RETIREMENT INCOME-Delaware State Employee Pension Plan (SEPP)
The Delaware State Employee Pension Plan (SEPP), for full and part-time benefits-eligible University employees in non-exempt positions, provides retirement income and access to benefits such as medical, dental and vision benefits, once vested. It is mandated that covered University non-exempt (salaried and hourly) staff participate upon date of hire.
Participating employees contribute 5% on earnings (or 3%, if pension-creditable service began prior to 1/1/2012), after the first $6,000 in earnings each听 year. The University also contributes to the SEPP on participating employees鈥 behalf. 听
Eligibility: Full and part-time staff who participate in the State Employees' Pension Plan (SEPP)
Plan Administrator: State of Delaware Office of Pensions
Who Can Use this Benefit: Benefits-eligible staff
Benefit: Employees who satisfy the SEPP age and service criteria are eligible to apply for retirement income through the Office of Pensions.听 SEPP recipients may also apply for health, dental, and vision insurance as well as a death benefit through the Office of Pensions.
Cost: Participants in the State Employees鈥 Pension Plan are subject to the age and service cost sharing requirements of that Plan, through which they receive their monthly pension and health insurance coverage in retirement.
Office of Pensions Age/Service Requirements to Retire Chart
Participants in the State Employees鈥 Pension Plan are subject to the age and service cost sharing requirements of that Plan, through which they receive their monthly pension and health insurance coverage in retirement.
Hired 7/1991 - 12/31/2011 | Hired 1/1/2012 and after |
|---|---|
Full Pension: | Full Pension: |
Reduced Pension (Early Retirement): | Reduced Pension (Early Retirement): |
Resources: For additional information, including a pension calculator, frequently asked questions, rules & regulations, and details about benefits, see the .
Additional Information: To begin the SEPP income and benefits application process, please contact Human Resources at least five months in advance of your proposed retirement date.
91原创 Pensioners who also meet 91原创 criteria for retirement eligibility have access to participate in additional benefits, including retiree-paid University group life insurance, educational benefits, 91原创 ID card, 75 Wellness Dollars each fiscal year toward approved Wellness activities and parking privileges for retirees.
Effective January 1, 2024, individuals will be subject to the Rule of 75听eligibility criteria:
- any age and 30 benefits-eligible years of service
- age and service when combined equal 75 (must be at least age 55 when combined with service; must have at least 10 benefits-eligible years of service when combined with age)
Plan Administrator: 91原创 through .听
Eligibility: All University employees, with the exception of student workers.听
痴别蝉迟颈苍驳:听 Participants are immediately 100% vested in their contributions.
University Contributions: 听There is no University match on voluntary contributions.
贰苍谤辞濒濒尘别苍迟:听 TIAA is the administrative service provider for the 91原创. To enroll in or make changes to your 403(b) retirement plan, visit the
This plan is not subject to an open enrollment period. Employees may enroll and change elections at any point in the year.
Contribution Limitations:听
Loans, Hardship Withdrawals, Retirement, In-Service Distributions:听 Please contact the applicable vendor, TIAA and/or Fidelity Investments for additional information.
TIAA:听 听 Phone: 800-842-2776
Fidelity Investments (Legacy Accounts):听 听 Phone: 800-343-0860
Frequently Asked Questions
How do I enroll in the 403(b)?
403(b) Enrollment Instructions
听
How do I change contribution percentages or investment options?
All contribution and investment option changes are made on the TIAA website:听
听
Can I withdraw funds from my 403(b) while I am actively working at 91原创?
Pease refer to these听guidelines听to determine if you may be eligible for a withdrawal while active at 91原创. TIAA can also be of assistance, and can be reached at 800-842-2776.
听
I am applying for a mortgage, and the mortgage company is asking for withdrawal guidelines. Where can I find this information?
For withdrawal guidelines, please provide this information to your mortgage company. If more information is needed, please contact听hrhelp@udel.edu, or call TIAA at 800-842-2776.
听
How do I update my beneficiaries for my 403(b) and/or 457(b)? 听
All beneficiary information is retained by TIAA for the 403(b) and 457(b). Please visit the TIAA website to update your beneficiary information:听.
听
How do I change my personal information for the 403(b) and/or 457(b)?
For address change, marital status change:
- Login to TIAA site:听听
- Click on Actions, and Update Your Profile听
- Click on Personal Information, and Edit
For name change:听听
- Login: 听
- Click on the search icon
- Select Name Change
- Instructions will be displayed for the participant to complete all of the details of their name change.
听
When do I need to take a Required Minimum Distribution (RMD)?
For information on Required Minimum Distributions, please refer to the .
Eligibility: Full and part-time staff who participate in the State Employees' Pension Plan (SEPP)
Plan Administrator: State of Delaware Office of Pensions
Who Can Use this Benefit: Benefits-eligible staff
Benefit: Employees who satisfy the SEPP age and service criteria are eligible to apply for retirement income through the Office of Pensions.听 SEPP recipients may also apply for health, dental, and vision insurance as well as a death benefit through the Office of Pensions.
Cost: Participants in the State Employees鈥 Pension Plan are subject to the age and service cost sharing requirements of that Plan, through which they receive their monthly pension and health insurance coverage in retirement.
Office of Pensions Age/Service Requirements to Retire Chart
Participants in the State Employees鈥 Pension Plan are subject to the age and service cost sharing requirements of that Plan, through which they receive their monthly pension and health insurance coverage in retirement.
Hired 7/1991 - 12/31/2011 | Hired 1/1/2012 and after |
|---|---|
Full Pension: | Full Pension: |
Reduced Pension (Early Retirement): | Reduced Pension (Early Retirement): |
Resources: For additional information, including a pension calculator, frequently asked questions, rules & regulations, and details about benefits, see the .
Additional Information: To begin the SEPP income and benefits application process, please contact Human Resources at least five months in advance of your proposed retirement date.
91原创 Pensioners who also meet 91原创 criteria for retirement eligibility have access to participate in additional benefits, including retiree-paid University group life insurance, educational benefits, 91原创 ID card, 75 Wellness Dollars each fiscal year toward approved Wellness activities and parking privileges for retirees.
Effective January 1, 2024, individuals will be subject to the Rule of 75听eligibility criteria:
- any age and 30 benefits-eligible years of service
- age and service when combined equal 75 (must be at least age 55 when combined with service; must have at least 10 benefits-eligible years of service when combined with age)
Plan Administrator: 91原创 through .听
Eligibility: All University employees, with the exception of student workers.听
痴别蝉迟颈苍驳:听 Participants are immediately 100% vested in their contributions.
University Contributions: 听There is no University match on voluntary contributions.
贰苍谤辞濒濒尘别苍迟:听 TIAA is the administrative service provider for the 91原创. To enroll in or make changes to your 403(b) retirement plan, visit the
This plan is not subject to an open enrollment period. Employees may enroll and change elections at any point in the year.
Contribution Limitations:听
Loans, Hardship Withdrawals, Retirement, In-Service Distributions:听 Please contact the applicable vendor, TIAA and/or Fidelity Investments for additional information.
TIAA:听 听 Phone: 800-842-2776
Fidelity Investments (Legacy Accounts):听 听 Phone: 800-343-0860
Frequently Asked Questions
How do I enroll in the 403(b)?
403(b) Enrollment Instructions
听
How do I change contribution percentages or investment options?
All contribution and investment option changes are made on the TIAA website:听
听
Can I withdraw funds from my 403(b) while I am actively working at 91原创?
Pease refer to these听guidelines听to determine if you may be eligible for a withdrawal while active at 91原创. TIAA can also be of assistance, and can be reached at 800-842-2776.
听
I am applying for a mortgage, and the mortgage company is asking for withdrawal guidelines. Where can I find this information?
For withdrawal guidelines, please provide this information to your mortgage company. If more information is needed, please contact听hrhelp@udel.edu, or call TIAA at 800-842-2776.
听
How do I update my beneficiaries for my 403(b) and/or 457(b)? 听
All beneficiary information is retained by TIAA for the 403(b) and 457(b). Please visit the TIAA website to update your beneficiary information:听.
听
How do I change my personal information for the 403(b) and/or 457(b)?
For address change, marital status change:
- Login to TIAA site:听听
- Click on Actions, and Update Your Profile听
- Click on Personal Information, and Edit
For name change:听听
- Login: 听
- Click on the search icon
- Select Name Change
- Instructions will be displayed for the participant to complete all of the details of their name change.
听
When do I need to take a Required Minimum Distribution (RMD)?
For information on Required Minimum Distributions, please refer to the .
The Roth contribution option: Another way to save for retirement
In the 91原创 403(b) Retirement Savings Plan, your pretax contributions accumulate tax deferred, and withdrawals are taxable.1 With the 鈥渄esignated Roth鈥 option, your after-tax, Roth contributions also accumulate tax deferred, but may be taken tax free in a qualified distribution.
A qualified distribution is one that occurs at least five years after the year of your first Roth contribution and is made either on or after attainment of age 59陆, on account of disability, or on or after death. These potentially significant tax benefits are similar to a Roth IRA. However, Roth contributions have higher contribution limits than a Roth IRA. Read more.
1 Distributions from 403(b) plans before age 59陆, severance from employment, death, or disability may be prohibited, limited, and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans.
CollapseConnect
550 S. College Ave., Suite 201, Newark, DE 19713 hrhelp@udel.edu Phone 302-831-2171