- January 2008 > Retirement Corner
Now you can save even more for retirement! Beginning in January 2008, you can defer your unused annual leave payment into retirement savings, if you have a UTSaver 457(b) DCP account in place before you leave UT employment. Before your last day on the payroll, inform your benefits office that you wish to deposit all or part of your annual leave payment into your UTSaver 457(b) DCP account.
You can defer any portion of your unused annual leave payment up to the 457(b) limit. For 2008 the 457(b) limit if you are under age 50 is $15,500. If you are age 50 or older you can defer up to $20,500.00.
Federal income tax will not be withheld for the amount you defer to the UTSaver DCP. However, deductions for Social Security and Medicare will be withheld.
For more information and details go to the UT System Retirement Programs Website: www.utretirement.utsystem.edu.
Effective January 1, 2008, AIG VALIC has a new name: AIG Retirement. The new name represents the company’s focus on a full spectrum of financial solutions enhanced by the strength and global reach of the parent company, American International Group, Inc. (AIG).
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UT System Employee Benefits Website: www.utsystem.edu/benefits/
UT System Retirement Programs Website: www.utretirement.utsystem.edu
Your Local Benefits Office: www.utsystem.edu/benefits/contacts.asp#1