Tax Deferred Annuity & Deferred Compensation Plan

Contact Information

Enrollment/Change Periods
You may enroll anytime. You can make contribution changes up to 4 times each calendar year.


  • All full and part-time employees (faculty and staff)
  • Temporary staff and part-time faculty are not eligible for the 401(k) state match

Description of Plans
The University of Memphis offers three long-term savings plans designed to supplement income after retirement. These plans are authorized under the following sections of the Internal Revenue Code.

  • 403(b) - designed for educational and nonprofit institutions
  • 401(k) Traditional and ROTH - designed as a deferred compensation plan
  • 457- also designed as a deferred compensation plan

Employees may contribute a specified amount to the plans through salary reduction. Amounts contributed do not affect retirement or social security. Except for the 401(k) ROTH, contributions and earnings of the plans are not subject to federal income tax until funds are withdrawn. Generally, withdrawals are not permitted before age 59 1/2 or retirement. Early withdrawals are subject to taxes and IRS regulation, and may be subject to a federal penalty. There is a minimum monthly contribution of $20. See table below for the annual maximum amounts that can tax deferred under these programs.

Annual Maximum Contribution Amounts:

  • 401(k) and 403(b) combination
    • Less than age 50: $22,500
    • Age 50+: $30,000
  • 457
    • Less than age 50: $22,500
    • Age 50+: $30,000

401(k) and 457: The 401(k) and 457 are administered by Empower Retirement. Each program offers the same investment options. With at least the minimum contribution in the 401(k), the State of TN will also contribute a match of up to $100 per month. There is not a match in the 457.
**Effective July 1, 2023, the State of TN will match $1 for every $1 contributed by the employee, up to $100 per month for an employee contribution of $100. Please note that to receive the maximum match of $100, the employee must contribute $100.**

403(b): There is not a match in the 403(b). There are currently two companies that are available for investment in the 403(b). See above for a list of those companies. The University of Memphis makes no recommendations as to companies with which to do business.

State of TN Deferred Compensation Forms
403(b) participation agreement form*
403(b) termination form

*Please contact the company for their specific enrollment form. This additional enrollment form must be completed before the 403(b) contribution can begin.