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.
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In-Plan Roth Conversion & After-Tax Contributions
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You may convert pre-tax or after-tax balances to Roth within the Brandeis 403(b).
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A new after-tax source is being added, in addition to Pre-Tax and Roth sources.
Secure 2.0 Update Roth Catch Catch-Up Contribution
- Employees age 50 or older may continue to make catch up contributions to the 403(b).
- Under Secure 2.0 Act, these catch-up contributions must be made as Roth (after-tax) if your prior year wages from Brandeis exceed $145,000.
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New Hires
All employees (except students) including temps, postdoctoral associates and part time status will be automatically enrolled in the Brandeis 403(b) pre-tax deferral plan after 30 days of employment. For exempt employees paid semi-monthly a 5% contribution will be made to the pre-tax deferral source or 3% for non-exempt employees paid weekly. Your contributions will be invested in a Fidelity Target Date Fund that's closest to your anticipated retirement date (assuming retirement at age 65).
Fidelity Investments will be sending new employees an automatic enrollment notification and instruction in the mail to your home address on file in Workday.
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. You can also elect to contribute prior to the first 30 days by logging on to NetBenefits.
We encourage you to choose a contribution rate, investment options or contribution sources 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.
Universal Availability Notice
Contributions
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- Pre-tax employee contributions - such contributions and any earnings are exempted from state and federal taxation until collected as income.
- Can be changed (increased, decreased or stopped) at any time.
- Election changes become effective in the pay period following election date. If election change is made after pay period is closed a retroactive contribution will process in the following pay period.
Roth 403(b) contribution source Roth 403(b) option offers the potential for tax-free retirement income.
- After-tax employee contributions.
- Can be changed (increased, decreased or stopped) at any time.
- Election changes become effective in the pay period following election date. If election change is made after pay period is closed a retroactive contribution will process in the following pay period.
- 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.
Eligibility to receive University Match
Who
- All regular faculty, exempt and non-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 403(b) retirement plan; must be 21 years of age. Participants may elect pretax deferral and/or after-tax Roth contributions.
Criteria
- One year of benefit eligible service at Brandeis.
- The year of service may be satisfied by a year of service at another accredited college or university, to waive the one year wait.
- Faculty and exempt staff who contribute at least 5% of their salary will receive an 8% university contribution. For participants over age 50, the university contribution increases to 10%.
- Nonexempt employees who contribute at least 3% of their salary will receive a 6% university contribution. For participants over age 50, the university contribution increases to 8%.
- 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.
Contribution Limits for 2025
- Employees 49 or younger: $23,500 - 403(b) Employee Elective Deferral Limit.
- Employees 50 or older: $31,000 - 403(b) Employee Elective Deferral Limit, the latter of which includes a maximum $7,500 "catch-up" contribution.
- Ages 60 to 63 - Special Catch Up: $34,750 - 403(b) Employee Deferral Limit , the latter of which includes a maximum $11,250 "catch-up" contribution (Secure 2.0 Act).
- Employees 64 or older: $31,000 - 403(b) Employee Elective Deferral Limit, the latter of which includes a maximum $7,500 "catch-up" contribution.
- Increased to the greater of $10,000(indexed) or 150% of the regular catch-up contribution amount.
- This replaces the standard $7,500 "catch-up" for those in this age range.
- 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.
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.