Retirement Benefits and Savings Plans
Please Note
This information refers to benefits and compensation for UW Hospital and Clinics residents and fellows. For information about Family Medicine residency and fellowship benefits and compensation, go to the UW Department of Family Medicine site.
Optional Retirement Savings
Residents and fellows may choose to set aside money for retirement on a pre-tax basis in a tax sheltered annuity (TSA). Contributions to the plan are made solely by the employee. No match is made by the employer.
Plan Highlights
- You may enroll in this plan at anytime.
- Deductions will begin as soon as administratively possible.
- Maximum annual deferral for 2011 is $16,500.
- For employees 50 years of age or older, an additional $5,500 can be invested in 2011 for an annual maximum of $22,000.
- The deferred amount can be changed or stopped at any time by submitting a TSA Salary Reduction Agreement (pdf)
- Deductions are taken pre-tax from your paycheck and invested directly to the TSA vendor account that is established.
- Rollovers between retirement plans; 403b, 401k, 457, and IRAs are allowed.
Account Setup
- Choose a vendor from the Investment Vendor List (pdf).
- Contact the vendor of choice, identify yourself with the account number listed on the Investment Vendor List and request a 403b enrollment kit (be sure to identify yourself as a UWHC employee, and not a UW employee).
- Submit the completed enrollment application directly to the vendor.
- When you receive confirmation that your account has been established, submit a TSA Salary Reduction Agreement (pdf) to Human Resources. Please include your TSA account number.
Savings Plans
- Savings Bonds
Savings bonds earn market-based interest with a guaranteed minimum rate, and are exempt from state and local income tax. If bonds are used for post-secondary education, they are exempt from Federal taxes. - EdVest: A Savings Plan for Your Children's Education
EdVest is a state-sponsored Section 529 college savings program administered by the Wisconsin Office of the State Treasurer. Strong Capital Management, Inc., a registered investment advisor, manages the program. Contributions to your EdVest account are placed in a trust, which consists of a variety of investment options.
