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EIU Benefit Services

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.

Voluntary Tax 403(b)

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. 

To enroll in the voluntary tax-deferred retirement plan or to change the amount/allocation of your salary reduction:

  1. Complete the Salary Reduction Agreement
  2. Submit completed form to Benefit Services

Tax-sheltered Investment Products

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

Deferred Compensation 457

Deferred Compensation is a 457 retirement plan that allows you to contribute part of your pay through payroll deductions into a separate retirement account. To enroll in the state-deferred compensation program, complete the enrollment form or call the CMS Deferred Compensation Office at 800-442-1300.

To enroll in Deferred Compensation:

  1. Complete the Deferred Compensation Plan Enrollment Form
  2. Submit completed form to the Benefits Office

To change Deferred Compensation:

  1. Complete the Deferred Compensation Plan Change Form
  2. Submit completed form to the Benefits Office


Deferral Limits will Increase for 2020

The IRS announced that pension limitations governing the 457 plans will increase for 2020 as the increase in the Consumer Price Index was sufficient to meet the statutory thresholds for its adjustment. Therefore, the elective deferral (contribution) limit for employees who participate in deferred compensation will increase to $19,500 which increases the Special Catch-up limit to $39,000. The age 50 catch-up contribution limit will also see an increase from $6,000 to $6,500 making the total contribution limit for those aged 50 and older $26,000 for the 2020 tax year.


Compare 403(b) and 457

403(b) and 457 Comparison Chart


Related Pages

Contact Information

Benefits Office

Old Main Room 2020
600 Lincoln Avenue
Charleston IL, 61920

Fax: 217-581-3614

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