403(b) Retirement Savings Plan FAQs
After one year of benefit-eligible service, the University of Louisville will automatically start depositing money toward your retirement—an amount equal to 7.5% of your annual base salary.
After one year of service, you can contribute an amount (up to IRS limits) from your paycheck into your 403(b) retirement savings plan. The university will match your contribution dollar for dollar, up to 2.5% of your annual base salary. That brings the university’s total contribution toward your retirement to 10%.
The 403(b) plan allows participants to make either pre-tax or after-tax (Roth) contributions (see below). With the pre-tax option, your account grows tax-deferred, and you do not pay taxes on your contributions or earnings until you withdraw funds from your 403(b) retirement account.
For annual contribution limits, visit the 403(b) retirement savings plan webpage.
Fidelity
The University of Louisville has partnered with Fidelity Investments to support enrollment and provide ongoing administrative services for your retirement plan. Start by reviewing plan features and options at www.NetBenefits.com/UL. When enrolling, you will create a username and password. If you already have a Fidelity account, you will continue using your existing credentials.
TIAA
You may also direct your contributions to a TIAA account (see more details below). If you choose TIAA, you will be able to view balances, make exchanges between Fidelity and TIAA investment options, track your contributions and investments, request a loan, and access educational and planning tools. All contribution elections for both Fidelity and TIAA are made through Fidelity’s website (www.NetBenefits.com).
Yes. You may invest your contributions through either Fidelity Investments or TIAA, both of which offer a variety of investment options. After your initial contribution, you can go online to select the provider that best fits your investment goals. All contribution elections are made through Fidelity’s website (www.NetBenefits.com).
Yes, you can change your contributions at any time during the year. All contribution elections are made through Fidelity’s website (www.NetBenefits.com). Please note that changes may take one to two payroll cycles to take effect.
Employer Contributions (including Employer Match) are listed under “Employer Paid Benefits.”
Employee Contributions
- Pre-tax contributions appear under “Pre-Tax Deductions.”
- After-tax (Roth) contributions appear under “Post-Tax Deductions.”
Roth 403(b) contributions do not reduce your W-2 income. You pay income taxes on these contributions in the current year. Qualified withdrawals from a Roth 403(b), when IRS requirements are met, are tax-free.
To enroll, enter your elections through the “Plan Master Administrator” portal on the Fidelity website (www.NetBenefits.com).
No. Roth 403(b) contributions are not matched by the university. To receive the full university match, you should also contribute at least 2.5% on a pre-tax basis.
Yes. You may choose a combination of pre-tax and Roth contributions. To maximize the university match, ensure that at least 2.5% of your contribution is pre-tax.
Yes. The combined total of pre-tax elective deferrals and Roth 403(b) contributions cannot exceed IRS annual limits. Refer to the 403(b) retirement savings plan webpage for current limits.
Yes. The same investment options are available for both Roth and pre-tax contributions.
No. Roth 403(b) contributions are not subject to income limits.
No. Roth 403(b) contributions cannot be reclassified as pre-tax deferrals. For additional information, contact:
- Fidelity: 1-800-343-0860 (www.NetBenefits.com)
- TIAA: 1-800-842-2252