UNC 457 Plans – Fidelity and TIAA

The UNC System offers 457 plans on either a pre-tax or after-tax basis.  The vendors for these plans are Fidelity and TIAA.

How to Enroll

Any employee of the University whose pay is subject to FICA taxes (Medicare/Social Security) may contribute to 457 plan.

Enrolling in the plan involves a two-step process.  First, complete a 457 Salary Reduction Agreement.  This form authorizes the University to deduct the 457 contribution from payroll.

Next, there is an option to set up an account online with either or both Fidelity and TIAA.  Participants can select their investments and beneficiaries.  If a participant does not complete this second step, the contributions are put into a life-cycle fund with the selected vendor based on the age of the participant.

Contributions and Limits

For 2016, employees may contribute up to the following limits each calendar year via payroll deduction:

Up to age 49 – $18,000 per year

Age 50 or older – $24,000 per year

Contributions can be pre-tax, after-tax or any combination of the two.  The 403b Plans offer separate contributions limits for those that want to contribute in addition to a 457.

Resources

Fidelity and TIAA have representatives that are on NC State’s campus weekly.  Employees can set up times to meet in person or talk with them via phone or email.  Here are the contacts for the UNC 457 Plans:

Fidelity Investments

TIAA-CREF