UAMS Retirement Plan
UAMS
offers participation in one of three retirement plans. Benefits-eligible
employees MUST choose between Arkansas Public Employees Retirement System
(APERS), the
The Arkansas Public Employees Retirement System (APERS) is a “defined benefit plan”. Retirement income is a specific, calculated amount based upon your years of State government service and salary during employment. UAMS currently contributes an amount equal to 11.09% of your salary to the plan, but this percentage is subject to change. No contributions to the plan by you are allowed.
The University of Arkansas Optional Retirement Plan is a 403(b) and 457(b) “defined contribution plan”. Retirement benefits are based upon the amount of contributions made to the plan and the growth or interest earnings of those contributions. UAMS contributes an amount equal to 5% of your salary to the plan. You are encouraged to contribute to your account as well. Your contributions over 5%, up to a maximum of 10%, are matched by UAMS. IRS limits may apply, particularly if you make tax-deferred contributions.
This plan offers many investment options through one or both of the plan’s fund sponsors: Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) and Fidelity Investments.
* If you previously participated in the Arkansas Teacher Retirement System for five or more years, you may elect to participate in that plan instead of APERS or UAORP. Contact the Office of Human Resources for information or visit their website for more information. www.atrs.state.ar.us.
NOTE: Housestaff, Residents and employees who are ineligible for retirement benefits (e.g. temporary employees, student employees, PRN, and employees who work less than 20 hours a week) are eligible to make personal, pre-tax contributions to Supplemental Retirement Annuities. Contact the Office of Human Resources for information.
