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.

403B Plan

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:

1. Complete the Salary Reduction Agreement.
2. 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:

• American Financial Services Inc.
• American Funds
• Fidelity Investments
• TIAA (Plan ID#346296)
• VALIC
• Voya

457 Plan

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 here: https://cms.illinois.gov/benefits/deferred/deferredcompensation.html 

Per CMS: Public Act 102-0540 amended our Plan's definition of "employee" to no longer include individuals who first became a participant of SURS on or after 7/1/2023, unless that person is participating in our Plan on 6/30/2023. SURS members hired before that date maintain their eligibility in our Plan. However, new employees hired after that date are no longer eligible.

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 2026

 FY2026 IRS limits on 403b and 457’s

• $24,500 for participants under the age of 50.
• $32,500 for participants that are age 50, or older.
• This increased limit takes effect in the calendar year that the participant turns 50.
• $35,750 for participants that are age 60 through 63.
• This increased limit takes effect in the calendar year that the participant turns 60.
• The limit returns to the lower age 50 catch-up amount in the calendar year that the participant turns 64.
• $49,000 for participants that have been approved for Special Catch-Up.

Compare 403(b) and 457

403(b) and 457 Comparison Chart