Skip to main content

Retirement Benefits

Employer Contributions

Utah State University contributes a percentage of your annual income to a 401(a) plan each pay period.

For benefited employees, USU will contribute 14.2% of annual gross earnings into a retirement account. You may choose TIAA or Fidelity Investments or both, as your retirement program. Designate how this contribution is invested by completing the Retirement 401(a) Investment Provider Form (online | paper).

TIAA

Update your personal information, beneficiaries and retirement investments/allocations.

Contact:
(800) 842-2252
Website

FidelityUpdate your personal information, beneficiaries and retirement investments/allocations.

Contact:
(800) 343-0860
Website
Schedule an appointment

URS

Update your personal information, beneficiaries and retirement investments/allocations. 

Contact:
(800) 365-8772
Website

Note: URS is only available to those who have previously been enrolled

Employee Contributions

All employees may make supplemental retirement contributions.

In addition to the employer contribution to your retirement, you will be automatically enrolled in a 403(b) supplemental retirement Life-Cycle Fund with TIAA. The auto enroll will be set up to contribute 3% of your income pre-tax.  If you want to opt out of this benefit you may do so by filling out the opt-out form, and returning it to the Human Resources office.

If you would like to adjust this contribution changes can be made monthly, and must be turned in by the 15th of the month prior to the start of the contribution.  Your contribution will occur through payroll deduction on both the pre-tax and post-tax options.

Step 2: Enroll with the vendor

Retirement Healthcare Savings Plan

Employees may choose to participate in a Retirement Healthcare Savings Plan (RHSP).

The retirement health care savings plan allows you to contribute to a trust that can help you pay for qualified health care expenses in retirement or when you leave USU. The plan is administered by TIAA. You can choose to put your money into life-cycle or money market funds. To participate the minimum yearly contribution is $200/yr.

Because of its many tax-advantage features, a retirement health care savings plan is valuable to anyone concerned about health care costs in retirement. You can contribute as much as you like to the RHSP using post-tax money, and your contributions grow tax-free. Then, when you leave USU or retire, the funds you use for qualified health care expenses can be withdrawn tax-free.

To set up your retirement health care savings plan contact Tammy Auberger at (435) 613-5318.

Retirement

Early and Phased Retirement
To be eligible for Early Retirement the employee's age and years of service in a benefits position must equal 75. There is a 5 year option or a 6 year option. In the 5 year option employee's must be at least age 57 and will receive 20% of Base salary (salary at end of service) for 5 years or until full social security age, whichever comes first. In the 6 year option employee's must be at least age 56 and will receive 16.67% % of base salary (salary at end of service) for 6 years or until full social security age, whichever comes first. Early Retirees will receive USU's medical and dental insurance until the end of their contract or until the retiree reached medicare eligibility age 65. The retiree will have applicable share of the medical and dental premiums. Premium plan and tier is determined by the salary and plan at end of employee service at USU.

To be eligible for Phased Retirement, the employee must be at least 58 yrs old and have 5 years of benefited service at USU. Employee may drop to a reduced schedule (FTE). Employee’s salary will reflect the reduced FTE. The minimum FTE to continue to receive benefits is 50% FTE. Phased retirement employee will be entitled to benefits, for the duration of the agreement, at the same level he/she had attained prior to the effective date of the agreement. Annual and sick leave will be earned on a pro-rata basis according to the percent of time in the phased retirement agreement.

Participation in either the Early or Phased Retirement program is a privilege subject to department approval.

Regular Retirement
To retire from USU, write a letter of retirement to your department. Contact your retirement company (TIAA, Fidelity or Utah Retirement Systems) and discuss the process they may need from you prior to your retirement.

Medicare
Confused about Medicare options? Contact OneExchange for a personalized assessment.
For more information, you may go to: www.medicare.oneexchange.com or call (866) 322-2824.