Retirement/Educational Savings
|
Utah Valley University (UVU) offers employees a variety of ways to save for retirement and the opportunity to save for their children and grandchildren's college education.
|
"It is never too early to start saving for retirement or for the college education of your children or grandchildren."
|
Utah Valley University provides employees the following plans for retirement and educational savings through payroll deduction.
UVU Retirement-
- Nonexempt benefit eligible employees hired before July 1, 2011 - Utah Retirement Systems (URS) Tier 1 NonContributory Defined Benefit Plan 14.22% (Pension Plan) and 1.5% URS 401(k) contribution rate (based on the employee's compensation).
- Nonexempt benefit eligible employees hired after July 1, 2011 and have not participated in Utah Retirement Systems in the past - Utah Retirement Systems Tier 2 (URS) NonContributory Defined Benefit Plan 7.59% (Pension Plan) and 2.41% URS 401(k) contribution rate (based on the employee’s compensation).
- Executive/Faculty/Exempt benefit eligible employees – 401(a) Defined Contribution Plan with a contribution rate of 14.2% (based on the employee’s compensation). Investment options through TIAA-CREF and Fidelity Investments.
Supplemental Retirement Investment Options- Additional retirement savings options are available through payroll deduction with no employer match.
- Retirement savings plans include 403(b), 401(k), and 457(b) tax-deferred plans and Roth IRA and 403(b) plans.
- Investment options are available through TIAA-CREF, Fidelity Investments and Utah Retirement Systems.
Educational Savings- The Utah Educational Savings Plan (UESP) is a simple, sound plan to stretch your child's educational dollars and provide some wonderful tax incentives.
-
Tax Advantages-
- Earnings grow free from federal and Utah State income taxes if used for qualified higher education expenses.
- Utah taxpayers receive a credit on contributions.
|
|
Retirement Counseling Sessions
Utah Retirement Systems:
TIAA-CREF:
Fidelity Investments:
Social Security/Medicare:
Utah Educational Savings Plan (UESP) - 529 College Savings Plan:
UVU Early Retirement Program:
-
For information concerning eligibility requirements and benefits provided under the UVU Early Retirement Program refer to Policy #362, Early Retirement: Institution.
-
To apply for the UVU Early Retirement Program, please contact Irene Whittier at 863-8389 or Denise Morales at 863-8241. The Human Resources Department will send you an Application/Authorization form, Early Retirement Procedures and Check List, and Early Retirement Worksheet.
|
Human Resources | 801.863.8207 | Hours 8-5 ♦ ROOM BA-110 | **Utah Valley University is an Affirmative Action/ Equal Opportunity/ Equal Access Employer.**
