Retirement
Retirement is so far away, whose got time for that? While consistently saving for retirement might not be glamorous, it will give you far more freedom and control over your lifestyle down the road. To help you save for retirement, eligible Liberty University employees can participate in Liberty’s 403(b) retirement plan through Transamerica. Review information about our retirement offerings below and please reach out to the benefits team if you have any questions by emailing: benefits@liberty.edu. You can access your retirement account by clicking the button below.
Liberty’s New 457(b)
In order to give you more ways to save for retirement, we have worked with Transamerica to roll out a new retirement saving option the 457(b). The 457(b) is for individuals who are planning on contributing the maximum amounts to their normal 403b, but want to still save money in a tax sheltered account. To learn more about the 457(b) click the button below.
403(b) Matching
Liberty University provides generous matching contributions. Eligible benefitted employees who participate and contribute up to 5% of their compensation will receive an employer-matching contribution of up to 5% (Liberty-matching contributions are always made as before-tax contributions).
Liberty University’s matching contributions will be subject to a five-year vesting schedule. Your contributions are always your money regardless of when you were hired. An employee takes ownership of Liberty’s contributions at 20% per year after every year of employment.
| Completed Year(s) of Service | Ownership of Matching Contributions |
| 0 | 0% |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 | 100% |
When you make tax-sheltered contributions, you don’t pay federal income taxes at that time — you pay them at the time of distribution. There are legal limits on the maximum amount you can contribute to your retirement account. Employees under age 50 are eligible to contribute up to $20,500 in 2022. Employees turning age 50 or over in 2022 are eligible to contribute up to $27,000.
Roth contributions are made with after-tax dollars. Roth accounts allow qualified distributions and earnings to be received tax-free at retirement.
There are two different contribution types available to you inside of Liberty’s 403(b) plan: Pre-Tax & Roth post-tax contributions. Different circumstances & investing strategies can dictate the contribution type that is best for you.
Who is eligible to enroll in Liberty’s 403(b)?
Any employee can make tax-sheltered contributions to the 403(b) retirement plan, except student workers and employees who normally work less than 20 hours per week. Newly hired employees are automatically enrolled after 30 days of employment in the retirement plan at 5% of his/her base earnings. Contributions are automatically made as a pre-tax contribution. Employees may enroll, increase/decrease, or cancel their election at any time utilizing the Transamerica website.
Frequently Asked Questions
What investment options are available to me inside of Transamerica?
Can I withdraw money from my retirement account?
Contacting Transamerica and/or Investment Advice.
Liberty’s 403(b) Retirement Plan is with Transamerica, you may contact Transamerica through their website or by calling toll-free at (844) 622-2133. You can revise your 403(b) Retirement plan contributions at any time. You can change your current Retirement Plan contribution election, update your investment elections, elect a beneficiary, etc. All of those actions will be performed directly between you and Transamerica. Toward the bottom of your Transamerica website, you can select the hyperlink, “Increase Your Rate” under the column “Brighten Your Outlook” to select a new withholding percentage.
For any questions or issues that are not contained within the above Transamerica site, please email Liberty403B@permcap.com for further assistance.