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The University of Oklahoma Human Resources Website


Annual 403(b) and 457(b) Voluntary Retirement Plan Information

Below is information about the Voluntary Retirement Investment Accounts that are sponsored by the University of Oklahoma. There is also information about the 2009 contribution limits for these accounts.

  1. What is a Voluntary Retirement Investment Account?- A Voluntary Retirement Investment Account is a tax-advantaged retirement savings account that complies with requirements of sections 403(b) or 457(b) of the IRS tax code. These 403(b) and 457(b) accounts are optional and allow participants to make pre-tax salary deferrals that are not taxed until withdrawn.  A Voluntary Retirement Investment Account provides an easy way for you to save money for your retirement. All university employees, including student and temporary employees, are eligible to participate in these plans. A modest regular contribution can easily grow into a significant source of retirement income.
  2. I thought the university already contributed to my retirement. What is this? Yes, many fulltime faculty and staff participate in other university sponsored retirement programs, the 403(b) and 457(b) plans are additional, optional retirement savings opportunities available to all employees.
  3. What are the contribution limits for Voluntary Retirement Investment Accounts? Effective January 1, 2009, university employees may tax defer up to $16,500 per year per plan into the 403(b) plan and the 457(b) plan. Employees who choose to participate in both plans may make a combined maximum contribution of $33,000 per year. If you participate in a 403(b) or a 457(b) plan through more than one employer, the total contributions from all employer plans cannot exceed the contribution limits of $16,500 per plan. Employees fifty year and older may make "catch-up" contributes of an additional $5,500 under each plan, for a total of $22,000 per plan or a combined maximum of $44,000. If you are participating in one of these plans, you must contribute at least $200 per year per plan.
  4. How do I enroll in or change my contribution to a 403(b) or 457(b) Voluntary Retirement Investment Account? First, complete the salary reduction agreement form that authorizes the university to deduct the contribution amount from your paycheck. To begin contributing in January 2009, submit the form by December 15, 2008. Employees with current salary reduction agreements do not need to complete a new agreement if they wish to keep the same deductions and their investment company is still on the list of university approved vendor. Second, choose an authorized investment company and submit their enrollment form. University approved investment companies and forms are available  online at www.hr.ou.edu/benefits/retirementplans/VoluntaryPlans.asp.
  5. When are changes or enrollments effective? Changes to 457(b) accounts are effective the month after receipt of a new agreement. Please submit any changes for January 457(b) contributions in December. Changes to 403(b) accounts are effective with the next payroll cycle.
  6. Is it true that the number of participating 403(b) companies has decreased? Yes, because the Internal Revenue Service has changed some investment regulations, several 403(b) companies have decided not to offer a 403(b) plan to the university. Employees currently contributing to these companies will have to select a different investment company for any new contributions they would like to make. Employees can choose from the list of approved companies posted on our website (www.hr.ou.edu/benefits/retirementplans/403bVendors.asp).
  7. Do I need to move my money if my company is no longer on the list of approved 403(b) companies?  No. New funds cannot be contributed to the non-participating companies but you do not have to transfer money that is currently invested. Those funds may remain there until you retire or until you leave the university.  If you wish, you may transfer those funds to an approved company at any time. Transfers of funds are allowed only to companies on the university approved vendor list.
  8. Are there other changes to the 403(b) Plan?  Yes. Some investment companies may have allowed loans or hardship withdrawals from 403(b) accounts. At this time, loans and hardship withdrawals will not be allowed. This may change in 2009 upon approval of the Board of Regents. Participants will be informed of changes to the plan provisions at that time.
  9. Are there changes to the 457(b) Plan? No. The 457(b) plan and its three authorized companies (TIAA-CREF, Fidelity and ING) remain the same.
  10. How do I find out more? For more information, please contact your Benefits Office using the Feedback link at the bottom of this webpage.