Universal Availability Notice 2019

403(b) and 457 Plan of The Regional University System of Oklahoma

The University of Central Oklahoma offers our eligible employees the opportunity to save for retirement by participating in the 403(b) and 457(b) plan of the Regional University System of Oklahoma (RUSO).

You may want to take this opportunity to either (1) begin making pre-tax 403(b) or 457(b) deferral contributions and/or Roth (after-tax) 403(b) or 457(b) deferral contributions or (2) review your current elections and decide if you want to make changes. Before making any initial elections or changes, be sure to consult the written plan and any other materials provided to you that explain the terms of the plan. Plan information can be found at www.OK2Retire.com.

Not yet contributing to the 403(b) or 457(b) plan? Great news! You have an opportunity to save for retirement.

Start contributing with either pre-tax 403(b) or 457(b) deferral contributions and/or Roth (after-tax) 403(b)  or 457(b) deferral contributions. You can enroll at www.OK2Retire.com. Just click on "Plan Information" and then click "Enrollment." To increase or decrease your deferral amount, log in to your participant account or call VOYA customer service at 1-800-584-6001. Deferral amounts may be changed as often as monthly. Our local VOYA representative is Rebecca McGee and she can be contacted at 405-568-2889 or rebecca.mcgee@voyafa.com.

Already contributing to the 403(b) or 457(b) plan?  Great news!  You have an opportunity to increase your contributions to the 403(b) or 457(b) plan.

If you are already contributing to the 403(b) plan, you may be able to increase your pre-tax or Roth (after-tax) contributions. Log in to your participant account at www.OK2Retire.com or call VOYA customer service at 1-800-584-6001 to increase or decrease your deferral amount. Deferral amounts may be changed as often as monthly.

May I change or stop my elective deferral contributions?

You may change your elective deferral contributions at any time during the plan year. You are also permitted to stop your election at any time during the plan year. Deferral amounts may be changed as often as monthly.

When are my elective deferral contributions effective?

After completing the enrollment requirements, your elective deferral contributions will begin on the next pay period or as soon as administratively possible. When you change your deferral amount, you can expect to see that change reflected within one or two pay cycles, or as soon as administratively possible.

What is the maximum amount that I can contribute?

The Internal Revenue Service (IRS) limits the annual contributions you can make to a 403(b) or 457(b) plan and the limits are adjusted each year. The 2019 limits are as follows:

Elective deferral limit                     $19,000.00
Age 50 catch-up                              $6,000.00

Whom do I contact for additional information?

To learn specifics about the RUSO 403(b) and 457(b), you can visit www.OK2Retire.com. To learn more about 403(b) plans, please visit http://www.irs.gov and search for "Publication 571." If you have any questions about how the plan works or your rights and obligations under the plan, please contact Human Resources. Our local VOYA representative is Rebecca McGee and she can be contacted at 405-568-2889 or rebecca.mcgee@voyafa.com.

 

This Notice is not intended as tax or legal advice. Neither your employer nor the investment providers offering retirement savings products under the plan can provide you with tax or legal advice. Employees are encouraged to contact their financial representative or tax professional with any questions.