UALR employees on half time (50%) or greater appointment are eligible for retirement benefits under the University’s 403(b) defined contribution plan. If your initial appointment with the University started on or before January 1, 1994, you are included in the University’s plan, unless you specifically elect, within 31 days of your appointment, the alternative coverage offered by the Arkansas Public Employees Retirement System (APERS).Â The choice you make within 31 days of your appointment is irrevocable. It cannot be changed at a later date. You must complete enrollment documents for the plan you choose.
The current funding sponsors for the University’s 403(b) defined contribution plan are Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) and Fidelity Investments. Funds are transferable within and among several investment fund choices. Specific information is available from Department of Human Resources during benefits orientation.
The University will contribute an amount equal to five percent of your regular salary to the retirement vehicle you choose. At no time can the combined employee and employer contribution exceed the limitations established by the Internal Revenue Code. In addition, if you choose to contribute in excess of five percent of your salary, the University will match your contribution up to ten percent. If you elect to contribute to the Plan, the University will make additional contributions of percentage of your regular salary, according to the following schedule:
|Retirement Contribution Schedule|
You may elect to make your retirement contributions in pre-tax or after-tax dollars by completing a salary reduction/deduction agreement form that designates the percentage of your regular salary you choose to contribute to your retirement account. Contributions are subject to limitations under the Internal Revenue Service code.
(Board Policy 425.5)
Please note: UALR is a campus of the University of Arkansas System. The University of Arkansas System is not a post secondary or higher education employer as provided in Act 513 of 2011, and will enroll no new employees in Arkansas Teacher’s Retirement System (ATRS)Â after June 30, 2011.