Voluntary Retirement Programs - HR Policy 311

Voluntary Retirement Programs - HR Policy 311

Abstract:
This policy describes the University of Alabama System 403(b) Plan, eligibility requirements and details on contributions and withdrawals.
Effective Date:
7/1/2012
Responsible Party:
Contacts:
Benefits
Administrative Category:
Applies To:
Faculty, Staff
Material Original Source:

Policy 311 – Voluntary Retirement Programs

Date Issued: 10/80
Date Revised: 07/12

UAB Employees
Eligible full-time monthly paid employees or monthly paid alternative schedule (32 hours or more or 10 month employees) of UAB may participate in the University's 403(b) retirement plan. Under this plan, eligible employees may contribute up to 5 percent of their gross salary, and the University will match their contributions 5 % of gross monthly pay not to exceed the IRS 401(a) annual compensation limit.
Bi-weekly paid employees may contribute on an unmatched basis.

All contributions are vested to the individual immediately. However, there are limitations on contribution withdrawals. Contributions are made on a tax-deferred or after-tax basis.
UAB also offers a voluntary 457(b) plan. There are no University matching contributions under this plan.
 
LLC Employees
Eligible full-time and part-time regular, twelve hour shift and weekend staff employees are eligible to participate in the LLC 403(b) retirement plan.  Employees are vested after 3 years of employment with the LLC. The Hospital matches the individual’s contributions up to 5% of gross monthly pay not to exceed the IRS 401(a) annual compensation limit.