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fglenn

457b-403b Or 401a

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Just got my first job at UCSD medical center as an RN. Have the 3 options for my retirement plan and do not know the differences or benefits involved to pick one. Any help would be appreciated.

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Hi,

The 401a is a no brainer. The employer makes all of the contributions. Do they still use Fidelity Investments? How much are they going to contribute? (I taught at UCLA and they had Fidelity with my 401a in the early 2000s).

 

If you choose the 401a, will they allow you to contribute to a 403b or 457b also?

The 403b and the 457b are very similar. In order to help you, you will need to give us more information. After you look at the documentation, let us know which companies are offered. Is there an oversight committee composed of employees that oversee the plan? Are the choices higher cost insurance company annuities or lost cost mutual funds companies such as TIAA CREF, Vanguard, or Fidelity.

 

BTW, congratulations on your first job and coming here to ask these important questions.

 

Regards,

Steve

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Hi,

The 401a is a no brainer. The employer makes all of the contributions. Do they still use Fidelity Investments? How much are they going to contribute? (I taught at UCLA and they had Fidelity with my 401a in the early 2000s).

 

If you choose the 401a, will they allow you to contribute to a 403b or 457b also?

The 403b and the 457b are very similar. In order to help you, you will need to give us more information. After you look at the documentation, let us know which companies are offered. Is there an oversight committee composed of employees that oversee the plan? Are the choices higher cost insurance company annuities or lost cost mutual funds companies such as TIAA CREF, Vanguard, or Fidelity.

 

BTW, congratulations on your first job and coming here to ask these important questions.

 

Regards,

Steve

 

 

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Hi,

The 401a is a no brainer. The employer makes all of the contributions. Do they still use Fidelity Investments? How much are they going to contribute? (I taught at UCLA and they had Fidelity with my 401a in the early 2000s).

 

If you choose the 401a, will they allow you to contribute to a 403b or 457b also?

The 403b and the 457b are very similar. In order to help you, you will need to give us more information. After you look at the documentation, let us know which companies are offered. Is there an oversight committee composed of employees that oversee the plan? Are the choices higher cost insurance company annuities or lost cost mutual funds companies such as TIAA CREF, Vanguard, or Fidelity.

 

BTW, congratulations on your first job and coming here to ask these important questions.

 

Regards,

Steve

 

Steve:

 

The 401a UC plan in which UCSD participates is a defined benefit retirement plan subject to deferred vesting requiring 5 years of service. According to a summary plan description as of 2008 employee contributions were not required to be made to the retirement plan but were instead made to an employee savings plan which provides a separate benefit. Benefits from the retirement plan are paid in the from of a life annuity. Savings plan benefits are based on the value in the account. There are appearently separate benefit/ participation rules for employees in the retirement plan depending on whether or not they are subject to social security. You can get a summary plan description for the plans on the UCSD home page

 

Employees can contribute up to $16,500 to a 403b plan and an additional $5,500 if over 50. They may also contribute an equal amount to a 457 plan. Benefits under a 403b and 457 plan can be paid on a periodic basis or can be paid as a lump sum and rolled over to an IRA.

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