Automatic Enrollment and Making Changes
University Core Contributions – You are automatically enrolled in the BU Retirement Plan after two years of eligible service. You do not make any contribution to receive the University Core Contribution.The contributions are invested in a Vanguard Target Retirement Date Fund which corresponds to the year closest to when you will turn age 65.
You may change the fund in which the University Core Contribution is invested at any time by logging on to your Fidelity account or by contacting Fidelity Investments at 1-800-642-7131.
If you wish to change your investment to TIAA, please log on to Employee Self-Service via BUworks Central. Select Employee Self Service, and then select BU Benefits Center – Retirement Plan. This change be made to both the BU Retirement Plan contributions and your own Supplemental Retirement & Savings Plan contributions.
University Matching Contributions – BU will match your contributions to the Supplemental Retirement & Savings Plan dollar-for-dollar up to 3% of your base pay.
If you wish to make a change to your contribution amount or invest in TIAA, you may do so on the BU Benefits Center. You can allocate your contributions and the University contributions in any percentage between the funds available through Fidelity and TIAA.
Naming Your Beneficiaries
If you were automatically enrolled, you will need to complete a paper beneficiary designation form for Fidelity.
Changing or Stopping Your Elections
You may make changes in your elections online at any time. Please log on to Employee Self-Service via BUworks Central. Select Employee Self Service, and then select BU Benefits Center – Retirement Plan. You will need a BU login account and Kerberos password to access the secure web pages. To learn more about setting up your account, please visit Information Services & Technology. Your changes will be reflected in the next payroll run following the date you enter your change or the date that Human Resources receives your application.
Your ability to change your investment choices, or to transfer investments from one fund to another, depends on your initial choice of investments. Some funds (such as TIAA’s Traditional Annuities) have limitations on lump sum transfers; other funds may restrict investments in and out within a short time to prevent market timing or other manipulative practices. You should review the restrictions in each fund carefully before making your investment decision.