UNC System Voluntary 403(b) Retirement Program

A message from Brian Usischon, Senior Director, Benefits & Employee Services Office of Human Resources

The Internal Revenue Service (IRS) released final 403(b) regulations on July 26, 2007. These regulations are the first comprehensive rewrite of the rules affecting 403(b) arrangements in 43 years. The regulations are effective Jan. 1, 2009.

The University of North Carolina institutions and affiliates decided to combine efforts and implement a new system-wide voluntary 403(b) retirement program in response to the new Internal Revenue Code 403(b) regulations. TIAA-CREF and Fidelity, two strong, highly respected financial service companies, have been selected to provide a wide range of services and 403(b) investment options through their own funds and other top investment managers in the industry, beginning Jan. 1.

To help facilitate this change, we have been actively working with Fidelity and TIAA-CREF to schedule group and individual counseling sessions, and to provide additional materials to help employees make informed decisions concerning participation in the 403(b) program. The 403(b) Program Guide (http://hr.unc.edu/Data/benefits/suppretire/403b-09) provides additional information about the new program, including who needs to enroll. Copies of the program guide are in the process of being distributed to all UNC-Chapel Hill 403(b) participants via campus mail. In addition, we have established a UNC System 403(b) Enrollment Web site (http://hr.unc.edu/Data/benefits/suppretire/403b-09) with additional information and important links.

We will sponsor campus-wide information sessions for employees in November and December. See the enrollment Web site above for dates and locations.

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**Enrollment Process**

There is a simple two-step enrollment process:

Step 1: Complete a new Salary Reduction Agreement (SRA) and return the form to Benefits Administration, CB #1045. (The SRA is available at http://hr.unc.edu/formfinder/forms-benefits/403b-sra.pdf)

Step 2: Enroll in the program with either Fidelity or TIAA-CREF

You can enroll in the program through TIAA-CREF and/or Fidelity right now by following the links below to each 403(b) provider's online enrollment Web site. While contributions will not begin until you have completed your Salary Reduction Agreement form, you do NOT have to wait to open your new account(s). Simply click on the links below to find out more information about your investment options and complete your enrollment.

Fidelity (https://www.mysavingsatwork.com/atwork/unc403b.htm): Use Plan ID 08310 to get started TIAA-CREF (http://enroll.tiaa-cref.org/unc403b/): Use online access code NCH123

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Deadlines
**SPA employees must complete the Salary Reduction Agreement form by Dec. 15, 2008, to start your deductions beginning with the first bi-weekly pay day in 2009 -- Jan. 2, 2009.

**Faculty and EPA Non-Faculty employees must complete the Salary Reduction Agreement form by Jan. 15, 2009, to start your deductions beginning with the first monthly pay day in 2009 -- Jan. 30, 2009.

If you are required to re-enroll because you are contributing to a vendor other than TIAA-CREF and/or Fidelity and do not return the forms by the above deadlines, your 403(b) contributions will stop and your contributions will not resume until you complete the required forms and submit them to Benefits Administration.

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If you have any questions, call Benefits Administration at 919-962-3071.