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Voluntary Tax-Deferred Retirement Options

Get to Know Your Choices

As an employee, you have the opportunity to invest in voluntary tax-deferred retirement options. Your options include 403(b) and 457.

Voluntary Tax 403(b)

The university’s program, offered in accordance with Section 403(b) of the Internal Revenue Code, allows you to exclude a portion of your salary from taxable income to purchase an annuity contract or mutual fund shares.

To enroll in the voluntary tax-deferred retirement plan or to change the amount/allocation of your salary reduction, complete the Salary Reduction Agreement and submit it to Benefit Services.

The deferral maximums have changed for 2018.

To learn more about 403(b) changes along with the eligibility, contributions, and limits, click here.

Eastern Illinois University’s Voluntary Tax-Deferred Retirement Plan Document

Tax-Sheltered Investment Products

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

Deferred Compensation 457

Another type of tax-deferred retirement savings program is available to employees under Section 457 of the Internal Revenue Code. Deferred Compensation is a 457 retirement plan that allows you to contribute part of your pay through payroll deductions into a separate retirement account. For more information on the Deferred Compensation Plan 457, check out Central Management Services's (CMS) publication, State of Illinois Deferred Compensation Plan, or go to CMS's website.

To enroll in the state-deferred compensation program, complete the enrollment form or call the CMS Deferred Compensation Office at 800-442-1300.

If you need to make changes to your Deferred Compensation plan please fill out this form, Deferred Compensation 457b Change Form.

Helpful Links: American Financial Services Inc., American Funds, Central Management Services (CMS), EIU's Voluntary Tax-Deferred Retirement Plan Document, Fidelity Investments, TIAA-CREF, VALIC, Voya, 403 (b) Universal Availability Notice 2018, 403 (b) Retirement and Investment Plans, 403(b) Salary Reduction Agreement