Retirement Programs

Utah Tech University provides two types of retirement plans:

  • Employer-funded plans for employees in benefit-eligible (0.75 FTE or greater) positions.
  • Employee-funded plans available to all employees of the University, working an average of 20 hours per week or more.

Employer-Funded Retirement Plans

The University makes retirement contributions for each employee in a benefit-eligible position. Eligible employees are automatically enrolled in the applicable retirement plan. These plans are fully funded by the University, employees can not contribute to these plans. The two employer-funded plans are the Utah Retirement Systems (URS) Plans and the 401(a) Defined Contribution Retirement Plan, offered through TIAA.

Contact the Human Resources Office for additional information on the employer-funded retirement plan applicable to you.

Utah Retirement Systems (URS) Plans

  • Available for Faculty and Staff employees at the University who are hired with previous URS service from a prior employer. This is also the default retirement plan for all F/T University Police officers.
  • The plan has two parts: a defined benefit, meaning you receive a predetermined amount when you retire; and a defined contribution, meaning you receive a predetermined amount while you are working which is deposited into a 401(k) account.

TIAA 401a Defined Contribution Plan

  • Default retirement program for F/T Faculty and Staff Employees that have no prior URS service.
  • The University’s contribution is 14.2% of the employee’s base and overload salary, with no employer match required.
  • You direct how your funds are invested by choosing from a variety of investment options

Withdrawal Provisions

Withdrawals are subject to income taxes and may be subject to IRS early withdrawal penalties. Each retirement plan has a 32-day waiting period following termination of employment before you can withdraw or rollover funds from your account. The waiting periods do not apply to withdrawals:

  • Upon retirement from the University (in accordance with University Policy 348)
  • If you become permanently disabled, or
  • If you meet the eligibility requirements defined by the 403(b) or 457(b) Plan for a hardship withdrawal.

Beneficiary Designation

It is important to designate a person or persons to receive the amounts in your retirement account in the event of your death. Please complete a beneficiary designation form for each account and investment provider. Forms are available on the investment provider’s website or in the Human Resources Office. If you do not complete a beneficiary designation, your account will be distributed according to the provisions of the Plan. If you designate your spouse and then subsequently divorce, the beneficiary designation for that individual will be automatically void.

Savings for a University Education

The Utah Educational Savings Plan (UESP), Utah’s 529 university savings plan, is an available option for saving for university. Through the UESP, you can save after-tax money for any beneficiary you choose – your child, grandchild, niece, nephew, or friend. The money can be used at any university or university. Earnings in your account grow tax fee and Utah taxpayers receive a state tax deduction for money deferred. Once you have an account, you can set up University payroll deductions to the account. For information or to enroll now, visit


Should an unexpected financial need arise, loans are available on a portion of the money you have contributed into either a 403(b) or 457(b) Supplemental Retirement Savings Plan account. Loans are not available in the University’s 401(a) Plan or the URS Plan. Contact the investment provider or the Human Resources Office for additional information.

Online Educational Resources

Visit the investment providers websites for online planning tools and to learn how to make the most of your retirement.

Employee-Funded 403(b) and 457(b) Supplemental Retirement Savings Plans

The University sponsors two supplemental retirement savings plans to help you save for your retirement. You choose how much of your paycheck to put into one or both plan(s) each pay period. You direct how your money is invested by selecting from the investment provider and investment options offered to University employees.

All University employees may participate in the supplemental retirement savings plans regardless of whether they are employed in a benefit-eligible position. Some important information about the plans:

You can defer a minimum of $12.50 per pay period up to an annual maximum of $23,000 in 2024 to each supplemental plan, as well as a $7,500 catch-up for those over age 50. The maximum amount is reviewed annually by the Internal Revenue Service and may increase in future years.

Each plan includes two catch-up provisions, an age 50 or older provision and a special catch-up provision, that allow eligible employees to contribute amounts above the maximum stated above.

You can rollover assets from other similar accounts into these plans.

The 403(b) Plan has a traditional pre-tax option and a Roth post-tax option. The Roth option allows you to contribute after-tax money to the Plan. The annual maximum contribution amount above applies to your combined after-tax and pre-tax deferral to the 403(b) Plan.

All withdrawals of Roth savings are free from federal income tax in retirement (including any income received on your investments), as long as you are age 59 ½ or older when you make a withdrawal and have had the account for at least five tax years.

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:

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 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.


Utah Retirement Systems (URS) offers one-on-one Retirement Planning Sessions via telephone or Webex video conferences to employees. These sessions will be identical in format to the in-person sessions that have previously been offered at locations throughout the state. These Planning Sessions are designed for ALL career stages: beginning, middle, end.

To register for a URS retirement planning session:

  • Go to
  • Log into your myURS account.
  • Click on the Education Tab.
  • Click on “Individual Retirement Planning Sessions”.
  • Find the date and time that works best for you. Although the URS main offices are located in Salt Lake County, feel free to sign up for any telephone or Webex session wherever you live in the state.
  • Complete the Investor Profile Questionnaire (you will be directed to the online questionnaire as you register for your appointment). Please have the following with you for your appointment:
    • your current gross pay rate, b. any retirement plan balances outside of URS,
    • your URS account log in information (user ID and password)
    • and your Social Security statement (get yours at

URS will call you at the phone number listed on your myURS profile at the time of your appointment. Be sure to check this number for accuracy in advance of your appointment. Please note: These sessions are NOT to apply for retirement. To apply for retirement, contact the URS Pension Department at (800) 695-4877.

Visit Utah Retirement Systems' Website


TIAA is planning virtual consultations for November and December. If you want to set up a consultation or visit with TIAA directly, please contact them at 800-732-8353 Monday – Friday 6 am – 6 pm (MT).

  • TIAA are also offering monthly on-demand and scheduled Financial webinars here. Details are on the attached PDF.
  • Supplemental retirement plan limit increases to $23,000 for 2024: As you have likely heard, the IRS announced contribution limits for employees who participate in 403(b) or 457(b) plans, is increasing to $23,000 in 2024, up from $22,500 in 2023. The catch-up contribution limit for employees aged 50 and over remains the same at $7,500. As such, participants in who are 50 and older can contribute up to $31,000, starting in 2024. If you are interested in changing your TIAA 403(b) and/or 457(b) retirement contributions for 2024, you can do so by submitting a Payroll Deduction form within NEOED.
Visit TIAA Website

SAVI Student Loan Debt Service

Student Loan Forgiveness – What is SAVI?

TIAA has joined forces with Savi, a social impact technology company, to help you navigate federal student loan programs. Their student loan solution will help you identify eligibility for federal income-driven repayment plans and forgiveness programs designed specifically for people who work at eligible public interest employers, that is, at a 501(c)(3) not-for-profit school, university or hospital; in government or approved governmental entities; or at a few other public interest organizations.

This service is designed to make that process easier if you are eligible and applying. See email attachment for more info.


Beyond contacting either TIAA or URS through the information to the right, utilize this Quick Guide to a Well-Rounded Retirement as part of your retirement planning.

Utah Retirement Systems (URS)

Southern Utah Branch Office

Phone: 435-673-6300

Office: 20 North Main Street, Suite 206
St. George, UT, 84770


The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund

Phone: 800-842-2252

Office: 505 Wakara Way, Suite 220
Salt Lake City, UT 84108