Voluntary Retirement OptionsSOPH video/templatefiles/umc_video.aspx?id=2147548944Mannings for Health
  • UMMC's Voluntary Retirement Options

    UMMC is pleased to offer our employees the opportunity to participate in two voluntary retirement options. Because we are both a not-for-profit institution, as well as an academic health science center, we can contribute to both the 403(b) Tax Sheltered Annuity and the 457 Deferred Compensation Plan.

    Though it is not widely known, all UMMC employees can contribute to these voluntary retirement options, regardless of their benefits eligibility.

    Both the 403(b) and the 457 can be excellent ways to save money for retirement on a tax deferred basis. For UMMC employees, these plans serve as a supplement to a traditional pension plan (PERS) or other retirement plan(s) that you may also have in your financial portfolio.

    For additional information and for our preferred vendor contact details, please review a brief comparison of these two voluntary retirement options.

    403(b) tax sheltered annuity

    The 403(b) is a retirement plan available to certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. The 403(b) is named after the section of the IRS code governing it. 

    Preferred 403(b) vendors
    • Fidelity
    • Lincoln National
    • TIAA-Cref
    • Valic
    • Voya (formerly ING)

    457 deferred compensation plan

    The 457(b) is a retirement plan available to employees of state and local governmental agencies, including public school employees. It is sometimes referred to as deferred compensation. The 457(b) is named after the section of the IRS code governing it. 

    Mississippi Deferred Compensation and Trust Plan is managed by Great West Financial.