Human Resources > Benefits > 403(b) Retirement Plan > How to Enroll & Make Changes
All DePaul faculty and staff are eligible to defer part of their salary into the 403(b) retirement plan through pre-tax payroll deductions.
The steps to enroll in DePaul's 403(b) retirement plan are listed below. But first, please read the following important information about auto-enrollment and automatic increase.
New hires, including rehires, will be automatically enrolled in the 403(b) retirement plan to make salary deferrals at a contribution level of 5 percent within 60 days following their hire date if they do not elect otherwise. If an employee is automatically enrolled in the plan and does not make a valid investment election, the employee’s contributions will automatically be invested in the appropriate Vanguard Target Retirement Fund based on date of birth. Employees who are automatically enrolled in the plan may change their deferral elections or waive out of the plan at any time by following the Steps to Enroll (listed below). If you are a new hire or rehire and do not want to be automatically enrolled, please follow the Steps to Enroll and opt out of the plan within 60 days of hire.
The DePaul University 403(b) Retirement Plan has an Automatic Increase Program (or auto-escalation), designed to promote a higher savings rate among our participants, and in line with best practices in the retirement plan industry. This program affects any new or re-hired employees who enroll in the 403(b) Plan at a savings rate under 10 percent.
The program will automatically increase your savings rate in increments of 1 percent each January, until you reach the target savings rate of 10 percent. You may opt out at any time, change the timing of this automatic increase, or change your savings rate, by logging in to Fidelity NetBenefits or calling Fidelity at 1-800-343-0860. You do not have to take any action if you wish to have your savings rate increased in January. Employees have the option to automatically increase their contribution amount election each year by 1 percent, 2 percent, or 3 percent. It does not restrict you from making other changes to your 403(b) throughout the year. The regular annual contribution limits.
To enroll in auto-escalation, log in to Fidelity NetBenefits and click on Quick Links > Contribution Amount > Annual Increase Program. You can then choose how much to increase your contribution percentage and select the specific date you want the increase to take place each year. After submitting the request, you should receive an email confirmation within 48 hours.
Click here for FAQs about the Automatic Increase Program.
Step 1: Read about the
plan features and see the plan notices and fee disclosures for full details about the plan.
Step 2: Decide how much you can contribute. Each year the government sets limits on how much an employee can contribute to a 403(b) account. For details about annual 403(b) contribution limits, visit the IRS website. Note: Any contributions made at a prior employer in the same calendar year count towards these limits.
To review or change your elections, please log in to
Fidelity NetBenefits and follow these instructions:
Step 3: Review the
Enrollment Guide for details on enrolling or making election changes to your 403(b) account. Visit
Fidelity NetBenefits to log into your account and view details about the plan.
Step 4: Evaluate and select your investment funds. Details about the funds available in the plan, fees and performance/returns are available in the Fund Disclosures. Investment elections are made directly through Fidelity.
Step 5: Make an appointment with a financial counselor. Representatives from Fidelity are available to meet with you on an individual, confidential basis to review your plan options and retirement goals.
Step 6: Designate your beneficiaries by contacting Fidelity directly. Beneficiaries must be updated separately with each applicable vendor.
Your beneficiary will inherit your 403(b) retirement plan accumulations in the event of your death. You should designate a beneficiary when you enroll in the plan, and update it if you experience a life-changing event such as a marriage, divorce, birth of a child, death in the family.
Please review your beneficiary designation periodically to make sure the person(s) you want to receive your benefits are properly designated. If you die without having named a beneficiary and are married at the time of death, your spouse will automatically serve as the beneficiary. If you are not married, your estate receives the entire accumulation.
Note: there are separate designations for Fidelity balances and TIAA balances. So if you have 403(b) account balances at both fund sponsors, you will need to designate your beneficiaries by contacting each separately: