Automatic Enrollment or Making Changes
Enrollment is Automatic for All Employees
Participation in the Supplemental Retirement and Savings Plan is automatic for all employees. You will automatically be enrolled to contribute 3% of your eligible compensation, as defined under the BU Retirement Plan, on a tax-deferred basis and your contribution will be invested in a Vanguard Target Date Fund closest to the year in which you will turn age 65. Your first contribution to the plan will commence in the month following either your hire date or your transition to a position which is at least 50% of a full-time schedule with at least a nine-month assignment.
You may change or stop your contribution at any time. You may also change the investment allocation of your contributions at any time.
Automatic Enrollment and BU Matching Contribution After Two Years of Service
Once you have completed two years of service with at least a nine-month assignment at 50% or more of a full-time schedule, you will be eligible to receive the University matching contributions to the Boston University Retirement Plan.
In addition, you will automatically be enrolled in the Supplemental Retirement and Savings Plan to contribute 3% of your eligible compensation as defined under the BU Retirement Plan on a tax-deferred basis if you are not already doing so when you complete two years of service. BU matches your contribution dollar-for-dollar up to 3% of your eligible compensation as defined under the BU Retirement Plan.
You may make the following changes at any time:
- You may choose to reduce your contribution to 2% or 1% and still receive a BU Matching contribution.
- You may choose to opt out of contributing, however, the BU matching contribution will also cease if you do not contribute at least 1% of your pay.
- You also have the option to contribute an additional dollar amount beyond 3%, up to the IRS maximum. The University will not, however, match any employee contributions above 3%.
Changing or Stopping Your Elections
Participation in the Supplemental Retirement & Savings Plan is voluntary. You may make changes in your elections online at any time. Please log on to Employee Self-Service via BUworks Central, then select BU Benefits Center.
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 (IS&T).
When you log on, you will be able to:
- Increase your contribution up to the IRS maximum
- Decrease your contribution from 3% to 2% or 1%, or stop your contribution
- Redirect to which company your future contributions are invested
You may change contributions on a prospective basis only, and your changes will be reflected in the paycheck following the date of your online change or the date that Human Resources receive your election. You do, however, have the option to withdraw automatic enrollment contributions during the 90 day period following the date of your first automatic enrollment contribution. To do so, please return this form to Human Resources no later than 90 days following your first automatic enrollment contribution. Please note, any associated University matching contributions will be forfeited if you chose to receive a withdrawal of your automatic enrollment contributions
Your ability to change your investment choices, or to transfer investments from one fund to another, depends on your initial choice of investments. You should review the restrictions in each fund carefully before making your investment decision.
If you participated in another 403(b) or other type of tax-deferred plan (such as a 401(k) plan) with a previous employer, you may be able to roll over your account balances from that plan to the Boston University Supplemental Retirement & Savings Plan, provided you meet the plan’s rules and the rules of the investment account administrator. Human Resources can provide you with further information on rollovers.
Naming Your Beneficiaries
If you were automatically enrolled, you will need to complete a paper Beneficiary Designation Form for Fidelity Investments.