Automatic Increase Program
Beginning in January 2019, the DePaul University 403(b) Retirement Plan will implement an Automatic Increase Program, designed to promote a higher savings rate among our participants, and in line with best practices in the retirement plan industry. This program will affect any employees currently enrolled in the 403(b) Plan at a savings rate under 10%, and notices will be issued directly by Fidelity, our Master Plan Administrator, regardless if you have your current 403(b) account balance with TIAA or Fidelity. Any employees not currently contributing to the plan, or those who are already enrolled in an automatic rate increase, will not be impacted.
The program will automatically increase your savings rate in increments of 1% each January, until you reach the target savings rate of 10%. You may opt out at any time, change the timing of this automatic increase, or change your savings rate, by logging into www.NetBenefits.com/DePaul or calling Fidelity at 1-800-343-0860. If you wish to opt out, please do so by December 31, 2018.
The program will not change the direction of your contributions from TIAA if that is your current election. For example, if you are currently contributing 5% to TIAA, in January 2019, your savings rate to TIAA will increase to 6%, unless you make a change by logging into the NetBenefits site. Or, if you are splitting your contributions to Fidelity and TIAA, this program will not alter that allocation election.
If you are impacted by this new program you will receive a notice directly from Fidelity confirming that you are enrolled in the Automatic Increase Program. You do not have to take any action if you wish to have your savings rate increased in January. The increased rate will take effect on the first full pay cycle in January, which is the check dated January 18, 2019.
DePaul University announces the following new and exciting changes to DePaul's 403(b) retirement plan!
- Fund Changes
Effective December 19, 2018, there will be investment option changes in the plan. Review the full notice here .
- Plan Changes
Effective October 1, 2017, there will be plan changes regarding fee allocations and investment options. Review the full notice for details.
Check out the October 2017 Plan Change FAQ page for more information.
Find out more about changing your 403(b) plan elections. DePaul Jan 2018 FundChangeNotice_FINAL_796466.2.1.pdf