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Retirement Plans

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.