Voluntary Tax-Deferred Retirement Options
As an employee, you have the opportunity to invest in voluntary tax-deferred retirement options. Your options include 403(b) and 457.
Eastern Illinois University sponsors the Supplemental 403(b) Retirement Plan. Eligible employees of the university can voluntarily elect to defer a portion of their compensation to the plan to supplement their retirement savings. Please refer to the 403(b) Universal Availability Notice for more information on enrollment instructions and yearly tax limits.
You may enroll or change elections at any time. To enroll in the voluntary tax-deferred retirement plan, you must open an account first with an approved vendor. Once the account is opened, you must complete the salary reduction form below to elect your deferral amount. You may also use this form to change the amount/allocation of your salary reduction:
- Complete the Salary Reduction Agreement
- Submit completed form to Benefit Services
403B Investment Products
The following companies, approved by the Board of Trustees, are authorized to market tax-sheltered investment products at EIU:
You have 2 options to choose from if you wish to enroll in a 457 plan. Both SURS and CMS offer 457 plans. Both are supplemental retirement plans. Contributions to either Plan can be made on a pre-tax or Roth basis through salary deferrals. The combined pre-tax and Roth contributions cannot exceed the limit set by the IRS. See below for current max limits.
You can find SURS 457 enrollment information here: SURS Deferred Plan Information
The State of Illinois Deferred Compensation Plan (“Plan”) is a supplemental retirement program for State employees.
You can find CMS 457 enrollment here: www.myillinoisdcplan.com Or, contact an Empower representative at (833) 969-4532.
CMS 457 Enrollment Brochure can be found:
CMS DEFERRED COMPENSATION LUMP SUM DEFERRAL FORM
A new Lump Sum Deferral Form has been created for participants that wish to contribute a portion of their lump sum into Deferred Compensation. This form is only intended for those employees who wish to make a one-time contribution. All other contributions taken on a monthly basis should still be initialized by utilizing the Enrollment/Change forms.
Visit the CMS Deferred Compensation website for additional information.
Deferral Limits will increase for 2024
The IRS announced that pension limitations governing the 457 plans will increase for 2024. Therefore, the elective deferral (contribution) limit for employees who participate in deferred compensation is $23,000. The age 50 catch-up contribution limit is $7,500 making the total contribution limit for those aged 50 and older $30,500 for the 2024 tax year.
Compare 403(b) and 457
403(b) and 457 Comparison Chart