Supplemental Retirement Plans 403(b) and 457(b)
Yes. The University has a 403b and a 457b Plans. UNM HR web site
- If you are over age 59 1/2 and still employed with UNM, you can take a distribution (cash) or rollover the funds to an IRA or another like kind account for the 403(b), but you cannot do either with the 457(b).
- If you are under age 59 1/2 and have separated from UNM, you can take a cash distribution from the 457(b) and there is not a 10% early withdrawal penalty, but there is with the 403(b).
- No, the plan document does not allow for a hardship withdrawal for either plan.
- However, there is an unforeseeable emergency withdrawal available for the 457(b).
Yes, an employee can take out a loan against the 403(b) or 457(b). If you are no longer employed by UNM you cannot take out a loan.
We have four approved vendors available under both the 403(b) and 457(b) annuity plans. They are:
The most an employee can contribute to a 403(b) and 457(b) account out of salary - is $19,000 in 2019. Employees who are age 50 or over at the end of the calendar year can also make catch-up contributions of $6,000 in 2015 and 2016 beyond the basic limit on elective deferrals.