As a University of Tennessee regular or term, full- or part-time employee, medical resident or medical intern, you have the option to enroll in several deferred compensation plans to help meet your financial needs during retirement. You can enroll or make changes to these plans at any time.  However, there may be penalties for early withdrawals. 

These plans include 401(k), 403(b) and 457 and allow you to set aside a portion of your gross income and defer paying taxes on that income and any interest it earns until you actually receive the funds, which generally is upon retirement.  A 401(k) Roth also is offered, but contributions are from after-tax dollars.

The new deferred compensation limits set by the Internal Revenue Service (IRS) showing the general maximums you may defer for calendar year 2013 are available at:

You have a responsibility, along with the University, to ensure that you are not over-deferring. The University will assist you by monitoring your deferrals. Over-deferring can result in IRS penalties and additional taxes.

The University also offers a monthly 401(k) match of up to $50.  Please keep in mind that to receive the full $50 match, you must defer at least $50 per month to the 401(k). No matter which of the two 401(k) plans you choose, the University’s contribution must go into the traditional 401(k). The IRS does not allow matching contributions to the 401(k) Roth. 

If you:

* Need to check your current participation, review the deductions section of your online pay statement at:
* Already participate and do not wish to make changes for 2013, you do not need to take any action. 
* Would like to change the amount of your deferral(s), please complete a salary reduction agreement form(s).
* Would like to enroll in a deferred compensation plan(s), please complete an enrollment form(s). 

 All forms are available at: and should be submitted to Kathy Taylor, UTC Human Resources, Dept 3603.



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