Supplemental Retirement Savings Plans
The University of North Alabama offers eligible employees the opportunity to save for retirement through a voluntary 403(b) and 457 (b) supplemental retirement savings plans. These plans allow employees to contribute a portion of their pay toward retirement savings through convenient payroll deductions. Contributions may be made on a traditional pre-tax basis, a Roth after-tax basis, or a combination of both, subject to plan provisions and applicable IRS limits.
Participation in either plan is completely voluntary. Employees may choose to participate in one or both types of plans.
Both 403(b) and 457(b) plans provide tax-advantaged savings opportunities, investment options, and flexibility in determining contribution amounts. Each plan is designed to supplement your TRS retirement benefits and help you prepare for your financial future. Although the plans share many similarities, there are some important differences in how they operate, including withdrawal options, catch-up contribution provisions, and plan administration. Understanding these differences can help you decide which option best fits your retirement savings goals.
Key Differences:
|
Feature |
403(b) Plan |
457(b) Plan (Governmental) |
|
Primary Employers |
Public schools, universities, and nonprofit organizations |
State and local government employers |
|
Employee Limit |
Current IRS limit (plus catch-ups) |
Current IRS Limit (plus catch-ups; separate bucket from 403(b)/401(k)) |
|
Early Withdrawal (Pre-59½) |
10% penalty applies (unless exception met) |
No 10% penalty upon separation of service |
|
Special Catch-Up |
15-years of service rule |
Final 3-years before retirement double-limit rule |
|
UNA Plan Provider |
Empower |
RSA-1 and Empower |
403(b) Retirement Savings Plan
The University of North Alabama offers a voluntary 403(b) retirement savings plan through Empower.
Empower is a retirement services provider that helps individuals save for and manage their retirement investments. Through its online platform, participants can enroll in retirement plans, manage contributions, review investment options, monitor account balances, and access tools and resources to support their retirement planning.
How to Get Started with Empower
- Visit Empower My Retirement.
- Select Register.
- Choose I do not have a PIN and follow the prompts to complete registration.
- Once registered, follow the instructions to establish or manage your retirement savings contributions.
Already have an Empower account?
Log in to your existing account to review your account information and make any permitted updates to your contributions or investment elections.
Questions or Assistance
For help with registration, account access, contribution elections, or investment options, contact Empower Participant Services by phone at 800-701-8255 or TTY at 800-766-4952.
Employees may also contact the UNA Empower Representative:
Adam Narrell
Email: narrell@empower.com
Phone: 256-937-7991
Book appointment: https://adamnarrell.empowermytime.com/#/
457(b) Retirement Savings Plans
The University of North Alabama offers eligible employees two voluntary 457(b) plan options: RSA-1 and the AlabamaRetire deferred compensation plan through Empower.
RSA-1
The RSA-1 deferred compensation plan is administered by the Retirement Systems of Alabama (RSA) and is separate from your mandatory TRS retirement benefit. This plan was established to provide Alabama public employees with an additional way to save for retirement beyond their regular pension benefits.
To begin participation in the plan, an RSA-1 Enrollment Packet must be completed and presented to the HR office for notarization and forwarding to Payroll for processing.
If you are a current RSA-1 participant and want to make changes to your payroll contribution amount, please complete this form and forward it to the Payroll Office.
For all other changes or for more information regarding RSA-1, please visit the RSA website at https://www.rsa-al.gov/rsa-1.
More information regarding RSA-1 can be obtained on the TRS website at http://www.rsa-al.gov/.
AlabamaRetire Deferred Compensation Plan
The AlabamaRetire deferred compensation plan is a separate voluntary 457(b) retirement savings plan administered by Empower on behalf of the State of Alabama.
This plan provides another opportunity to save for retirement through payroll deductions, with tax-deferred and other contribution options available. Call 877-313-2262 to learn more and enroll.