More information regarding University of Kentucky's retirement savings options, check out the UK Human Resources page here.

Phone: 859-257-9519

Email: Benefits@uky.edu

CAPTRUST is an independent investment advisory firm that offers guidance to UK retirement plan participants on various financial matters. CAPTRUST will not try to sell you any products, as their services are free as part of the UK's retirement plan benefits. Their aim is to provide professional, impartial advice to help individuals make informed decisions. If you need help with any of the following, visit the CAPTRUST website or give them a call at (800) 967-9948 to schedule your first appointment.

• Creating a budget
• Selecting investments
• Enrolling in UK’s retirement plans
• Creating a financial plan
• Deciding how much you should contribute to your retirement savings
• Determining the difference between Roth and pretax contributions
• Understanding loans and distributions

To prepare for your appointment, make sure to gather your Fidelity or TIAA account login information, a recent copy of your account statement, a current paycheck, and any other financial records you would like CAPTRUST to review.

Enrich is a team of financial counselors that are trained and ready to provide guidance on any financial questions, big or small. This service is available to UK employees at no cost and includes access to the Enrich library with video tips and quick financial lessons on everything money. More information about University of Kentucky’s partnership with Enrich is available from UK Human Resources.

Vesting funds is the same as owning funds, and each employer has a different vesting schedule, which defines an employee’s ownership of their retirement savings over time.

• At the University of Kentucky, you are eligible to contribute to a retirement savings account from day 1 of employment and the University will match your contributions by 200%.  You will not be vested, or have ownership of university contributions until you’ve completed 3 years of employment. If you have questions contact us. 
• The University of Kentucky does not provide exceptions to the vesting schedule based on contract length. This means that if you are in a training program that is less than 3 years long, you must stay at the university after training is complete to vest your employer match contributions earned during training. 

To transfer your retirement savings when you leave the University of Kentucky, reach out to your retirement savings provider, either TIAA or Fidelity. They can provide guidance on how to transfer your funds to your new account with your new employer, if applicable. 

To read more about the University of Kentucky’s retirement savings benefits, visit the UK Human Resources website.

Image Comparison of Traditional IRA Vs. Roth IRA 

An individual retirement arrangement (IRA) allows you to make tax-deferred investments to provide financial security when you retire. There are two main types of IRAs to choose from, based on your needs.

• A Traditional IRA- Traditional IRAs are best for individuals who expect to be in the same or lower tax bracket when they start making withdrawals. With this savings plan, any individual with earned income is eligible to make pre-tax contributions. Funds will grow tax deferred and be taxed as current income when withdrawn from the account. 
• Roth IRA-  Roth IRAs are best for individuals who expect to be in a higher tax bracket when they start making withdrawals. With this savings plan, qualifying individuals with earned income below a certain level are eligible to make post-tax contributions, with no tax benefits at the time of contributing. Funds will grow tax free and will not be taxed a second time when withdrawn from the account.

Any IRA is personal savings plans, meaning they are set up separately from your employer and any employer-sponsored retirement savings plans. They also have annual contributions limits, and your eligibility for any type of IRA may be affected by your employer’s retirement savings benefits, your filing status, and your income. For more information about your eligibility and annual contribution limits, visit the IRS website, and this information is subject to change.

Fidelity is one of two retirement savings providers that you can choose from when setting up your retirement savings account(s) at the University of Kentucky. Fidelity is a mutual fund company with a big presence in the 401(k) and for-profit space. 

Fidelity Website: https://www.fidelity.com/

Fidelity Phone Number: 1 800-343-3548

If you have questions regarding finances, choosing a provider, or transferring funds, please contact your provider directly and not University of Kentucky

TIAA is one of two retirement savings providers that you can choose from when setting up your retirement savings account(s) at the University of Kentucky. TIAA is an insurance company that works with many non-profits and can offer an investment option with some guarantee of interest. All University of Kentucky employees age 25+ must be enrolled in a retirement savings plan. If you fail to enroll in a plan within your first 30 days of employment (and you’re over the age of 25), you will automatically be enrolled in TIAA’s target date fund.

TIAA Website: https://www.tiaa.org/public/ 

TIAA Phone Number: 1 800-842-2252

If you have questions regarding finances, choosing a provider, or transferring funds, please contact TIAA and not University of Kentucky