How to Make Changes to your 403(b) and 457(b)
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.
- 403(b) and 457(b) deduction should be entered as MONTHLY AMOUNT to be deducted, NOT an 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. 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%.
- In 2020, you can contribute up to $19,500 to each plan if you are under age 50 (up to $39,000 total this year). You can contribute up to $26,000 to each plan if you are age 50 or older (up to $52,000 total this year).
Steps to Take
- Login to Fidelity
- Go to the home page.
- Click on the Retirement Savings and choose the plan 403(b) or 457(b)
- Click on quick link: Contribution Amounts and you can change the amount.
- Please refer to the calendar to see when the change will be effective.
- Or Call Fidelity (866) 682-7787 Monday–Friday, 9:00 a.m.–5:00 p.m. PT