For many people, back-to-school season can be a major expense. But it’s still important for employees to stay focused on the importance of saving for retirement. Employees are encouraged to contribute additional retirement savings beyond the required state retirement percentage.
The following are additional ways of contributing to retirement.
- The tax deferred annuity program is a supplemental retirement savings program authorized by section 403(b) of the Internal Revenue Code. Through the TDA program UHD employees can invest a portion of their income for retirement on either a pre-tax basis, an after-tax basis (Roth) or a combination of both. The program is offered to all employees. Investments options include a wide array of mutual funds and fixed and variable annuities managed by six life insurance companies and mutual fund companies licensed to do business in the State of Texas.
- The Deferred Compensation Program is a supplemental retirement savings programs authorized by section 457 of the Internal Revenue Code. Employees may enroll in a deferred compensation plan that allows the employee to defer a portion of their income. The plan is administered by Employees Retirement System (ERS) of Texas through a thirdpartyadministrator.
Remember, saving for retirement is one of the smartest things employees can do at any time of year. For additional information, please contact firstname.lastname@example.org