Click For Home Page
 

403(b) Retirement Plan Update - New in 2014

403(b) Retirement Plan Update - January 2014 Fund Changes

In November 2013, DePaul introduced changes to the core investment options for the DePaul University 403(b) Retirement Plan.  These changes will be effective in January 2014, and are summarized below.  Please click here for the notice that was sent to all eligible employees and participants in the Plan:  403(b) Plan Fund Change Notice - Effective January 2014.

Summary of the Changes
Recently, DePaul University completed a fund analysis of the current investment line-up within the Plan.  Based on this review, effective January 3, 2014 DePaul is electing to make the following changes to those options in an effort to maintain the best possible employee retirement benefit program: 


1.    
Removing the Perkins Small Cap Value I ("Perkins") fund and replacing it with the JP Morgan Small Cap Value R6 ("JP Morgan Small Cap") fund; and

2.      Freezing the TIAA Real Estate Annuity Account ("TIAA Real Estate") fund for any new contributions and mapping future contribution elections to the Invesco Real Estate Institutional ("Invesco Real Estate") fund.

For more details on these changes, and for additional information about the funds listed above, please review the full notice that was sent to all active employees and plan participants:  403(b) Plan Fund Change Notice - Effective January 2014.

Contact Information
Fidelity
:  www.fidelity.com/atwork or (800) 343-0860
Fidelity Representatives are available by phone Mon-Fri 7am-11pm CT.

TIAA-CREF:  www.tiaa-cref.org or (800) 842-2776
TIAA-CREF Representatives are available by phone Mon-Fri 7am-9pm, Sat 8am-5pm CT.


To request a hard copy version of the full notice, contact Human Resources (HR) at 403bRetirement@depaul.edu or 312-362-8500.

 403(b) Retirement Plan - Fee Disclosures
In November 2013, the office of Human Resources (HR) provided all employees with the required notices regarding fees and expenses in the DePaul University 403(b) Retirement Plan.  These notices are intended to enable participants to better understand their current investment costs and provide an opportunity to review the merits of each of our plan vendors, Fidelity Investments and TIAA-CREF.

Click here for the announcement email from HR.
Click here for the Fidelity Investment notice.
Click here for the TIAA-CREF notice.


Individual Counseling Sessions:
Fidelity and TIAA-CREF provide DePaul University faculty and staff with individual consultation sessions to assist you with retirement planning on a confidential basis.  Below are the schedules of sessions available:

Click here for Fidelity’s Individual Counseling Session Schedule.
Click here for TIAA-CREF’s Individual Counseling Session Schedule.

403(b) Retirement Plan Provisions
Employee Contributions

Employees may defer part of their salary into the 403(b) Plan through pretax payroll deduction instead of receiving it as cash compensation.  When an employee makes such a contribution into the Plan, the taxation on the amount of the contribution is tax-deferred.   The term, “tax-deferred” means that amounts deducted from a participant’s paycheck are not subject to state or federal income taxes at the time of the payroll deduction.   Earnings on the money contributed are also tax-deferred.  Accumulations in the plan are taxed only when withdrawn, based on the federal and state tax rate in effect for the individual at the time of withdrawal.

DePaul Contributions
Faculty and Staff who are eligible to make salary deferrals are also eligible to receive an 8% University matching contribution upon meeting the following criteria:

  • Completion of one year of service (and in some cases, at least 1,000 hours of work or the equivalent of 1,000 hours of work during the year),
  • Attainment of age 21, and
  • Salary Deferral of at least 5% to the Plan.

In some circumstances for faculty and staff with previous experience at another institution of higher education, the one year of service may be able to be waived.  Union Employees may contribute to the Plan, but are not eligible for University matching contributions.

University matching contributions and employee deferrals are fully and immediately vested.  That is, 100% of the University contributions and related earnings are fully owned by the participant and none are forfeited should the employee terminate employment.

Investment of Contributions
A plan participant may direct his or her own contributions, University matching contributions, and related earnings to any fund offered by the two investment companies chosen by the University – Fidelity Investments and TIAA-CREF.

Loans
Fidelity and TIAA-CREF offer a loan option on a portion of the employee salary deferral accumulations which gives participants access to their savings before retirement and, provided all repayments are made on time, without tax penalty.

403(b) Retirement Plan Information

To request a hard copy version of any of the plan information or notices, contact Human Resources (HR) at 403bRetirement@depaul.edu or 312-362-8500.  Complete details about the plan, and contact information for any questions or election changes, are available on the HR website:  https://hr.depaul.edu/Benefits/403/index.html.


Archived 403(b) Plan Info

403(b) Plan Fund Changes - April 2013
Please click here for the notice that was sent March 4, 2013 to all eligible employees and participants in the plan: 403(b) Plan Fund Change Notice - Effective April 2013

403(b) Retirement Plan -2012 Fee Disclosures
In August 2012, the office of Human Resources (HR) provided all employees with the required notices regarding fees and expenses in the DePaul University 403(b) Retirement Plan.  These notices are intended to enable participants to better understand their current investment costs and provide an opportunity to review the merits of each of our plan vendors, Fidelity Investments and TIAA-CREF.

Click here for the 2012 announcement email from HR.
Click here for the 2012 Fidelity Investment notice.
Click here for the 2012 TIAA-CREF notice.


403(b) Plan Fund Changes - June 2012
Please click here for the notice that was sent May 4, 2012 to all eligible employees and participants in the Plan:
403(b) Plan Fund Change Notice - Effective June 6, 2012

New Online Election Process

Effective March 2012, the DePaul University 403(b) Retirement Plan has a new online election process for entering Contribution Election requests through Campus Connection.
  For instructions on how to use the new online election process, click here.

403(b) Retirement Plan Update – New in 2010
In February 2010, DePaul introduced new core investment options for the DePaul University 403(b) Retirement Plan. Please click here to read the insert included in the January 5, 2010 Newsline. An Investment Options Kit was mailed to faculty and staff members’ homes in late January 2010.

For Details on the Investment Options Kit please see the following Links:

Cover Letter from DePaul - Overview of New Investment Options - Investor Guide - Fidelity Mapping Details