Reinstatement of the 403(b) Match
As announced in President Liebowitz’ letter “Update on FY’22 Budget” on April 27, 2021, the university matching retirement contribution will be reinstated for faculty and staff on July 1.
The following Q&A is intended to clarify 403(b) contribution process.
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Your previously elected 403(b) Employee Basic contribution (3% nonexempt or 5% exempt) will automatically be reinstated if you discontinued it during the suspension period. This ensures your university matching contribution will resume on July 1.
If you did not make any changes to your 403(b) Employee Basic contribution election during the suspension your contributions remain the same. The university matching contribution will resume on July 1.
The university matching contribution is 6% (nonexempt) or 8% (exempt) of a participant’s eligible compensation, plus 2% contribution upon attainment of age 50, if applicable.
No changes will be made to Supplemental contributions, by the University. 403(b) Supplemental contribution changes are effective in the pay period of election. If a participant reduced their 403(b) Employee Basic contribution and increased their Supplemental contribution, they can adjust their Supplemental contribution via NetBenefits or with a representative at 800-343-0860.
Our plan allows you to contribute any amount up to the annual IRS maximum, which is $19,500, if you are under age 50, and $26,000 if you are 50 or older.
Election updates are made by employees on NetBenefits or calling the Retirement Service Center at 800.343.0860. The Brandeis Retirement Planning website User Guide provides step by step instruction and screen shots. “For Existing Participants: How to Change Your Contributions” begins on page 8.I
You are eligible to elect to participate in the Plan. You must actively elect the 403(b) Employee Basic contribution in order to receive the match. If you elected the 403(b) Employee Basic contribution you will automatically receive the university matching contribution when the match is reinstated on July 1.
A 403(b) Supplement contribution election is not associated with the match. 403(b) Supplemental contributions may be changed at any time. 403(b) Employee Basic contributions remain in effect until you no longer are an eligible employee.