Retirement Savings Plan
Brandeis University provides a 403(b) defined contribution retirement plan that enables eligible employees to direct contributions to investment options sponsored by Fidelity Investments.
The Brandeis Retirement Planning User Guide (pdf) will walk you through how to enroll in your Brandeis Retirement Plan online and how to make changes to your account.
Brandeis University is pleased to offer a new Roth 403(b) contribution source effective January 1, 2024. Roth 403(b) option offers the potential for tax-free retirement income.
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Faculty, Professional, and Administrative Employees
All regular faculty and exempt staff who are scheduled to work half-time or more for not less than 39 weeks per year are eligible to participate in the basic retirement plan upon completion of one year of service and attainment of 21 years of age.
Faculty and exempt staff who make a contribution of at least 5% of their salary will receive an 8% university contribution. For participants over age 50, the university contribution increases to 10%.
Non-exempt Employees
All regular nonexempt employees who are scheduled to work half-time or more for not less than 39 weeks per year are eligible to participate in the basic retirement plan upon completion of one year of service and attainment of 21 years of age.
Nonexempt employees who make a contribution of at least 3% of their salary will receive a 6% university contribution. For participants over age 50, the university contribution increases to 8%.
You will be automatically enrolled to make 403(b) Supplemental contributions in the retirement plan at a pretax rate of 5% if exempt, paid semi monthly or 3% nonexempt, paid weekly. Your contributions will be invested in the Target Date Fund that's closest to your anticipated retirement date (assuming retirement at age 65).
If you wish to waive your enrollment in the Plan, you must change your contribution rate to 0% within the first 30 calendar days from the date indicated on your automatic enrollment notification in the mail.
We encourage you to choose a contribution rate and investment options that are appropriate for you. You may change your elections at any time by logging in to your account with your username and password.
Retirement Savings Plan Self-Enrollment
Enrolling in an retirement savings plans on your own is easy. Follow the steps below to get started:
- Click Enroll Now and follow the steps to set up your Username and Password.
- Elect the percentage you would like to contribute to the plan.
- Choose your investment options.
- Be sure to designate your beneficiaries.
Contributions
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- Pre-tax employee deductions
- University matching contributions are based on your mandatory contribution rate, exempt (paid semi monthly) employees 5% and non-exempt (paid weekly) employees 3%.
- Can be changed (increased, decreased or stopped) at any time
- Election changes become effective in the pay period following election date
- 8% of your eligible compensation, plus 2% contribution on the July 1 following attainment of age 50 - (semi-monthly paid)
- 6% of your eligible compensation, plus 2% contribution on the July 1 following attainment of age 50 - (weekly paid)
- University matching contributions become effective the first of the following month of eligibility.
- Brandeis University provides retirement plan contributions to certain eligible employees following completion of a one-year service period along with meeting the requirements of the plan. To be eligible for immediate enrollment in the Brandeis University 403(b) Basic matching retirement savings plan, the service period may be satisfied by a year of service at another accredited college or university.
Service Credit at Other College or University Hire InstructionS
Contribution Limits for 2024
- Employees 49 or younger: $23,000 for combined 403(b) Employee Basic and Employee Supplemental contributions.
- Employees 50 or older: $30,500 for combined 403(b) Employee Basic and Employee Supplemental contributions, the latter of which includes a maximum $7,500 "catch-up" contribution.
- Workday will not permit you to make contributions above the IRS maximum contribution limit. However you are responsible for monitoring your contributions if you were contributing at another employer during year.
- 2024 IRS Contribution Guidelines (PDF)
Contribution Limits for 2025
- Employees 49 or younger: $23,500 for combined 403(b) Employee Basic and Employee Supplemental contributions -increased $500.
- Employees 50 or older: $31,000 for combined 403(b) Employee Basic and Employee Supplemental contributions, the latter of which includes a maximum $7,500 "catch-up" contribution.
- Employees 60 to 63: $11,250 "catch-up" for a combined 403(b) Employee Basic and Employee Supplemental contribution of $34,750.
- 60, 61, 62 or 63 at any point during the 2025 tax year and beyond, you can contribute a higher catch-up amount to your 403(b).
- Reduces back to $7,500 catch-up at age 64.
- Workday will not permit you to make contributions above the IRS maximum contribution limit. However you are responsible for monitoring your contributions if you were contributing at another employer during year.
- Secure 2.0 Higher Catch-up Contribution Limits (Pdf)
- 2025 IRS Contribution Guidelines (Pdf
- 2025 Secure 2.0 retirement catch up Limits (Pdf)
Important Reminders
- You must contribute a minimum Employee Contribution of 5% if paid semi monthly, 3% if paid weekly to qualify for the university match. Your employee contribution can be one or a combination of Pre-Tax Basic Deferral and/or ROTH After-Tax Contributions. Any deferrals below the 5% or 3% threshold will not be eligible for the University's matching contribution.
- You are responsible for monitoring your annual contribution amounts, which are reflected on your pay slip.
- You may seek assistance in determining your contribution amount from representatives at Fidelity (800-343-0860) or your tax advisor.