Employees may participate in the 403(b) at any time, electing to contribute payroll dollars to a retirement savings plan. UVM provides an employer match to eligible employees.

How it works: 

• Employer Contributions: UVM makes a 10% employer matching contribution for eligible employees after a 2- or 3-year waiting period. New employees may have the waiting period waived if they meet certain criteria. Information about the waiting period and criteria to have it waived are available in the relevant employee handbooks and contracts.
• Employee Contributions: There are two types of contributions you can make to the 403(b) plan: Pre-Tax deferrals and Roth (post-tax) deferrals. There are different advantages to each of these options. Please refer to the plan document or consult with our plan sponsors at Fidelity or TIAA for guidance.
• Annual Contribution Limits: There is a limit on elective salary deferrals to a 403(b). For employees aged 50 and older, a catch-up contribution allows for additional salary dollars to be contributed to the 403(b). These limits are set by the IRS and may change from year to year.
• Withdrawals: Distributions are generally taxed as income and can be subject to a 10% penalty if withdrawn before age 59.5, although exceptions exist.

Find complete details in the Summary Plan Description.

403(b) Summary Plan Description (PDF)

Forms

• 403(b) Retirement Plan Salary Reduction Agreement (PDF)
• Fidelity 403(b) Enrollment (PDF)
• TIAA 403(b) Enrollment (PDF)
• 403(b) Retirement Catch-Up Option Request (PDF) (employees aged 50 and older)

UVM also offers the option to participate in a 457(b) Plan. The 457(b) Plan is a nonqualified governmental plan of deferred compensation that permits eligible employees to accumulate retirement savings. The plan allows employees to contribute payroll dollars, Pre-Tax and Roth (post-tax) to a retirement savings account. There is a limit on elective salary deferrals to a 457(b). For employees aged 50 and older, a catch-up contribution allows for additional salary dollars to be contributed to the 457(b). These limits are set by the IRS and may change from year to year. These contribution limits are separate from limits in place for the 403(b) plan. 

Find complete details in the Summary Plan Description.

457(b) Compensation Plan (PDF)

Forms

• 457(b) Salary Reduction Form/Participation Agreement (PDF)
• ​Fidelity 457(b) Enrollment (PDF)
• TIAA 457(b) Enrollment (PDF)

UVM established the Retiree Health Savings Plan to help individuals pay for qualified healthcare expenses during retirement. UVM will make regular tax-free contributions to the plan for benefits-eligible faculty and staff hired on or after January 1, 2012. Eligible employees don’t need to contribute funds to receive the contributions from UVM, and UVM contributions are automatic. Employer contributions are vested after 15 years of service.

Earnings that accumulate in a Retiree Health Savings Plan grow tax-free. When you are retired (Age 65+) and access your Retirement Health Savings Plan to pay for eligible healthcare expenses, those reimbursements will be tax free. As a result, this plan has the benefit of helping you to pay for healthcare expenses in retirement in a tax-advantaged way.  For more details, see the following documents:

Retirement Health Savings Plan - Overview (PDF)

Retirement Health Savings Plan - Summary Plan Description (PDF)

Hired before 2012 and still interested? All active benefits-eligible faculty and staff, regardless of hire date, may establish a Retiree Health Savings Plan and make voluntary contributions to the plan. If interested, complete the Retiree Health Savings Plan Election Form (PDF).

Employee Confirms Eligibility for Retiree Medical and other benefits at least 120 days prior to intended retirement date. Contact Human Resources to schedule a counseling session with a Benefits Advisor to review and confirm benefits eligibility. To set up an appointment, call 802-656-3150 or email HRInfo@uvm.edu.

Employee Gives Notice to Supervisor in writing at least 90 days prior to chosen retirement date. Indicate actual retirement date, requested vacation times, and last day in office. Also provide a copy to Department HR Rep.

Employee Meets with Benefits Advisor at least 60 days before retirement date for forms completion. Items to confirm include benefit plans available, cost-share in retirement, enrollment in Medicare coverage, and how Medicare coordinates with UVM medical insurance. Complete forms to enroll in retiree benefits as applicable.

Employee Contacts TIAA and/or Fidelity about retirement savings. UVM Retirement Vendors (PDF)