403(b) Retirement Plan Update - New in 2014
403(b) Retirement Plan Update
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 elected to make changes to those options in an effort to maintain the best possible employee retirement benefit program. For details on the changes, and for additional information about the funds listed above, please review the full notice: 403(b) Plan Fund Change Notice - Effective January 2014. To request a hard copy version of the full notice, contact Human Resources at 403bRetirement@depaul.edu or (312)362-8500.
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.
403(b) Retirement Plan Provisions
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 Accumulations in the plan are taxed only when withdrawn, based on the federal and state tax rate in effect for the individual at the time of withdrawal.
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.
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
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.
To request a hard copy version of any of the plan information or notices, contact Human Resources at 403bRetirement@depaul.edu or (312)362-8500.
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