Beginning July 1, 2002 the state provided a $20 match to all University of Wyoming employees interested in participating in a 403(b) or 457(b) (SRA) plan.
If you are already contributing $20 or more to a 403(b) or a 457(b) plan the $20 match will automatically be applied to that one. For instance if you are currently putting in $100 per month into one of the plans it will increase to $120 July, 2002. No action is necessary on your part. If you are participating in more than one plan, or would like to start a new 403(b) or 457(b) plan, you will need to contact Susan Barnes in the Payroll Office, Old Main, Room 107, 766-3421. The match may not be split between two or more plans.
The Deferred Compensation 457(b) Plans offered are through the State of Wyoming’s Public Employee Deferred Compensation Plan <http://www.benefitscorp.com>, VALIC <http://www.aigvalic.com/valic2000/valicweb.nsf>, TIAA-CREF <http://www.tiaacref.com/> and Security Benefit Life <http://www.securitybenefit.com/>. You may participate in a Tax Sheltered Annuity 403(b) Plan with any vendor licensed in the State of Wyoming. Contact payroll for a list of vendors.
You need to know which company you want to enroll with and have the appropriate application form. The salary reduction begins the month after you complete the enrollment forms. All forms should be completed and returned to the Payroll Office.
As mentioned before if you currently only have one plan and you want the match to go into that one you do not need to do anything. The match will be applied automatically.
Both Tax Sheltered Annuities and Deferred Compensation are excellent supplemental retirement plans because they are tax deferred (you postpone paying income tax on the invested money and its earnings until you withdraw the funds). This allows you to systematically save for retirement through payroll deduction and to take advantage of tax deferral and the power of compounding. The younger you start, the better. However, employees close to retirement may still benefit from tax sheltering.