Retirement Plan Programs
A generous university contribution to a 403(b) plan, whether you choose to contribute or not! Regular status 80% or greater FTE employees are eligible to participate after one year of service. The university automatically contributes 7.5% of your annual base salary after one year – you contribute nothing. If you make additional contributions, the university will match up to 2.5%, for a possible university contribution of 10% of your annual salary. Employer contributions are fully vested after three continuous years of service. In addition, the university offers two 457(b) plans as additional opportunities to invest pre tax dollars for retirement.
UofL 403(b) Retirement Plan
The University 403(b) Retirement Plan is an investment program that enables faculty and staff to save money for retirement. There are three parts to the university's retirement program: the employer contribution, the employer match, and the additional employee contribution.
The maximum amount that you may contribute annually is limited by law, and you may change the amount of your deduction as often as you wish. This optional supplemental plan is in addition to the University Retirement Plan and you may participate in this plan before you become a participant in the University Retirement Plan.
UofL 403(b) Retirement Plan Document (PDF) - Effective 7/1/2011 and Revised 9/8/2011
UofL 403(b) Retirement Plan Document (PDF) - Effective 1/1/2009 to 6/30/2011
UofL 457(b) Deferred Compensation Plan
The university is now offering our employees a 457(b) Retirement Plan as an additional tax-deferred retirement plan option. This plan is effective October 1, 2010 and to enroll in this plan and make tax-deferred contributions, please fill out the Account Application and Salary Reduction Authorization Forms below. If you have questions about this plan, please contact Kathy Hite, Retirement Administrator, at (502) 852-3555.
UofL 457(b) Deferred Compensation Plan Document (PDF) - Effective 10/1/2010
State of Kentucky 457(b) Deferred Compensation Plan
In addition to the University of Louisville 457(b) Plan, employees have the option of participating in the Kentucky Public Deferred Compensation Plan. Employees can participate in one of these deferred compensation plans, but not both. If you have questions about how to enroll or make changes to your account for the Kentucky Public Deferred Compensation Plan, please call the Local Kentucky Plan Representative at 800-793-4401, option 4, extension 1172003.
More about the 403(b) and 457(b) retirement plans: