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Enroll in or Change your 403(b) Retirement Plan

To ENROLL in or ADD a new investment vendor to the 403(b) Retirement Plan, you must complete BOTH Steps 1 and 2 below.

To MAKE CHANGES, including adding Roth contributions to your current 403(b) account, or TERMINATE participation in the 403(b) plan, go to Step 2.

STEP 1: Select Investment Vendor(s) and Open Account(s)
Learn about the two investment vendors and the different funds they offer. Review the company websites and read their fund prospectuses online. Or, you may call the investment vendors directly to obtain paper copies of these materials.

Learn about Fidelity Investments or call 800-343-0860.
Learn about TIAA or call 800-842-2776.

Next, open a 403(b) account with the investment vendor(s) you have selected. Even if you have an account with Fidelity or TIAA from a previous employer, you are still required to open a new account as a University of Illinois employee.

  • You may choose more than one vendor and more than one fund within that vendor.
  • If you do not make a fund selection with the investment vendor, the default investment is an age-appropriate lifecycle fund. Note: This is not the case if you are adding the Roth option to your current pre-tax election through TIAA. In this situation, your fund mix for the Roth will mirror your pre-tax fund selection. Because the default lifecycle fund may not align with your personal investment goals, the University strongly encourages you to review the fund options available and select funds that fit your investment goals.
  • You can open your account online by visiting the appropriate vendor site:
    Fidelity Investments Online Enrollment | TIAA Online Enrollment. Please view the 403(b) Plan Enrollment Guide (pdf) for instructions on 403(b) online enrollment.
  • If you do not have online access, you may call the investment company directly to obtain paper enrollment forms. Contact University Payroll and Benefits for assistance. Completed forms should be sent to the investment company directly.
    • Fidelity Plan ID 50764
    • TIAA Plan ID 100340

STEP 2: Complete the University's SRA Form
The "Salary Reduction and/or Redirection Agreement", or SRA Form, authorizes the University to withhold 403(b) contributions from your pay and remit the funds to the investment vendor(s) on your behalf. You must complete the SRA Form to:

  • Begin or restart contributions
  • Change allocation between companies (If you need to open an account with a new investment company, remember to complete Step 1 above first.)
  • Change the total amount of contributions
  • Change between contributing a flat dollar amount or percent of pay
  • Designate contributions as pre-tax or Roth (post-tax)
  • Terminate your payroll contributions

The electronic SRA cannot be used to defer your Terminal Benefit Payout. A paper SRA must be used for this purpose. Click the Continue Button below to complete the SRA Form online. You will need your University NetID and Password.

Continue

If you prefer to fill out a paper Salary Reduction and/or Redirection Agreement (SRA) form for Step 2, you may print a copy of the SRA and return it to University Payroll and Benefits.

NOTE: If you have elected a hardship withdrawal, you cannot make any 403(b) contributions for six months after you receive the hardship distribution.

Please contact the investment companies for more information about funds, investments, or distribution options. The University does not provide, and any information provided does not constitute, legal, financial, or tax advice. You should consult with a legal, financial, or tax professional for assistance with your individual circumstances.

 


Maintained by University Human Resources | Contact Information | Last Update: 16-March-2016 | ID: 136