Universal Availability Notice 2024
Supplemental 403(b) Retirement Plan
This annual notice summarizes the terms and conditions of the Southern Illinois University Edwardsville Supplemental 403(b) Retirement plan.
Overview
- Southern Illinois University Edwardsville (SIUE) sponsors the Supplemental 403(b) Retirement Plan (“The Plan”).
- A 403(b) plan is a tax-deferred retirement plan available to employees of educational institutions and certain non-profit organizations.
- The Plan is a voluntary supplement to the State Universities Retirement System (SURS) pension designed to allow eligible employees an additional retirement benefit.
Eligibility
- All employees of SIUE who receive wage or salary compensation reportable on a Form W-2 are eligible to participate in the Plan.
- Employees must elect to contribute at least $200 each year.
Contributions
- Employee contributions to the Plan can be allocated among the investment options offered by any approved vendor under the Plan.
- Contributions are designated as a flat dollar amount up to the maximum limits per IRS regulations.
- An employee can elect to defer a portion of his or her compensation to the Plan on a pre-tax basis and some vendors have Roth offerings on a post-tax basis.
Annual Contributions to the Plan are limited per IRS regulations. The contribution limits for 2024 are: |
Basic Elective Contribution Limit |
Age 50+ Catch-up Contribution |
2024 |
$23,000 |
$7,500 |
To Enroll
Eligible employees may begin participating in the Plan at any time. To enroll in the Plan, an employee must have opened an account with an approved vendor and complete a Salary Reduction Agreement (SRA) to elect the contribution amount. The SRA will continue until modified or revoked by the employee. Employees may increase, decrease, change vendors or discontinue their contributions at any time. The SRA form can be found at http://www.siue.edu/human-resources/pdf/403b%20SalReduction%205%202016.pdf .
Approved Vendors
For more information or to enroll with an approved 403(b) vendor, please visit the Supplemental Retirement Plan webpage at http://www.siue.edu/human-resources/benefits/retirement-financial-planning/supplemental-retirement-plans-403b.shtml.
Additional information
Employees who participate in the State Deferred Compensation 457 plan may also contribute up to the maximum in the 403(b) Supplemental Retirement Plan.
The approved vendors in this plan hold virtual appointments throughout the year. E-mail announcements are sent to the SIUE campus prior to these visits and contain instructions for employees to set up a time to meet with the vendor.
All the Best,
LaVontas Hairston, Sr.
Asst. Director of Human Resources
Payroll/ Benefits/ HRIS