Q. Where can I find information about the investment options, including the amount of fees charged?
- A. Each fund publishes a document known as a prospectus. The prospectus gives detailed information about the fund including its investment strategy and fees. A listing of each of the available investment options and up-to-date performance information is available on the investment provider’s website.
Q. What are the main differences between the 403(b) and 457(b) Supplemental Retirement Savings Plans?
- A. You may withdraw funds from your 403(b) account while you are still actively employed by the University at age 59 ½, but must wait until your employment ends or you reach age 70 ½ to withdraw funds from your 457(b) account. In the 457(b) account there are no early withdrawal penalties at any age if your withdrawal is made after your University employment ends. If you withdraw funds from your 403(b) account prior to the date you reach age 59 ½ (either after termination of your employment or if you experience an eligible hardship), the amount you withdraw may be subject to a 10% IRS penalty in addition to applicable taxes. A Roth after-tax option is available in the 403(b) Plan only.
Q.How much will it cost me to move my assets from one investment provider to another?
- A. There is no charge to move assets from one University investment provider to another. Depending on your investment and the length of time you have held the fund, you may be charged a Redemption/Short Term Trading fee.
Q. Are there any restrictions on moving assets from one investment provider to another?
- A. Most investment options do not have transfer of asset restrictions. However, there are three exceptions: (1) employees can only transfer TIAA Traditional assets over ten equal annual installments; (2) the TIAA Real Estate Account allows one transfer out every 3 months; and (3) if you are enrolled in the URS Plan, your investments must remain with URS as long as you remain employed by the University.
Q. Who can assist me in making my decisions?
- A. The investment provider has individuals licensed to provide investment information to you. You can speak with a customer service specialist by contacting the provider at the telephone numbers shown below. You can also find information and use calculators on the provider’s website. In addition, the investment provider offers confidential consultations to University employees. The Human Resources Department can provide instructions regarding forms and processing, but cannot provide investment advice.
Utah Retirement Systems (URS) Planning Session FAQs
For additional information on the retirement plans, please contact the Human Resources Office. More info about the new URS retirement planning process is here: https://www.urs.org/Counseling/Members
Q. How do members schedule an appointment?
- A. Online, by registering through their URS account. Can an employee call to schedule an appointment? Unfortunately no, as we need to have one central place to track which appointments are open or taken. And that central place is the URS web site via the member’s myURS account.
Q. What if someone needs help setting up an appointment or simply accessing their URS account?
- A. Members can always call our 401k department for help with re-setting passwords, getting access to their account, navigating the URS online system, etc. Members can call 800-688-4015 or 801-366-7720 between 8 am and 5 pm for assistance.
Q. What if the appointments are already taken; will there be additional planning sessions in my area?
- A. We post the available dates, times and locations about 4 weeks in advance. That allows members enough time to plan ahead for the appointment, but not so far in the future as to forget about making the appointment. If the day a member is interested is full or no longer listed on the schedule (which means that day is full), then maybe every 2-3 weeks or so, members can log into their URS account and check to see if any new planning sessions are scheduled for their area. Employers will also be notified when a planning session has been set, and employers often pass that information along to their employees.
Q. What if a member needs to cancel or reschedule?
- A. We always encourage members who need to cancel to do so online, so that their appointment time can be freed up for another member to use. A member who needs to reschedule can do so simply by signing up for an appointment at a future planning session.
Q. What can a member do to prepare for their planning session?
- A. The best preparation is to attend a URS retirement presentation first. In those presentations, we explain the basics of how a member’s retirement plans work. Once a member understands the basics of his/her plans, we can spend more time in the planning appointment exploring the member’s unique situation.
Q. What else can a member do to prepare?
- A. Members can complete an investor profile through their myURS account (click on the “What Kind of Investor Are You” link on their myURS home page). Getting an estimate of a member’s Social Security benefit, if applicable, is very helpful. Members can obtain their estimate through the Social Security web site at www.ssa.gov. If the member has 401k, 457 and/or IRA holdings outside the URS system, getting an estimate of the monthly income those balances will provide at retirement is also helpful. Members can contact the institution that currently holds those accounts for those monthly estimates.
