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Supplemental Retirement Plans
UNC Health Care offers its employees a variety of supplemental retirement options in the form of 403(b), 401(k) and Deferred Compensation (457) Plans. The eligibility requirements vary from plan to plan. Please see the tables below to determine your eligibility, plan contribution limits, withdrawal provisions, and other relevant plan information. Click here to review or print our current brochure.
The loan approval process for 403(b) plans has been modified effective January 1, 2009 in order to comply with new IRS regulations. This new process is causing delays in the administration of loans from de-selected vendors as the legal documents governing the plans are updated.
COMPARISON OF TAX-DEFERRED PROGRAMS At UNC Health Care | ||||
Description | 403(b) 403(b) Roth | 401(k) 401(k)Roth | Deferred Compensation (457) | |
Program | UNC System Voluntary 403(b) Retirement Program | North Carolina Supplemental Retirement Plans | ||
Eligibility | All UNC Health Care employees | Regular employment status, 30 or more hours per week | Regular employment status, 20 or more hours per week | |
Minimum Contribution | $12.50 biweekly | $10.00 biweekly | $10.00 biweekly | |
Maximum Annual Contribution | In general, 80% of taxable income not to exceed $16,500 in 2009 and indexed in $500 increments for years thereafter. Additional plan-specific provisions may apply. | |||
Plan Aggregation | The combined contributions to all 403(b) and 401(k) plans (pre-tax as well as Roth) may not exceed the maximum annual contribution. | Contributions do not aggregate with 403(b) or 401(k) plans. | ||
*Catch-up Provisions | Participants age 50 by the end of the plan year may defer an additional $5,500 in 2009. Additional catch-up provisions apply for Plan 457 if within 3 years of retirement. | |||
Loan Provisions | All plans include loan provisions. Restrictions may apply. | |||
Early Withdrawal | In general, all plans provide provisions for early withdrawal based on qualifying events. Additional provisions apply depending on plan type. | |||
Minimum Withdrawal Age | In general, withdrawals at or after age 59 1/2 are not subject to penalty. Other provisions may apply. | Withdrawal without penalty is provided upon termination of state employment. | ||
Minimum Required Distribution | In general, the plan participant must commence distributions no later than April 1 following the year in which age 70 1/2 or retirement is attained, whichever is later. | |||
Portability Provisions | The vendor representative should be contacted for information regarding portability and distribution options at termination of employment. | |||
* A Maximum Exclusion Allowance calculation must be provided with the Salary Reduction Agreement if the employee is utilizing the special catch-up provisions. | ||||
NEW ACCOUNT CHECKLIST
- Contact a UNC Health Care approved vendor from the list below or follow the Online Enrollment directions provided.
- Create an account, making sure UNC Health Care (NOT UNC Chapel Hill) is specified as the employer.
- If opening a 403(b) account, submit a Salary Reduction Agreement (SRA) to the Employee Benefits Office to start your contributions. For 401(k) or 457 plans, follow your representative’s instructions.
- Check the SRA cutoff dates (restricted to employees) to determine when your contributions will begin, then check your pay stubs and account statements to verify your elections.
- Know your yearly contribution limits and monitor your account to avoid exceeding it. You can submit a Salary Reduction Agreement (SRA) to change your contribution amount at any time during the year.
ONLINE ENROLLMENT INSTRUCTIONS
To open a 403(b) account with Fidelity Investments:
- Click here to enter the online enrollment site
- Click the “Enroll” button
- Use Plan ID 08310 and your SSN to begin your application
To open a 403(b) account with TIAA-CREF:
- Click here to enter the online enrollment site (link to: http://enroll.tiaa-cref.org/unc403b/)
- Click the “Enroll Now!” button
- Click the “Enroll Now!” button on the next page
- Use Access Code NCJ786 to begin your application
Once your new account is opened, please submit a Salary Reduction Agreement (SRA) to fund your account(s).
- Mail: Employee Benefits, 211 Friday Center Drive, Suite 2057, Chapel Hill, NC 27517
PROGRAM | ACCOUNT | WEB SITE | PHONE | |
UNC System Voluntary 403(b) Retirement Program - Fidelity Investments - | 403(b) 403(b) Roth | 1-800-343-0860 | ||
UNC System Voluntary 403(b) Retirement Program - TIAA-CREF - | 403(b) 403(b) Roth | 1-800-842-2888 | ||
North Carolina Supplemental Retirement Plans - 401k Plan - | 401(k) * 401(k) Roth * | www.NCPlans.Prudential.com | 1-866-NCPlans (1-866-627-5267) | |
North Carolina Supplemental Retirement Plans - 457 Plan - | Deferred Compensation (457) Plan | 1-866-NCPlans (1-866-627-5267) | ||
| * Participants must currently be contributing to the Teachers' and State Employees' Retirement System. | ||||
To ensure that your SRA is effective for a specific pay period, please refer to the Payroll Submission Schedule (restricted to employees).
Click here to view news about TIAA Cref.
Click here to view the Loan Request Process for Supplemental Retirement Accounts that have been discontinued (restricted to employees).