UTSaver DCP
Office hours: Monday – Friday, 8 a.m. – 5 p.m. | Walk-In hours: Monday – Friday, 10 a.m. – 2 p.m.
The HR Team is available 8 a.m. – 5 p.m. via phone, MS Teams, and email.
The UTSaver Deferred Compensation Program (DCP) is a 457(b) voluntary retirement program that allows you to save additional income for retirement through traditional (pre-tax) and/or Roth (post-tax) contributions that reduce your taxable income.
Eligibility
All University employees are eligible to participate in the UTSaver DCP.
Enrollment & Making Changes
- Review and select a provider(s) from the list of approved providers. All approved retirement providers offer free consultations.
- Log onto UT Retirement Manager (UTRM) and click “I’m a New User.” You can then set your UTSaver DCP payroll contribution amounts. Contributions can be increased, decreased, or stopped as anytime in the year. To discontinue your contributions, log onto UTRM and select “Stop Contributions.” For assistance with logging on or to view a user guide and video, visit the Enroll – Retirement Manager page.
- Contact your selected financial provider to open an account with your approved provider(s).
- To transfer existing funds between approved providers, please complete a Transfer Verification Form. This form must be signed by the receiving provider before submitting it to the HR benefits office. In addition, you must have a signature from the receiving provider, as well as the HR benefits office, before the funds transfer can be processed.
- If you submit your enrollment elections by the 10th of the current month, the changes will be reflected on your next paycheck. Otherwise it will be reflected on the second paycheck following the change entered on UTRM.
Contributions
Contributing to the UTSaver DCP can significantly reduce your current taxes and help you save for retirement. All contributions are employee funded, conveniently taken by payroll deduction (setup in UTRM) and may be invested in fixed or variable annuities or mutual funds. You can contribute as little as $15 per pay period or as much as 100% of your eligible compensation. Here are the IRS limits for DCP 457(b) participation:
| Year | General Contribution Limit | Age 50+ Catch-Up | 15 Years of Service Catch-Up |
|---|---|---|---|
| 2023 | $22,500 | $7,500 | $3,000 |
General Contribution Limit
IRS tax year limit includes DCP Traditional and DCP Roth contributions. If enrolled in both, then the combined total of both the DCP Traditional Pre-Tax and DCP Roth Post-Tax contributions cannot exceed $22,500 or $30,000 (for age 50+). UTSaver contributions limits are based on calendar year, and determined by check date. The paycheck issued in January will account for the first contributions for the new calendar year, and the paycheck issued in December will account for the final contributions for the calendar year.
Age 50+ Catch-Up
If you are age 50 or older, you can contribute an additional amount per year to the general contribution limit. You must be 50 years old or older during the calendar year of your participation.
Three Years Prior to Retirement Catch-Up
You must be within three years of the taxable year in which you attain normal retirement age in order to qualify. Eligibility for this provision is dependent upon your unused elective deferrals for the prior years you were eligible to participate in a 457(b) plan. Contact the HR benefits office for this calculation. This catch-up may not be used during the calendar year in which you retire and may not be used simultaneously with the Age 50+ Catch-Up.
UTSaver DCP contributions do not affect the total amount you are able to defer under the UTSaver Tax Sheltered Annuity (TSA) 403(b).
Deferring Unused Annual Leave Pay
Upon separation or retirement, you may defer all, or a portion of, your unused annual-leave payment to your DCP account not to exceed your maximum contribution limit. To review the details and frequently asked questions on required forms for this process, visit the UTSaver DCP Vacation Deferral page.