The University understands the importance of individualized retirement planning. In addition to the pension from the State Employees’ Retirement System (ERS), other retirement savings plans are available. These retirement plans are voluntary and eligible employees may participate in one or both plans:
- The State of Hawaiʻi 457 Deferred Compensation Plan known as the “Island Savings Plan” (ISP) and/or
- The University’s 403(b) Tax Deferred Annuity Program (TDA).
Contributions are payroll deducted and made before taxes are withheld, thus enabling the employee to build a retirement nest egg and save on withholding taxes with each paycheck. Taxes are paid when funds are distributed, normally at retirement.
To determine the differences between the ISP and TDA programs, refer to the comparison sheet. Employees separating from service (i.e., resignation, retirement, termination) may consider participating in the Vacation Pay Deferral Program and deferring the compensation received for unused vacation leave credits into the supplemental retirement plans for tax savings.
UH 403(b) program and the State’s 457 Deferred Compensation Plan 2017 Maximum Contribution Limits:
- Employees under the age of 50 – The annual base deferral limit remains unchanged at $18,000;
- Employees age 50 and higher – There was also no change in the Age 50 catch-up limit. Employees age 50 and higher may contribute up to $24,000 ($18,000 + $6,000).
- UH employees may choose to participate in both the 403(b) Tax Deferred Annuity Program and the 457 Deferred Compensation Plan.
- Each plan has a separate annual contribution limit; therefore, an employee may defer up to $18,000 or $24,000 in each plan.
Known as the “Island Savings Plan,” the plan complies with the provisions of Section 457 of the Internal Revenue Code. The Island Savings Plan (ISP) is available to employees eligible to participate in the State of Hawaiʻi Employees’ Retirement System (ERS). The plan is currently administered by Prudential Retirement.
To enroll and for more information, please contact the Island Savings Plan Honolulu Office toll-free at 1-888-712-5642, press 2 or visit the Island Savings Plan website.
All faculty, staff, and student employees are eligible to participate in the 403(b) retirement plan sponsored by the University of Hawaiʻi. The program complies with Section 403(b) of the Internal Revenue Code and is currently administered by National Benefit Services (NBS).
For more information, please contact NBS toll-free at 1-800-274-0503 ext. 504, email email@example.com or visit the National Benefit Services website.
How to Enroll
To enroll, eligible employees (including student employees) should:Select and contact any of the authorized TDA service providers listed on the NBS website.
- Seek advice from your personal financial advisor and establish your 403(b) account.
- After processing an account application with the TDA service provider or your financial advisor
- Complete a UH Form 82, UH 403(b) Salary Reduction Agreement
- Submit it to NBS via fax or mail
For more information about enrollment, watch the Enrollment/Plan Setup Video
Current copies of the UH Form 82, a listing of due dates and other forms may be downloaded and printed from the NBS website.