The UNC System offers two options for 457(b) plans. The 457(b) plans are supplemental retirement programs that allow employees to set aside payroll-deducted contributions on a tax-deferred or after-tax (Roth) basis. The vendors for these plans are Fidelity and TIAA.
Who is Eligible to Participate?
Employees who pay FICA (Social Security and Medicare) taxes are eligible to participate in the UNC 457(b) plans.
How to Enroll
Enrolling in the plan involves a two-step process.
Step 1: Complete a 457(b) Salary Reduction Agreement. This form authorizes the University to deduct the 457(b) contribution from payroll.
Step 2: Enroll in the program and select investments through Fidelity or TIAA by following the links below to the 457(b) provider’s online enrollment web site.
- Fidelity (click the UNC 457(b) Plan and then ENROLL NOW)
- TIAA (select your campus and then ENROLL NOW)
If the participant does not complete this second step, the contributions are put into a life-cycle fund with the selected vendor based on the age of the participant.
Contributions and Limits
For 2019, employees may contribute up to the following limits each calendar year via payroll deduction:
- Up to age 49 – $19,000 per year
- Age 50 or older – $25,000 per year
Contributions can be pre-tax, after-tax or any combination of the two. The 403b Plans offer separate contribution limits for those that want to contribute in addition to a 457.
Fidelity and TIAA representatives are on UNC Asheville’s campus several times a year. Employees can set up times to meet in person or talk with them via phone or email.
Contacts for the UNC 457(b) Plans:
- 800-343-0860 (Retirement Services)
- Locally: Jared McVey 704-614-4167
- Schedule an Appointment with a Fidelity Consultant
- 800-842-2776 (Telephone Counseling Center)
- Locally: Terry Pait 704-988-4882
- Schedule an Appointment with a TIAA Consultant