403(b) and 457(b) deductions should be entered as MONTHLY AMOUNT to be deducted, NOT annual amount. Biweekly employees should note that the deduction is split between the two checks each month and if there is a third bi-weekly, no deduction will take place unless the employee has selected a percentage-based election.
You can choose flat amounts or percentage to be deducted from your paycheck. Flat Amounts are not deducted from special or off cycle checks. 70% is the max percentage that the Fidelity site allows. The combined percentage of 403(b) and 457(b) should not equal or exceed 100%.
As a UC employee, you can contribute to the 403(b) and the 457(b) as long as you are not a student working fewer than 20 hours per week. You can contribute to either plan or both plans, depending on your budget.
You may be eligible for special and lifetime catch-up provisions to increase your limits. Contact Fidelity to see if you are eligible.
Login to UCPath to see the calendar for timeline to change the 403(b) and 457(b).
The key difference between the two plans is how and when you can get access to your money. If you have an extreme financial need while you are working for UC and have to tap into your retirement savings, the UC 403(b) plan allows you to take a loan from your account if you need one. The 403(b) is intended to help you save for retirement, so make sure you examine all your other options before you take a 403(b) plan loan. The UC 457(b) plan will not allow you to take a loan from your plan account.
Once your UC employment ends, you can contact Fidelity Investments to discuss your rollover options.
If you do not make arrangements for a distribution, your accumulation will be either:
Contact Fidelity Investments at 866-682-7787, they can advise you of your next steps if you have money in the following plans: DCP, 403(b) and 457(b).
Please contact Fidelity at NetBenefits.com for online assistance or call (866) 682-7787 Monday–Friday, 9:00 a.m.–9500 p.m. PT
Yes, 403(b) outstanding loan balance can be prepaid without a prepayment penalty. To make a payment, contact Fidelity Retirement Services at 866-682-7787.
All plans are now available for in-service distributions at age 59 ½ or older. This means that all employees can make withdrawals or rollovers without problem or penalty - even if while actively working for University of California. At the same time, if employee is eligible, contributions can still be made to all Plans as well.