute?
Per IRS regulations, the current annual contribution limit is $23,000 (for calendar year 2024). For employees age 50 and older, an additional $7,500 catch up contribution is permitted. Please keep in mind that the IRS may change these limits annually and that these limits are aggregated across all your 403(b) plans; for current information visit the IRS website. You are responsible to ensure that you do not over the IRS limits for your plans.
Where may I contribute?
Eligible employees can direct their 403(b) contributions to any UToledo approved vendor. The approved vendors for the 403(b) Plan are: TIAA, VOYA, Corebridge, and Fidelity.
Note: Keep in mind that 403(b) plans have tax and investment consequences and this notice should not be regarded as tax, investment or legal advice. It is provided as a source of information and if legal, tax or other professional advice is required, please consult with your personal certified financial advisor.