How the Plans Work
The University of Miami offers you powerful, tax-deferred opportunities to save for your future. Take a few minutes to learn about key retirement savings plan features so you can get the most from this benefit.
Get to Know the Basics
The University’s Retirement Plans are 403(b) plans, and they hold your contributions as well as any core and matching contributions you may be eligible to earn.
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Your Contributions
You can contribute a percentage of your eligible pay to the 403(b) Plan, in any combination of pre-tax and Roth contributions. The pre-tax option allows you to defer paying taxes on your contributions until you withdraw the money. With Roth contributions, you pay taxes now, then contribute to the plan. At retirement, you won’t pay any taxes on those contributions or any potential investment growth for a qualified withdrawal.* The total of your combined pre-tax and Roth contributions is limited to $23,000 in 2024 – or $30,500 if you are age 50 or older. You also have the option to contribute additional money (up to $69,000 in combined contributions from you and the University of Miami) on an after-tax basis if you want to save even more than the IRS contribution limit.
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Employer Contributions
Once you become eligible, you may receive two types of employer contributions: core contributions and matching contributions.
You may receive core contributions each year and these will be credited to the University of Miami Retirement Plan. Eligibility and contribution amounts vary by plan, so check your plan details to learn more.
When you make contributions to your 403(b) Plan, you may also receive matching contributions from the University of Miami. Your matching contributions will be credited to the 403(b) Plan. Check your plan details to learn more.
*A distribution from a Roth 403(b) is tax free and penalty free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, or death.
Enroll in a Retirement Plan
Don’t wait for annual enrollment! Elect a deferral percentage today and you’ll initiate automatic contributions from your paycheck (beginning the next pay period or as soon as administratively possible).
The Roth Option
You can optimize your retirement savings with the option to make Roth or traditional pre-tax contributions.
Increase Your Contributions Automatically
Simplify your contributions by setting up an automatic increase to your contribution through the Annual Increase Program.
Fee Disclosures
Learn more about fee disclosures below.
Investment Options
To meet the different investing styles of our employees, we offer a range of options for “do it yourself” investors who want to pick their own funds, and for people who want a professional to manage their investments for them. Think about what type of investor you are, then review plan-specific information to help you make the right savings moves.
Click the button below to learn more about your investment options.
Where to Go for More Help
Need help figuring out how to save for retirement while juggling all your other financial priorities?
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Call
Fidelity: 800-642-7131
Representatives are available between 8 a.m. and 9 p.m. ET, Monday through Friday.
TIAA: 800-842-2252
Representatives are available between 8 a.m. and 10 p.m. ET, Monday through Friday.
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Schedule a 1:1
Meet at a time that's convenient for you, and feel free to include your spouse or partner.