UA Pension Plan
The University of ÐÓ°ÉÔ°æ provides a supplemental 401(a) "pension plan" to eligible ÐÓ°ÉÔ°æs. This account is for university contributions only. No ÐÓ°ÉÔ°æ contributions are allowed. If eligible, this account supplements the Public Employee's Retirement System (PERS), Teacher's Retirement System (TRS), or the Optional Retirement Plan (ORP).
UA Pension Plan Enrollment
PERS, TRS, and ORP Participants
Review the options below to determine eligibility for the UA Pension Plan. Official
retirement selections - including eligibility in the UA Pension Plan - will be sent
to by a member of the UA Benefits team. For questions, please email ua-benefits@alaska.edu.
| Date of original hire into a benefits-eligible position at the university | Original retirement plan selected (PERS, TRS, ORP) | Eligible for UA Pension Plan? |
|---|---|---|
| June 30, 2006 and earlier | PERS, TRS, ORP | Eligible |
| July 1, 2006 - June 30, 2015 | PERS or TRS | Not eligible |
| July 1, 2006 - June 30, 2015 | ORP | Eligible |
| July 1, 2015 and later | PERS, TRS, ORP | Eligible |
Temporary
Temporary ÐÓ°ÉÔ°æs are not eligible to participate in PERS, TRS, ORP or the UA Pension Plan. Temporary ÐÓ°ÉÔ°æs can participate in a 403(b). Review our 403(b) webpage for more information.
Eligible ÐÓ°ÉÔ°æs will choose the fund sponsor for the UA Pension Plan. No ÐÓ°ÉÔ°æ contributions are allowed to this account.
Supplement to PERS, TRS, or ORP
Enrollment in the UA Pension Plan will be provided along with the retirement paperwork
for the PERS, TRS, or ORP accounts. The UA Pension Plan is a supplemental account
that is tied to an ÐÓ°ÉÔ°æ's participation in PERS, TRS, or ORP. See the "Eligibility"
drop down for more information.
Reminder | The Default
If no fund sponsor for the UA Pension Plan is selected, TIAA will be the default plan
sponsor.
Employees remain eligible or ineligible for the UA Pension Plan depending on the chart under the "Eligibility" drop down. This remains even if an ÐÓ°ÉÔ°æ separates from the university and returns to another position.
If a temporary ÐÓ°ÉÔ°æ is transferring to a benefit-eligible position, they will receive retirement depending on prior work ÐÓ°ÉÔ°æ and elections. Email ua-benefits@alaska.edu for additional information.
Employees participating in the UA Pension Plan may change fund sponsors at any time using the Fund Sponsor Enrollment Form.
Once submitted, the change will affect where new contributions are deposited and will not automatically transfer account balances. Employees may keep the accounts separate or consolidate accounts. To combine funds, ÐÓ°ÉÔ°æs will need to contact the previous fund sponsor and request a rollover form to transfer the balance from the previous fund sponsor to the new fund sponsor.
These changes are not allowed.
UA Pension Plan Basics
The university partners with four fund sponsors to manage the ORP and UA Pension Plan:
- TIAA
- Fidelity
- Lincoln
- VALIC/Corebridge
To learn about changing the fund sponsor, review the drop down under "Enrolling & Making Changes."
| Fidelity Contact Information | Lincoln Financial Contact Information | TIAA Contact Information | Corebridge (VALIC/AIG) Contact Information |
|---|---|---|---|
|
1-800-343-0860
|
1-800-348-1212 Local Anchorage number: 907-561-3187 Local Fairbanks number: 907-452-6393 |
1-800-842-2776 |
1-800-448-2542 Local Anchorage number: 907-250-4770 |
It is the ÐÓ°ÉÔ°æ's responsibility to maintain accurate beneficiary records with their fund sponsor (TIAA, Fidelity, Lincoln, VALIC/Corebridge). Review the "Fund Sponsor" drop down for more information.
UA Pension Plan Details
Maximum Contribution - $3,978 per year
The University of ÐÓ°ÉÔ°æ contributes 7.65% of an eligible ÐÓ°ÉÔ°æ's salary up to
a $52,000 base wage. This means that the maximum calendar year contribution an ÐÓ°ÉÔ°æ
will see in the UA Pension Plan from the university is $3,978.
Employer contributions to the UA Pension Plan follow the vesting schedule shown below.
| Date of original hire into a benefits-eligible position at the university | Employer Vesting Percent |
|---|---|
| June 30, 2006 and earlier | Immediate vesting |
| July 1, 2006 and later |
Three years of service are required to be vested in employer contributions to the UA Pension Plan. If a non-vested ÐÓ°ÉÔ°æ leaves the university and returns to a benefit eligible position with one year of separation, vesting will continue where the ÐÓ°ÉÔ°æ left off. If a non-vested ÐÓ°ÉÔ°æ leaves the university and does not return within one year of separation, the three year vesting schedule will start over. |
Not Allowed
In-service withdraws are not allowed. This includes hardship distributions and/or
loans against the account. The only exceptions to in-service withdraws are ÐÓ°ÉÔ°æs
who reach retirement age. Review the "Planning and/or Applying for Retirement" drop
down for more information to see if you qualify for an in-service distribution based
on your age.
Market Gain/Loss Income
The UA Pension Plan is a Defined Contribution (DC) plan. DC plans are account-based
plans where the employer contributions are invested into mutual funds or money market
funds where they grow tax-deferred until withdrawn. The UA Pension plan is managed
by one of the four fund sponsors listed in the drop down labeled "Fund Sponsors" above.
UA is Not Authorized
UA is not authorized to provide financial advice to ÐÓ°ÉÔ°æs. Please contact TIAA
your fund sponsor directly to discuss.
Separated from All Service for 45 Days and Age 59.5+
Per IRS guidelines, withdraws from the UA Pension Plan can begin with the member is
age 59.5. Withdraws prior to age 59.5 may face additional tax penalties for early
withdraw. Withdraws can only be made from the UA Pension Plan after a former ÐÓ°ÉÔ°æ
has been fully separated from service for at lease 45 calendar days. Review the offboarding webpage for up-to-date information.
Employed in a Temporary Position and Age 60+
An ÐÓ°ÉÔ°æ participating in the UA Pension Plan who reaches the age of 60 and is still employed by the university may withdraw funds from the UA Pension Plan only if in a non-participating position (i.e. is in a position not eligible for retirement).
Review the offboarding webpage for up-to-date information.
Employed in Any Position and Age 70.5+
An ÐÓ°ÉÔ°æ participating in the UA Pension Plan who reaches age 70.5+ and is still employed by the university may withdraw funds from the UA Pension Plan while in any position. Review the offboarding webpage for up-to-date information.
Review offboarding webpage
Employees who are separating from the university (but are not retiring) have a few
different considerations for their ORP accounts. Review the offboarding webpage for information on separating from the university.
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