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UTSaver Deferred Compensation Plan 457(b)

Summary

The UTSaver Deferred Compensation Program (DCP) is a 457(b) voluntary retirement program that can significantly reduce your current taxes and help you save for retirement. Payroll deduction is used for these Pre-Tax contributions.

This defined contribution plan offers two special “Catch-up” provisions for eligible employees.

You can defer unused annual Paid Time Off and Preserved Holiday bank to your UTSaver DCP maximum limit.  Learn more about saving with your DCP.

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Best Features

  • Variety of investment options
  • Ability to defer unused PTO & PHB at retirement or when leaving MD Anderson
  • Catch-up Options for employees closer to retirement
  • Participation supplements your TRS retirement benefit
  • Defined contribution plans allow for more risk, and higher returns

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Eligibility & Enrollment

All employees receiving a paycheck are eligible to contribute to these plans. Employees enroll, manage and make changes to these plans online through UTRetirement Manager.

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Contributions

The program does not include an employer contribution. Contributions are made through payroll deduction and may be invested in fixed or variable annuities or mutual funds with the approved providers.  

You can get started for as little as $20 per month or contribute as much as 100% of your eligible compensation, not to exceed your maximum contribution limit per calendar year.

YearContribution LimitAge 50+ Catch-up*Special Catch-up**
2014$17,500$5,500$17,500
2015$18,000$6,000 $18,000

*   You must be 50 years or older during the calendar year of your participation.

** You must be within three years of the taxable year in which you attain normal retirement age, you may be able to contribute up to this amount. You must have unused elective deferrals for the previous years in which you were eligible to participate in a 457(b) plan. Contact 5-myHR (5-6947)  for this calculation.  

The Age 50 Catch-up and the Special Catch-up may not be used simultaneously during any calendar year.

You may contribute up to the maximum in both the 403(b) and 457(b) each year. Contributions to the 403(b) plan does not affect your contributions to the 457(b). 

Want to pay fewer taxes on your PTO & PHB payout when you leave MD Anderson? Consider a rollover of these balances into a 457(b). Contact 5-myHR (5-6947) for information.

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Resources

UTRetirement Manager

  • Enroll, manage and make changes to your retirement plans
  • Review fund performance
  • Use life-cycle savings calculators

My Retirement Outlook
Comprehensive tool for predicting your retirement income using Social Security, TRS, voluntary retirement plans or other savings and investments.

UT Retirement Programs
Overview of programs offered to employees.

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Contact Information

Retirement Providers

myHR 
713-745-6947
Monday - Friday
8:00 a.m. - 5:00 p.m.

Familiar Faces

Molly Daniels
Genetic Counselor
Gynecologic Oncology

I contribute to a 457(b) to supplement my TRS retirement. Everything about this plan is easy. I don’t have the time or interest to learn about buying individual stocks. So, I appreciated being able to pick a provider from a list of names I trusted, select a few funds and immediately began to save.


© 2014 The University of Texas MD Anderson Cancer Center