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Enrollment Instructions for the New 457(b) Plan
The 457(b)
Plan is a newly available option for tax deferred retirement
savings. The 457(b) plan currently has the same contribution
limits as the 403(b) plan however, the contribution limits
for each plan do not offset one another. For example, an employee
who already contributes the maximum permitted to UC's 403(b)
Plan ($13,000 in 2004) could also put up to $13,000 annually
in tax-deferred savings in the new 457(b) plan; for employees
age 50 and over the annual limit in 2004 is $16,000. Employees
will have the choice to enroll in either or both plans to
save for retirement and enjoy valuable benefits of tax-deferred
savings. Fidelity Investments has been selected as the record
keeper for the plan.
457(b)
plan information packets from Fidelity have been mailed to
employees currently participating in the 403(b) retirement
savings plan the first week of September; this packet included
an overview of the 457(b) plan and the investment options
available, and instructions on how to enroll. If you did not
receive a packet you may download the packet contents, located
under the header "Key Information," at UC's At
Your Service website, or you can call the Lab's Benefits
Office at x6403. It is important to note that participants
in the 457(b) plan are charged at $45 annual fee (assessed
in quarterly amounts of $11.25) while they maintain a balance
in the 457(b) plan.
Employees
can enroll in the 457(b) Plan online using Fidelity's "Net
Benefits" website or by phone (1-800-343-0860). No forms
will be accepted. Employees enrolling online should use the
Enrollment
Guide for step-by-step instructions. Employees can enroll
at any time, but to have a contribution deducted from their
October 2004 paycheck, the enrollment must be completed as outlined
in the informational materials no later than 5 p.m. Pacific
Time on Sept. 17, 2004.
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