What's new for retirement in 2017
The 403(b) retirement plan is still one of the best options to save for the future. As of Jan. 1, 2017, DePaul's 403(b) match contribution has increased from 8.5 percent to 9 percent. Employees also can earn points toward the Healthy Vin-cent$ Wellness Program by participating in certain financial wellness activities.
In order to receive the match, you must meet all criteria:
- Save at least 5 percent of your paycheck in DePaul's 403(b) plan
- Be age 21 or older
- Have one year of service or more (including 1,000 hours worked or course load equivalent)
If you have any questions about eligibility or whether you are maximizing this important benefit, contact a Benefits specialist at 403bRetirement@depaul.edu or (312) 362-8232.
Set up an individual counseling session
Have more questions? Employees can set up an individual counseling sessions with the HR benefits team, Fidelity or TIAA. Fidelity and TIAA provide DePaul faculty and staff with confidential individual consultation sessions at the Loop and Lincoln Park campuses. These sessions will increase your understanding of your retirement benefit.
An individual consultation facilitates retirement planning by:
- Tapping into Fidelity's and TIAA's experience and expertise
- Guiding you to develop a personalized actionable plan and make decisions to help you meet your financial goals
- Reviewing your retirement income options and exploring your plan benefits in detail
Please visit the Individual Sessions page for scheduling information.
New in 2017: You can earn points toward the Healthy Vin-cent$ Wellness Program by participating in certain financial wellness activities. Financial wellness plays an important role in reducing stress and increasing overall health. Attend a one-on-one confidential counseling session with one of our 403(b) Retirement Plan sponsors, Fidelity or TIAA, and then report it through "My Action Plan" in the Interactive Health portal.
When do I need to make changes to my 403(b) retirement plan?
There are certain times when it's necessary to review and potentially make changes to your retirement plan. The questions below address the most common circumstances.
Are you a new employee? New hires have a lot to do. Benefits enrollment is first on the list. Enroll in your retirement plan and select your investments.
What should I do during open enrollment? Open enrollment occurs during the beginning of November. For current employees, this is the time to review benefits and beneficiaries, and add or make changes to them. This is also a good time to review any changes that DePaul has made to its retirement plan.
Have you experienced a family/life change? Changes happen in life. Marriage, birth, adoption, divorce, or death of a family member may be reasons to check your plan. Changes in your family status, and promotions and merit increases, are important reasons to review and possibly make changes to your retirement plan.
Are you due for an annual investment review? Periodically review your retirement goals. Are you on track with your savings rate? Are you getting the most out of your investment options? Set up an individual counseling session to learn more.
Discover a great new way to learn about your 403(b) retirement plan. ALEX is an easy-to-use online tool that will help find the best-fit retirement plan options for you and your family.
Note: ALEX does not determine 403(b) match eligibility or process your 403(b) enrollment. If you are uncertain of your match eligibility, contact a Benefits specialist at 403bRetirement@depaul.edu or (312) 362-8232. To complete your enrollment process, visit http://go.depaul.edu/mybenefits.
For plan notices and fee disclosures, please visit the 403(b) home page.