New Roth contribution option available to faculty and staff members

New Roth contribution option available to faculty and staff members

By Life@TheU

New Roth contribution option available to faculty and staff members

By Life@TheU
Learn more about Roth contribution benefits by registering for an upcoming information session or reviewing frequently asked questions.

As a benefit to the University of Miami faculty and staff members, Human Resources’ Total Rewards is excited to offer post-tax Roth contributions to your 403(b) retirement plan. Those who are interested in this contribution option can enroll as soon as December, with the first deduction occurring in January 2022.  

What is the Roth option?

403(b) Roth contributions differ from traditional pre-tax contributions simply because of when you are taxed. Right now, you should be saving for retirement through the traditional 403(b) pre-tax retirement plan contributions. This means you pay taxes on contributions and earnings when you withdraw the funds at retirement. With the Roth option, you pay taxes on your contributions now, and then withdraw your contributions and any earnings tax-free at retirement. Having both options means you have more ways to save for retirement, with the potential for significant tax advantages.

Learn from the Fidelity experts.
Hosted by a Fidelity Workplace Financial consultant, information sessions will explain the 403(b) Roth contribution option and answer your questions. To register: click here, search University of Miami, select virtual event, and choose an upcoming session.

Sessions will be held on the following dates and times:

  • Wednesday, Dec. 1, at 12 p.m.
  • Monday, Dec. 6, at 10 a.m.
  • Wednesday, Dec. 8, at 12 p.m.
  • Tuesday, Dec. 14, at 8 a.m.
  • Wednesday, Dec. 15, at 12 p.m. 

Explore frequently asked questions.
Unsure if a 403(b) Roth contribution is right for you? Fidelity Experts have compiled answers to the most common questions.

Watch a mini workshop.
Learn more about retirement, including the differences between Roth and Traditional pre-tax contributions, during a mini workshop from Fidelity.

Discuss your personal retirement strategies.
Call 800-642-7131 to speak with a Fidelity representative who can evaluate all your options and help you create a retirement savings strategy that’s right for you.