Voluntary Retirement Plans

403(b) and 457(b)

As a UNM employee*, you have the option to contribute to tax-deferred voluntary retirement plans in addition to making the mandatory contributions required for most employees to the New Mexico ERB pension or Alternative Retirement Plan (ARP).

  • The voluntary retirement plans are designed to help you build extra retirement savings by allowing you to reduce current income taxes and increase your investment earnings potential.
  • You can now make post-tax Roth contributions to both plans as well as pre-tax contributions. Roth rollovers into the plans and in-plan conversions from pre-tax to Roth are also available. Please see the attached Roth Flyer for more information. Contact your investment provider for help with rollovers and in-plan conversions.
  • Even small, regular contributions can make a substantial difference later in life.

    • *Students and certain employees are not eligible to participate

 

Retirement@Work

To open a new account, choose investment providers, change your contribution or investment providers, please log into Retirement@Work:

  • Visit Retirement@Work
    • Please note:
      • You may need to use Internet Explorer or Firefox if experiencing any challenges with access via Chrome.
      • Input your UNM NetID and password, then Accept to gain access to Retirement@Work
  • Guide to Retirement@Work
  • Job Aid (Coming Soon)
  • For help accessing the website or if you are unable to make changes to your contributions , call Retirement@Work at 844-567-9090, weekdays, 6 a.m. to 8 p.m., and Saturday, 7 a.m. to 4 p.m. (MT)

 

Investment Providers

Plan investment providers include Corebridge Financial, Fidelity, TIAA, and Voya. UNM does not provide financial or tax advice to employees or retirees. Please consult with a financial or tax advisor. To schedule a personal financial planning appointment with a representative from the investment providers above, visit:

 

403(b) and 457(b) Plan Highlights

  • Contributions to either or both plans are deducted from your paycheck and sent to the investment provider on your behalf.
  • Contributions are subject to the expenses, gains, or losses of the investment(s) chosen and subject to annual IRS limits each calendar year.
  • Contributions to either or both voluntary plans can be made as pre-tax and/or Roth.
    • Pre-tax contributions can grow tax-deferred and withdrawals are taxable.
    • Roth contributions are made after-tax, grow tax-deferred, and have potential to be accessed tax free later.
  • Please consult with a tax advisor or see the Guide to Retirement@Work for details.
  • See 403(b) Summary Plan Description and 457(b) Summary Plan Description for more plan provisions.
  • For more information about voluntary 403(b) and 457(b) plans, please refer to the IRS website at IRC 403(b) Tax-Sheltered Annuity Plans or IRC 457(b) Deferred Compensation Plans

 

Questions?

  • UNM is committed to providing the resources you need to help prepare for retirement.
  • To learn more about the voluntary UNM 403(b) and 457(b) retirement plans and the plan options available to employees, email Benefits & Employee Wellness at hrbenefits@unm.edu

To request a copy of the Plan Documents, contact Payroll at (505) 277-2353.

 

Frequently Asked Questions

How do I change my address with vendors?

Contact your investment provider.

Fidelity participants please email pay@unm.edu.

How can I access the money in my account(s)?

Contact your investment provider.

How can I change the investment providers within my plan(s)?

Log in to Retirement@Work, update which provider you wish to make contributions to.

How can I change the specific investments within my plan(s)?

Contact your investment provider and update your investment allocation.

How do I move my account to another provider after separation from UNM?

Contact your investment provider for the appropriate rollover paperwork.

How do I move accounts to UNM from another plan after I start work for UNM? What kinds of accounts can I move in?

Most qualified retirement plans can be rolled into the UNM 403b plan.

Open a UNM 403b account, then contact your previous plan’s investment provider for the appropriate rollover paperwork.

I have a non-UNM account with one of the providers. Can I contribute to that non-UNM account from my UNM paycheck?

No. All contributions to the UNM 403b and 457b plans must be made using payroll deduction. Payroll deduction is not available for contributions to non-UNM accounts.

Can I roll my pre-tax and/or Roth account into the UNM 403b or 457b plan?

This depends on what type of account your other employer’s account is. Contact your previous retirement plan provider for more information.

How much can I contribute to my UNM 403b and/or 457b plan in a given tax year?

For calendar year 2024, the annual contribution limit is $23,000 per plan. The catch-up contribution limit for individuals aged 50 and older is $7,500 per plan, for a total contribution limit of $30,500 per plan.

You can contribute to both plans simultaneously for an overall total of $46,000 or $61,000 for over age 50.

These amounts change each year according to IRS limits.

What is the impact of an FTE change?

Eligible employees on UNM’s Payroll can contribute to either or both plans, subject to their salary amount, except for student employees. If your salary is lower than the maximum contribution for each plan, your salary becomes the contribution limit. Review your contribution amount to make sure it is what you want to contribute.

What is the impact of a change from Monthly to Biweekly and vice versa?

Review your contribution amount to make sure that you are contributing the amount you intend for each paycheck.