Consider an Increase to Your 401(a) Retirement Contributions

The month of May will be an opporunity for UNO employees to make plans for their future.

401(a) Upgrades

Each year, benefits-eligible employees currently enrolled in the 401(a), have the opportunity to expand their long-term investments in their university-sponsored 401(a) retirement accounts.

Employees currently enrolled in "Tier 1" of the University's Basic Retirement Plan may upgrade to “Tier 2” status between the window of Monday, May 2, 2022 – Friday, May 31, 2022.

By moving to “Tier 2”, employees will increase their tax deferred contributions from 3.5 percent of thier gross income each pay period to 5.5 percent, and the University's matching contribution will increase from 6.5 percent to 8 percent.

“Tier 2” elections would take effect on Friday, July 1, 2022.

To take advantage of this opportunity, employees will need to complete the "Basic Retirement Tier 2 Election" link in the "Employee Self Service" section of their Firefly account by Friday, May 31.

IMPORTANT NOTES

• Once an employee moves to “Tier 2” they cannot return to “Tier 1” at a later date.
• The opportunity for employees to change from Tier 1 to Tier 2 will not be available again until May 2023.
  
  

403(b) and 407(b) Online Enhancements

As an additional enhancement, making changes to your 403(b) and 457(b) retirement accounts has become easier starting this year.

Instead of filing a paper form with your Benefits Team, 403(b) and 457(b) changes can be modified via the ESS Firefly tiles labeled “Supplemental Tax Sheltered Annuity 403b” and “Deferred Compensation Retirement 457b” . Each 403(b) and/or 457(b) electronic change form, upon submission, routes to the Benefits Team for approval and auto-processing.

More information about the University’s Basic Retirement 401 (a) Plan, 403(b) Plan, of 457(b) Plan can be found on the University of Nebraska System website.

Questions? Please contact the UNO campus benefits office at unobenefits@unomaha.edu or call 402.554.3660.