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.
To enroll in the voluntary tax-deferred retirement plan or to change the amount/allocation of your salary reduction:
The following companies, approved by the Board of Trustees, are authorized to market tax-sheltered investment products at EIU:
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:
To change Deferred Compensation:
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.