IU 457(b) Retirement Plan now available to all employees
Indiana University now provides all employees with the opportunity to save for your retirement through the IU 457(b) Plan. Indiana University wants all employees to know more about how to participate in the Plan. All employees of Indiana University who receive compensation reportable on an IRS Form W-2 are eligible to participate in the plan (This includes Adjunct Faculty, Student Employees and Part-time employees.)
Information about the Plan can be found on IU Human Resources website.
To enroll in the Plan an employee must complete a “IU 457(b) Salary Deferral Agreement.” This form can be obtained at hr.iu.edu/bcc/programs/457b.html as well as opening an account with either TIAA or Fidelity.
Please take a moment to review website before enrolling. The Plan is a participant directed plan. This means that each participant is responsible for directing the investment of his or her Plan account. A participant may direct the investment of his or her Plan account among any investment funds provided under the Plan. A participant may also transfer monies from one investment fund to another. Indiana University has approved two investment companies under the Plan: TIAA and Fidelity. A participant’s election to invest his or her Plan account, to change the investment direction of future contributions, or to transfer amounts from one investment fund to another must be made in accordance with the rules established by Indiana University.
Also, please be aware that the law limits the amount a participant may defer under this and other plans in any tax year. For 2016, the limit is $18,000 if participant is age 50 or over an additional $6,000 may be contributed.
For further details, or if you have questions, please contact the HR office, or email or call 812-856-5191.
University Human Resource Services
April 1, 2016