FINANCIAL WELLNESS
Retirement and Financial Planning
TALENT DEVELOPMENT AND HUMAN RESOURCES
This benefits brief is prepared as a guide to prospective University employees concerning certain benefits they may
receive as a result of their employment at The University of Akron.
RETIREMENT
Employees of The University of Akron do not contribute to Social Security. Based on employee type, employees are
eligible for membership in State Teachers Retirement System (STRS), School Employees Retirement System (SERS), Ohio
Public Employees Retirement system – LE Option (Police Officers only). Or eligible employees may elect to participate in
an Alternate Retirement Plan (ARP) with carriers approved by The State of Ohio Department of Insurance. All
employees’ contributions are on a pre-federal and state tax basis. The University of Akron also contributes to the
retirement plan on behalf of the employee.
APPROVED TAX SHELTERED ANNUITIES
As an employee of The University of Akron, you have the option of participating in a Tax-Sheltered Annuity (TSA)
program as authorized by Section 403(b) of the Internal Revenue Code.
The University has also adopted a Deferred Compensation Plan as authorized by Section 457(b) of the Internal Revenue
Code. This plan is available in addition to the 403(b) plan, with contribution maximums for each plan.
Through these programs, you can shelter a portion of your compensation from federal and state income taxes, to
purchase supplemental retirement benefits. This amount, with accumulated interest and dividends, is not subject to
federal or state income taxes until it is withdrawn (usually at retirement). There are restrictions and/or penalties on
early withdrawal. Several carriers have been authorized to offer these products to interested individuals. Qualification
and limitation of contribution of tax-deferred annuities are the responsibility of the employee.
For more information about these plans visit, http://www.uakron.edu/hr/benefits/supplemental-retirementaccounts.dot.
CREDIT UNION
Towpath Credit Union presently confers membership to University employees who apply. Towpath is a full service
credit union offering such services as direct payroll deduction for savings and loan payment, share draft checking, auto
and personal loans, year round pay for nine month appointments, and Christmas and vacation club savings. Towpath
also offers special event tickets at discounted prices for local events, amusement parks, “movie money” and many other
services. Towpath is located off campus.
For more information contact 330-664-4700 or 1-866-634-4700 or visit their website at www.towpathcu.com.
FIFTH THIRD BANK
If you are a member of Fifth Third Bank, don’t forget to check what banking benefits are available. Some membership
banking benefits that may be available to you are free notary services, free travelers checks, and 1 free cashier’s check
per month. Stop by the nearest Fifth Third Banking Center or contact them at 1-800-275-4858 or visit them online at
www.53.com. For your convenience, a Fifth Third Bank is located on the first floor of the University’s Student Union.
FINANCIAL PLANNING RESOURCES AND SEMINARS
Looking for resources on how to become financially healthy, savings and investment planning, financial planning
toolkit, debt management, retirement tips, buying or selling a house, etc.? Refer to your EAP’s Impact on the Web
at http://www.myimpactsolution.com/.
Periodically Human Resources hosts financial planning seminars conducted by SERS and STRS and other financial
planning presenters. Refer to UA’s Seminars registration website to sign up for available topics. Information on
available seminars can be found at www.uakron.edu/seminars/.
Rev. 022812