UTSaver Plan Overview
Note: The following information pertains to participants who enrolled in the Program after September 1, 2006
The University of Texas System provides two supplementary voluntary savings plan options - The UTSaver 403(b) Tax-Sheltered Annuity Program and the UTSaver 457(b) Deferred Compensation Plan.
These programs allow you to defer additional income for retirement through pre-tax contributions. By making pre-tax contributions from your paycheck to invest in variable annuities, you reduce your taxable income. Any earnings on your investments grow tax-deferred until you withdraw the money from your account; presumably at retirement when income tax rates are generally lower. These programs do not include an employer contribution.
Which supplemental retirement savings program (UTSaver Tax-Sheltered Annuity or UTSaver Deferred Compensation Plan) is right for you?
That will depend on your career and retirement goals. You may want to speak to your financial or tax advisor for help in deciding which program is best suited to your goals.
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