Suspension of University 403(b) Match
In a letter to the Brandeis community dated June 12, 2020, President Ron Liebowitz announced that, as part of measures to mitigate expected financial losses to the university in the face of the coronavirus pandemic, Brandeis would temporary suspend employer contributions to employee retirement accounts, beginning July 1, 2020.
The following Q&A is intended to explain and clarify the effects of that decision.
How does the Brandeis 403(b) Defined Contribution Plan work?
What portion of the plan is being suspended?
How long will the suspension of matching of contributions last?
Will I be able to continue my required and voluntary contributions to the plan during the suspension of matching contributions? How much will I be able to contribute?
How can I update my contribution percentage?
What will happen to my employee required election when the suspension is lifted?
I am currently in my one-year waiting period to be eligible for the university matching contribution. Will time during the suspension period apply toward my eligibility once the matching contributions are restored?
Will I be able to make investment allocation changes to my balances and future contributions during the suspension period?
If I turn 50 during the match suspension period, will I get the 2% extra matching contribution once the matching contributions resume?
Who should I contact if I have questions or need more information?