Retirement Savings Plan
Brandeis University provides a 403(b) defined contribution retirement plan that enables eligible employees to direct contributions to one or more available investment options sponsored by Fidelity Investments.
Changes are coming to the Brandeis 403(b) Retirement Plan
For up to date Transition information visit Transition page.
The Brandeis retirement plan continues to adapt to changes in the regulatory environment, incorporating industry best practices while upholding the university’s fiduciary responsibilities for plan participants. Over the last ten years, we have streamlined investment options, adjusted share classes in investment vehicles to the lowest fee options, and set target date funds as the default investment allocation.
To maintain best practices in managing our plan, and conform to Employee Retirement Income Security Act (ERISA) guidelines, there are exciting new changes that will take place with the Brandeis retirement plan in the fall. We will be consolidating administrative recordkeeping services which will require some adjustments to the core program investment menu, and will be adding the option for participants to make investments outside of the core fund choice lineup, within approved program guidelines.
These changes require that certain existing proprietary investment options will no longer being available for new contributions, requiring individuals to adjust their investment allocations. Existing balances in these proprietary may remain, they are only closed to new investments.
We recently conducted town hall sessions to preview the changes. The slides and video recording, including a consolidated set of the Q&As, are included below:
This website will be updated to include important information regarding these changes including detailed plan information, the timeline for this project and specific resources you can utilize for guidance and to answer your questions. We encourage you to check back often for updates and additional information.
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 at the top of this page. For instructions how to enroll click here.
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Contribution Limits for 2022
Employees 49 or younger: $20,500 for combined 403(b) Employee Basic and Employee Supplemental contributions.
Employees 50 or older: $27,000 for combined 403(b) Employee Basic and Employee Supplemental contributions, the latter of which includes a maximum $6,500 "catch-up" contribution.
Contribution Limits for 2023
- Employees 49 or younger: $22,500 for combined 403(b) Employee Basic and Employee Supplemental contributions.
- Employees 50 or older: $30,000 for combined 403(b) Employee Basic and Employee Supplemental contributions, the latter of which includes a maximum $7,500 "catch-up" contribution.
- You must make a 403(b) Employee Basic contribution in order to receive a university matching contribution.
- Workday will not permit you to make contributions above the IRS maximum contribution limit
- Brandeis does not monitor individual's maximum contributions to your plan.
- You are responsible for monitoring your annual contribution amounts, which are reflected on your pay slip.
- You may seek assistance in determining your supplemental contribution amount from representatives at Fidelity (800-343-0860) or your tax advisor.
To help you plan for your future, Retirement Planners from Fidelity Investments are on campus regularly to provide one-on-one guidance appointments. Consultations may be conducted in person virtually or over the phone.
To schedule your confidential consultation, please visit:
- Fidelity: www.fidelity.com/schedule or 800-642-7131
Work-Life Balance-Financial Well-Being
Visit the Financial Well-Being page for additional information.
If you have additional questions about this service, contact Fidelity Investments at 800-343-0860 or online at www.netbenefits.com/brandeis.