Retirement

TIAA, Fidelity, and Utah Retirement Systems (URS) options available

USU's retirement plans provide a strong foundation for our employees. Plans include employer-funded and employee-funded options from TIAA, Fidelity, and the Utah Retirement System (URS).

On This Page
Employer-Funded Retirement Plans
Employee-Funded Retirement Plans
Retirement Forms & Options
Provider Contact Information & Resources
Planning for Retirement
Other Resources

Employer-Funded Retirement Plans

401(a) TIAA/Fidelity

For new employees or rehired employees who were not previously enrolled in URS while they were working for USU, the university will contribute 14.2% of your annual gross earnings (up to applicable annual IRS limits) into a retirement account called a 401(a) plan. This is an employer contribution only plan, so all funds contributed come from the University. You may choose either TIAA or Fidelity, or a combination of both as your 401(a) plan administrator. You designate how this contribution is invested among the investment options by completing the 401(a) Investment Provider Change Form.

Be sure to register online with TIAA/Fidelity to manage investments and setup the account.

Vesting for the 401(a) is 100% on day one. Vesting is your ownership in your retirement plan. While many employers require you to work a set number of years for them before you own all your funds, USU gives you a 100% ownership on day one.

401(a) Summary Plan Description

Utah Retirement System (URS)

Retirement Plan Enrollment Guidelines for USU Employees

  • Previously Enrolled in URS: If you have had prior membership in the Utah Retirement Systems (URS), you are eligible to re-enroll in URS when hired as a new USU employee.
  • Never Enrolled in URS: If you have never been a URS member, you will be enrolled in the 401(a) retirement plan.
  • Prior URS Membership Outside of USU: If you had URS membership from a previous employer (not USU) and prefer not to re-enroll in URS, you may choose the 401(a) plan instead.
  • Rehired USU Employees: If you are returning to USU as a rehire, you must remain in the same retirement plan you were in previously—either URS or 401(a).
  • URS Tier Classification:
    • Employees first enrolled in URS before July 2011 are classified as Tier 1.
    • Employees first enrolled on or after July 2011 are classified as Tier 2.

 

URS Online Enrollment

Employee-Funded Retirement Plans

Employees may choose to supplement the University’s retirement contributions by making their own contributions into an employee-funded retirement plan. The University offers several options.

Because the University already contributes generously to either a 401(a) or a Utah Retirement Systems (URS) plan—and does not require employee contributions—it does not match any contributions made to employee-funded retirement plans.

You may begin or adjust your contributions at any time. Contributions are made through payroll deduction on either a pre-tax or post-tax basis, depending on the plan selected.

For 2025, the annual contribution limits are:

  • $23,500 per plan if you are under age 50
  • $31,000 per plan if you are age 50 or older

403(b)

New employees are automatically enrolled in a 403(b) supplemental retirement Life-Cycle Fund with TIAA. The default contribution is 3% of your income, deducted pre-tax through payroll.

You may:

  • Opt out of this benefit during your benefit enrollment, or at any time by submitting a 403(b) change form.
  • Adjust your contribution level at any time.

A 403(b) plan is a tax-advantaged retirement savings option for employees of public institutions, non-profits, and certain religious organizations. Contributions reduce your taxable income now, and your earnings grow tax-deferred. You’ll pay taxes when you withdraw the funds in retirement.

Roth 403(b)

A Roth 403(b) allows you to contribute after-tax dollars to your retirement account. In exchange, your qualified withdrawals in retirement—including both contributions and earnings—are entirely tax-free.

This plan may be a good fit if you expect to be in a higher tax bracket during retirement or prefer the certainty of tax-free income later. Contributions are made through payroll deductions and are subject to IRS limits.

If you have at least 15 years of service at USU, you may be eligible to contribute an additional $3,000 per year for up to five years. Contact Human Resources to learn more about this Qualified Organization Catch-Up Deferral.

457(b)

A 457(b) plan allows you to contribute pre-tax dollars, reducing your taxable income now. Your earnings grow tax-deferred, and you pay taxes when you withdraw the funds in retirement.

Contributions are made through payroll deductions and are subject to annual IRS limits.

One key advantage of the 457(b) plan is that once you separate from USU, you can withdraw funds at any age without an early withdrawal penalty, unlike many other retirement plans.

If you are within three years of your declared normal retirement age, and you have underutilized contribution limits from prior years, you may be eligible for a special catch-up contribution. This provision allows you to contribute up to double the standard IRS annual limit in a given year.

This option is separate from the age 50+ catch-up and cannot be used in the same year. Eligibility and the amount allowed depend on your prior contribution history.

To explore whether you qualify, please contact the Office of Human Resources.

Roth 457(b)

The Roth 457(b) option allows you to contribute after-tax dollars. Your withdrawals in retirement—including both contributions and earnings—are tax-free, provided certain conditions are met.

To qualify for tax-free withdrawals:

  • Your account must be at least five years old, and
  • You must be age 59½ or older, or separated from service.

Like the traditional 457(b), the Roth version offers penalty-free withdrawals once you leave USU, regardless of your age. This plan is often beneficial for those who anticipate being in a higher tax bracket in retirement.

401(k)(for URS Participants)

Employees enrolled in the Utah Retirement Systems (URS) may also contribute to a 401(k) retirement plan. Contributions are made on a pre-tax basis through payroll deductions, reducing your taxable income now. The funds grow tax-deferred, and you pay income tax upon withdrawal in retirement.

Withdrawals made before age 59½ may be subject to a 10% early withdrawal penalty, though exceptions may apply. This plan is a solid tool for long-term retirement planning.

Retirement Forms & Options

Provider Contact Information & Resources

Visit the providers site to update your personal information, beneficiaries, and retirement/investment allocations. To contribute more to your retirement, please complete the appropriate Supplemental Retirement form(s).

TIAA

Retirement counseling is available at USU. You can schedule an appointment by calling (800) 732-8353 or using the TIAA online scheduling service.

Fidelity

Retirement counseling is available at USU. You can schedule an appointment using the Fidelity online scheduling service.

Utah Retirement System (URS)

Retirement counseling is available at USU. You can schedule an appointment with the URS online scheduling service.

URS Calculators: Plug in your numbers to estimate your future monthly pension benefit or the growth of your savings plans. Try different years of service to see how career longevity directly impacts your retirement benefit.

Retirement is Real: Tips and considerations for maximizing your employers retirement benefits.

For individual retirement planning sessions, please have the following with you for your appointment.

  • Your current gross pay rate (contract year salary for school members) and 3 to 5 highest years if close to retirement (contract years for school members)
  • Any retirement plan balances outside of URS
  • Your URS account log in information (user ID and password)
  • Your Social Security statement (you can get this at www.ssa.gov)

URS also offers free member seminars tailored to your retirement horizon, from early career to planing to retire soon or post-retirement. Register through myURS and click on the Education tab. You can also participate in individual retirement planning sessions and receive debt counseling. Sessions are held virtually.

HUB International

Retirement and Social Security Planning is available at USU. You can schedule an appointment using the HUB Scheduling Website.

Planning for Retirement

Regular Retirement

To retire from USU, write a letter of retirement to your department.

Upon leaving the University, an employee has the option to withdraw or rollover certain retirement accounts or leave the funds in the account.  For more information, contact the appropriate retirement vendor (TIAA, Fidelity or Utah Retirement Systems) and discuss the process they may need from you prior to your retirement. You will also need to notify HR if you contributed to a Retirement Health Savings Plan (RHSP).

You may want to meet with a retirement counselor:

  • TIAA (800) 732-8353
  • Fidelity (800) 813-1239
  • URS (800) 365-8772
  • HUB (801) 260-2290

You will also want to review the following:

Early Retirement

To be eligible for Early Retirement the employee's age and years of service in a benefited position must equal 75. There is a 5-year option or a 6-year option. In the 5-year option, employee's must be at least age 57.  The retirement incentive payment for the 5-year option is the lesser of 20% of base salary (salary at end of service), or the estimated single social security benefit available to the individual at Full Retirement Age (FRA) as defined by social security law.  The early retirement agreement will last for 5- years or until full social security age, whichever comes first. In the 6-year option, employee's must be at least age 56.  The retirement incentive payment for the 6-year option is the lesser of 16.67% of base salary (salary at end of service), or the estimated single social security benefit available to the individual at Full Retirement Age (FRA) as defined by social security law.  The early retirement agreement will last for 6-years or until full social security age, whichever comes first. Early Retirees may continue to participate in USU's medical and dental insurances.  The medical insurance can continue for the early retiree and their spouse while on early retirement, until the individual hits age 65 or the agreement ends, whichever comes first. The early retiree and spouse may participate in USU’s dental insurance for the life of the early retirement agreement. A dependent child can remain on medical and dental coverage until age 26 or the end of the agreement, whichever comes first. The retiree will pay their applicable share of the medical and dental premiums.

Phased Retirement

To be eligible for Phased Retirement, the employee must be at least 55 years old and have 5 years of continuous benefited service at USU.  The minimum FTE an employee may reduce to and continue to receive benefits is 50% FTE. Phased retirement employees will be entitled to benefits, for the duration of the agreement, at the same level attained prior to the effective date of the agreement. Annual and sick leave will be earned on a pro-rata basis according to the percent of time in the phased retirement agreement.

Participation in either the Early or Phased Retirement program is a privilege subject to department approval. For more information, please contact the HR Solutions Center: (435) 797-0122.

Retirement Healthcare Savings Plan

Employees may choose to participate in USU's optional Retirement Healthcare Savings Plan at any time. To participate, the minimum yearly contribution is $200/yr.

Contributions are made through post-tax payroll deductions. The money you contribute belongs to you, and grows tax free. It is only available to you when you leave the University, by retiring or due to the end of employment. The funds must be used for health care expenses for yourself, your spouse, or qualified dependents. The purpose is to save for medical expenses in retirement, however you may use this money to pay for COBRA premiums if you leave the University. The RHSP is administered by TIAA-CREF.

Other Resources

Emeritus Faculty & Emeriti Association

As retirees, emeritus faculty members are valued members of our campus community. USU offers continued benefits, support, and services to these faculty members.

The Emeriti Association is available to faculty and staff retirees. They host events and provides benefits.

Medicare

Social Security