Tax-Deferred Savings Plan Enrollment Information
Western Michigan University offers employees 403(b) and 457(b) tax-deferred savings plans to save for retirement.
The Plans Work Like This
- You elect how much money you want to contribute to each plan by pre-tax and/or post-tax (Roth) payroll deduction up to the maximum allowable by law by completing and submitting a salary reduction agreement.
- Your contributions are invested in a savings plan account according to your elections. For investment options, visit the website of .
- You do not pay any income taxes on your pre-tax contributions or their earnings until you take a distribution of funds from the plan. You pay income tax on post-tax (Roth) contributions at the time they are deducted from your paycheck. For additional information on post-tax (Roth) contributions and treatment of investment earnings, visit the website of .
- Your current election will continue until you submit a new completed salary reduction agreement or you reach the annual contribution limit (see below).
- If your plan contributions stop because you reached the maximum limit, you must complete a new salary reduction agreement if you wish to participate in the plan in the following calendar year.
- Check the Retirement calculator and financial tools by logging into .
To Enroll or Change Your Contribution Amount
- Determine the amount you wish to contribute in a calendar year, not to exceed the applicable maximum. Your contribution limit for each plan is based on your age:
- If you are under age 50 during calendar year 2024, your 403(b) and 457(b) maximum is $23,000 for each plan.
- If you are age 50 or over, or will turn age 50 during the current calendar year 2024, your 403(b) and 457(b) maximum is $30,000 for each plan.
- If you are under age 50 during calendar year 2025, your 403(b) and 457(b) maximum is $23,500 for each plan.
- If you are age 50 or over, or will turn age 50 during calendar year 2025, your 403(b) and 457(b) maximum is $31,000 for each plan.
- If you are ages 60, 61, 62, or 63 during calendar year 2025, your 403(b) and 457(b) maximum catch-up contribution limit is $11,250 for each plan. If you turn 64 in 2025 you are not eligible for this additional catch-up contribution.
- If you are enrolling for the first time, you must also enroll online with to elect how your funds are invested and to designate beneficiaries. For enrollment instructions and additional information, see the How to Enroll link at Forms: Retirement.
- Download and complete the Salary Reduction Agreement.
To Meet with an Investment Advisor
Representatives of TIAA are available to meet with you on campus to discuss your retirement savings and investment options.
If you are unable to register online, call the scheduling group at (800) 732-8353.