Utah Valley University provides employees the following plans for retirement and educational savings through payroll deduction.
- 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.