Additional 457(b) Retirement Savings Plan Options
The UofL 457(b) Deferred Compensation Plan
The university offers a 457(b) Retirement Plan as an additional tax-deferred retirement plan option for eligible employees. To enroll in this plan and make tax-deferred contributions, follow the 457(b) enrollment instructions below. If you have questions about this plan, please email firstname.lastname@example.org or call (502) 852-6258.
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 1-800-542-2667.
Visit the Kentucky Deferred Compensation website.
Maximum Employee Contribution Limits
The IRS limits the amount participants may contribute annually. Salary deferral contributions can be made only from income paid through the University’s payroll system. Contributions are reported annually on employees’ W-2 forms, but are not included income subject to taxation.
Age 50 Catch-Up Contributions
You may be able to make additional annual "Age 50+ Catch-up" contributions beginning in the calendar year you turn age 50 if you're already contributing the maximum to your 457(b) based on plan or IRS limits. The Age 50+ Catch-up contribution limit is $6,500.
Lifetime Catch-up Contributions
This is available to employees who work for the University and have completed 15 or more years of service. This catch-up provision allows participants to contribute up to $3,000 in addition to the regular annual contribution limit. To qualify, you must be an employee who has contributed on average less than $5,000 a year to your 457(b) plan. A full review of previous contributions is required. The maximum lifetime limit for this catch-up provision is $15,000.
Summary of All Contribution Limits for 457(b) Retirement Savings Plans:
|Year||Basic Salary Deferral Limit||457(b) Lifetime Catch-up||Age 50+ Catch-up||Total Potential Contributions*|
* Total potential contributions include the basic salary deferral limit, the 457(b) Lifetime Catch-up, and the Age 50+ Catch-up.
To contribute the maximum amount, participants should check the limits and adjust their contribution election percentages for each calendar year accordingly. Under the percentage method, contribution will change proportionately as the participant’s salary changes.
This website highlights the University of Louisville retirement plan benefits. Every effort has been made to ensure the accuracy of this information. However, in the event of a discrepancy between this website and the plan document and agreements, the plan document and agreements will govern.