Available Retirement Benefits
Retirement Systems of Alabama (Mandatory)
Participation in the Retirement Systems of Alabama is mandatory for persons employed in a non-temporary capacity on at least a one-half time basis in a position eligible for coverage.
Specifics of the Plan:
- Mandatory participation
- Employer contributions (as defined by RSA)
- Vested after 10 years
- Military service/out-of-state repurchase option
Social Security (Mandatory)
The employee and the University share the cost of Social Security taxes. For an estimate of your Social Security benefits at retirement, contact the Social Security Administration.
RSA-1 Deferred Compensation (457 Plan)
Managed by the Retirement Systems of Alabama, RSA-1 allows employees to defer receipt of a portion of their salary until some later determined date, usually until retirement or other termination of employment.
Specifics of the Plan:
- Voluntary participation
- Contributions are tax deferred
- Catch-up period designation
The University of Montevallo does not contribute to the plan.
Tax Deferred Investments (403[b] Plans)
Under Section 403(b) of the Internal Revenue Code, the University of Montevallo offers tax deferred investment options through VALIC and TIAA-CREF.
Specifics of the Plan:
- Contribution maximums are determined by the IRS.
- Employees may increase or decrease contribution amounts at any time.
- Earnings are tax deferred until withdrawal.
The University of Montevallo does not contribute to the plan.