Participation and Contributions
Participation in the plan is voluntary, and all employee and university
contributions are 100 percent vested effective with the date that funds are
transferred into the plan.
Annual Contribution Limits for 2018:
- General Employee Contribution: $18,500
- 15-Year Service Rule Catch-up Contribution: $3,000
- Age 50 Catch-up Contribution: $6,000
Contributions are tax-deferred, which means they are not subject to state or federal income taxes at the time of the payroll deduction. Accumulations in the plan, including earnings on contributions, are tax-deferred until withdrawn from the plan.
DePaul Matching Contributions
Faculty and staff who are eligible to make salary deferrals are also eligible to receive an 9 percent university matching contribution upon meeting the following criteria:
- Completion of one year of service (including 1,000 hours of work or the equivalent course load),
- Attainment of age 21, and
- Salary deferral of at least 5 percent to the plan.
For full-time faculty and staff with previous experience at another institution of higher education, the one year of service may be able to be waived. (Documentation must be submitted within 90 days of hire; contact Benefits for details). Union employees may contribute to the plan but are not eligible for university matching contributions.
University matching contributions and employee deferrals are fully and immediately vested. That is, 100 percent of the university contributions and related earnings are fully owned by the participant, and none are forfeited should the employee terminate employment.
Enroll or Change Your Elections
If you are a new employee, review the Enrollment Guide for details on making your 403(b) Plan elections. If you are a current employee who has not yet enrolled, or if you have already enrolled in the 403(b) but want to change your elections, review the DePaul 403(b) User Guide for instructions.
You may direct your own contributions, university matching contributions and related earnings to any fund offered by the two investment companies chosen by the university – Fidelity Investments and TIAA. If you do not select an investment, your contributions will be invested in the appropriate Vanguard Target Retirement Fund, based on your date of birth.
It is important to review your beneficiaries to ensure your desired elections are in place. Beneficiary designations are completed separately for Fidelity and TIAA account balances by contacting the respective retirement provider directly. If you are married and do not make a valid designation, the default beneficiary is your spouse. If you are not married, the default beneficiary is your estate.
Loans and Withdrawals
As an active employee, you may be able to borrow or withdraw from your 403(b) account accumulations. Contact Fidelity or TIAA directly to obtain details on available amounts or to request a loan or withdrawal.
Loans are available from Fidelity and TIAA. Balances eligible for loans include employee contributions and related earnings other than those from the TIAA annuity products. Loans are regulated by the IRS rules and guidelines. See the Summary Plan Description for full details.
For in-service withdrawals and distributions, you must meet the following requirements: age 59 1/2, phased retirement, financial hardship, rollover contributions, or contributions prior to 1989. Please see the Summary Plan Description for more details.
Terminated employees may request a full distribution of available accumulations by contacting Fidelity or TIAA directly.