Department of Human Resources

Employee Benefits

Department of Human Resources


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	Dept. of Human Resources Eastern Illinois University Old Main Room 2010 600 Lincoln Avenue Charleston, IL 61920 Hours: M-F, 8:00am - 4:30pm Smr Hours: M-Th 8-4:30; F 8-12 Local Phone: 217-581-3514 Fax: 217-581-3614 Email: humanres@eiu.edu

Department of Human Resources Voluntary Tax-Deferred Retirement Program Overview

The material included on this page provides a general overview of the voluntary tax-deferred retirement program and investment opportunities available to employees of Eastern Illinois University. An attempt has been made to present information in as simple a form as possible and identify those aspects of annuities and mutual funds that are of most interest and concern to employees.

403B - Voluntary Tax

The University’s program, offered in accordance with Section 403(b) of the Internal Revenue Code, allows employees to exclude a portion of their salary from taxable income to purchase an annuity contract or mutual fund shares. Payment of taxes on this money and the interest it earns is deferred until the money is withdrawn, presumably at retirement when most people will be in a lower tax bracket. In the meantime, money that normally would have been paid in taxes is used for investment purposes. The amount of money an employee can accumulate in this manner greatly exceeds the amount that can be accumulated in an "after-tax" method of saving.

The description of Eastern Illinois University’s Voluntary Tax-Deferred Retirement Plan provides information on employee eligibility, enrollment procedures and more.

A Glossary of Selected Tax-Sheltered Investment Terms provides definitions of common terms that might be encountered while researching various tax-sheltered investment options.

For employees wishing to enroll in the Voluntary Tax-Deferred Retirement Plan, change the amount or allocation of their salary reduction, a printable copy of Eastern Illinois University’s Salary Reduction Agreement form is available on the forms page (left menu) under "General Forms".

The following companies, approved by the Board of Trustees, are authorized to market tax-sheltered investment products on campus:

Ameriprise Financial Services Inc.
Fidelity Investments
TIAA-CREF
VALIC
ING
First Mid Illinois Bank & Trust (403(b) information specific to EIU)
(To view other information specific to Eastern: At First Mid's home page, click on the "Personal Banking" tab, then choose "Eastern Illinois University")

457 - State Deferred Compensation

CMS 457 Information

Another type of tax-deferred savings program is available to State employees under Section 457 of the Internal Revenue Code. Information on that program is available from Benefits Services or the Department of Central Management Services’ Deferred Compensation Plan website (link above).

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