Enrollment and Eligibility
|
403(b) |
457(b) |
|
|---|---|---|
|
Eligible Employees |
Class A - Employees whose most recent and applicable appointment period is continuous and are employed and designated in a full-time employment class. Class B - Employees who are part-time or temporary can make employee deferral contributions to the plan but will not receive an employer match. |
Employees who have an appointment of 9 or 12 months or who are full-time, part-time or temporary can make employee deferral contributions to the plan. |
Contributions
|
403(b) |
457(b) |
|
|---|---|---|
|
Employee Deferrals |
You may elect to reduce your compensation and make a contribution to your retirement savings account as a pre-tax elective deferral or Roth elective deferral (but not both). Contributions must be a whole percentage of eligible compensation. Only one vendor can receive contributions. |
You may elect to reduce your compensation and make a contribution to your retirement savings account as a pre-tax elective deferral or Roth elective deferral (but not both). Contributions must be a whole percentage of eligible compensation. Only one vendor can receive contributions. |
|
Matching Contributions |
Auburn will match dollar for dollar up to 5 percent of compensation with an annual cap of $1,650. |
There is no employer contribution. |
|
Matching Contribution Vesting |
5-year cliff |
N/A |
|
Elective Deferral Limit |
The contribution must be a minimum of 1 percent of eligible compensation. A participant who wishes to elect to defer 50 percent or more must first contact Auburn University Human Resources (Benefits). The contribution limit for 2024 is $23,000. |
The contribution must be a minimum of 1 percent of eligible compensation. A participant who wishes to elect to defer 50 percent or more must first contact Auburn University Human Resources (Benefits). The contribution limit for 2024 is $23,000. |
|
Catch-Up Contributions* |
Age 50 Catch-up - Any participant who attains age 50 before the close of the calendar year can defer an additional pre-tax or Roth contribution of $7,500. |
Age 50 Catch-up - Any participant who attains age 50 before the close of the calendar year can defer an additional pre-tax or Roth contribution of $7,500. |
Distributions
|
403(b) |
457(b) |
|
|---|---|---|
|
Number of Outstanding Loans |
Loans are limited to one outstanding loan at a time per plan. |
Loans are limited to one outstanding loan at a time per plan. |
|
Hardship |
Hardship is allowed from elective deferrals less earnings. Hardship is for immediate and heavy financial needs. (Certain medical expenses, purchase of primary residence, payment of tuition andfees, eviction or foreclosure prevention, funeral expenses and damages to primary residence.) |
Hardship is not available but the employee can receive distribution for an unforeseeable emergency. (Illness/accident, damage/loss of property, funeral expenses, foreclosure, medical expenses) The purchase of a home or college tuition is not an unforeseeable emergency. |
|
In-service distribution at age 59 1/2 |
Allowed at age 59 1/2 |
Allowed at age 59 1/2 |
|
Death |
Allowed |
Allowed |
|
Disability |
Allowed |
Not allowed |
|
Termination of Employment |
Allowed |
Allowed |
|
Early Withdrawal Penalty |
None if terminated on or after age 55; otherwise 10 percent |
None |
|
Purchase of Permissive Service Credit |
Service credits of the Retirement Systems of Alabama can be purchased with vested account balances. |
Service credits of the Retirement Systems of Alabama can be purchased with vested account balances. |
Providers
|
403(b) |
457(b) |
|
|---|---|---|
|
Companies |
Lincoln Financial, Fidelity Investments, TIAA, and Corebridge (formerly VALIC/AIG) |
Fidelity Investments, TIAA, and Corebridge (formerly VALIC/AIG) |
