University of Wisconsin–Milwaukee

 Savings & Spending Breakdown

  Savings accounts help to save for your future with both pre and post tax options. Spending accounts are also known as flex spending accounts for both medical and dependent care expenditures.

TSA | WDC | WRS | ERA
Savings For The Future
Tax Sheltered Annuity (TSA) 403b

Participants:
All employee types except Fellows

Through the TSA Program you can invest a portion of your income for retirement either on a pre-tax basis or with a Roth after-tax option or a combination of both. Participation in the UW TSA Plan is voluntary. You make the entire contribution; there is no employer match. Investment options include a wide array of mutual funds and fixed and variable annuities managed by six authorized investment companies. Here are the available options:
UNIVERSITY FEE: $15.00 per year, deducted from payroll when you join the Program and in January each year thereafter.
COMPANY
ADD'L FEE SURRENDER / REDEMPTION CHARGE MORTALITY/
RISK CHARGE
Dreyfus
800-358-0910
http://www.dreyfus.com
None No surrender charge. Certain funds have a short-term trading fee – a redemption charge on shares held less than a minimum period. See prospectus for details.
Fidelity
800-343-0860
plan.fidelity.com/uofw
None No surrender charge. Certain funds have a short-term trading fee on shares held less than a minimum period. Fidelity Select Funds have a standard short-term redemption fee and an exchange fee that can be waived by executing exchanges online. See prospectus for details.
T.Rowe Price
800-922-9945
rps.troweprice.com/wisconsin
None No surrender charge. Certain funds have a short-term trading fee – a redemption charge on shares held less than a minimum period. See prospectus for details.
TIAA-CREF
800-842-2776
http://www.tiaa-cref.org/uwsa
None No surrender charge. Certain funds have a short-term trading fee – a redemption charge on shares held less than a minimum period. See prospectus for details. .005% (Included in the expense ratio)
Lincoln National Life
608-231-2231 or 800-967-2046
www.lfg.com
None Old Contract: 8% for 5 years; then 4% for 3 yrs; then 0% New Contract: 6% yrs 1-3, declining 1% per year to 0% in yr 9. Contracts issued after 1-1-2008 have no surrender charge. 1.002%
Ameriprise / RiverSource
888-947-2872 888-WISC-TSA
www.ameriprise.com/UW403b
$30 New contract only: Waived for accounts over $50,000 Old contract: 7% years 1-3; declining to 0% in year 9 RAVA contracts: 7% years 1-3, thereafter 0%. Contracts issued after 1-1-2008 have no surrender charge. Old contract 1.00%
RAVA Contracts 1.10%
2008 contract 1.25%

  • 2013 Investment Maximum: $17,500 ($23,000 for age 50 and over)
  • Minimum Contribution: $8 per biweekly or $20 per month
  • Annual Fee: $15.00 no matter the number of investments
  • Ready to Enroll?
    1. Plan enrollment is step one and there is quick on-line enrollment  for most plans.
    2. Salary Reduction Agreement form (fillable PDF or non-fillable PDF) to complete and submit to Engelmann 125 to begin your deductions. Please submit at least 2 weeks prior to your desired payroll start date.
  • Keep up with changes to your investments: The investment companies routinely offer one on one in person sessions as well as updated webinars.
Wisconsin Deferred Compensation (WDC) 457

Participants:
All employee types except Fellow

The WDC program allows eligible employees to save and invest before-tax and after-tax (Roth) dollars through voluntary paycheck contributions. Currently, 23 core investment options are available to participants. These options include: Two fixed interest options; Three commingled funds; Twelve mutual funds; Six lifecycle funds; and One self-directed brokerage option. Investment choices range from conservative to aggressive and include both actively managed and index funds. There is no employer match of your contributions.
  • 2013 Investment Maximum: $17,500 ($23,000 for age 50 and over)
  • Minimum Contribution: None
  • Annual Fee: $0-$66 annually depending upon total account balance
  • Ready to Enroll?
  • Keep up with changes to your investments: call WDC at (877) 457-9327 or visit www.wdc457.org
Wisconsin Retirement System (WRS)

Participants:

Classified, Unclassified and WRS Eligible LTE

Enrollment into the WRS is automatic from your first date of employment for those in eligible positions. (To determine your eligibility, please refer to the employment chart.) The current rate of deduction is 6.65% of your gross pay which is matched by your employer. The WRS is managed by the Department of Employee Trust Funds (ETF) with investments overseen by the State of Wisconsin Investment Board (SWIB).The history of the rate of return has been overall positive and the funds are considered very stable. The WRS consists of two types of investment funds:
  • The Core Fund: Participation in the core fund is automatic for all WRS eligible participants. The core fund is a balanced fund consisting of approximately 60% equities and 40% bonds and other fixed income.
  • The Variable Fund: Participation is optional for WRS participating employees. The variable fund leaves 50% of your investment in the core fund and places the other half into 98% equities and 2% cash for a more aggressive investment. If you would like to participate in the variable fund, please complete and submit the form within 30 days of hire for immediate participation. Otherwise, the form can be submitted at anytime for participation effective January 1 of the following year.
  • Additional Contributions To Your WRS Account: If employees choose they may add additional contributions via post-tax payroll deduction by submitting the form(http://www.bussvc.wisc.edu/ecbs/uw1069-voluntary-wrs-contributions.pdf) to Engelmann 125 at least two weeks prior to the desired payroll start date. To determine the maximum additional contributions one may make in a year, please use the worksheet (http://etf.wi.gov/publications/et2566.pdf).
Spending Accounts [30 day enrollment or change deadline]
Employee Reimbursement accounts (ERA)

Participants:

Classified, Unclassified, Graduate Assistants/Short Term Academic Staff, and LTE Only

The Employee Reimbursement accounts (ERA) are managed by Fringe Benefit Management Company (FBMC) and allow you to set aside pre-tax funds for both medical and/or dependent needs. For the medical expense account, the employee is issued a MyFBMC Visa Card on which the funds are stored annually. The plan guide provides more specific information and resources to help you determine how much to allocate annually and what is covered.
Re-enrollment is required every October for the following calendar year for either/ both accounts.
  • Medical Expense Account: Covers eligible expenses not reimbursed by any medical, dental, or vision plan.
    • Annual Contribution Limits: Minimum $100, Maximum $7,500
  • Dependent Care Account: Covers eligible expenses for the physical care of the dependent, either in or outside the home.
    • Annual Contribution Limits: Minimum $100, Up to Maximum of $5,000 (see application for details)
    • Ready to Enroll? New employees complete and submit this application form to Engelmann 125.
    • Currently Participating and Need to Make a Change?
      1. Are you eligible to change? Use this handy guide to determine if your life event qualifies for a contribution increase, decrease or cessation.
      2. Complete and Submit: When making a change due to a qualifying event, complete and submit this form directly to FBMC within 30 days of the event.