Automatic Enrollment or Making Changes

Enrollment is Automatic for New Employees working at least 50% of a full-time schedule

Newly hired BU faculty and staff who work at least 50% of a full-time schedule and who have at least a nine-month assignment duration are automatically enrolled to contribute 3% of your eligible compensation, as defined under the BU Retirement Plan, on a tax-deferred basis. Your contribution is invested in a Vanguard Target Date Fund based on the year closest to when you will reach age 65.

You may change or stop your contribution at any time. You may also change the investment allocation of your contributions at any time.

After Two Years of Service

Once you have completed two years of service you will be eligible to receive the University contributions to the Boston University Retirement Plan. 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 choose to reduce your contribution to 2% or 1% and still receive a BU Matching contribution. You may also 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 %, 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.  Select Benefits & Pay, 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 (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

Alternatively, if you wish to use paper forms, you may print the forms or (upon request) forms will be mailed to you by Human Resources. Completed forms must be returned to the Charles River Campus Human Resources office. Only one method of is required: online or paper—not both.

You may stop or reduce contributions on a prospective basis only; that is, you cannot take back any contributions once they are made. Your changes will be reflected in the paycheck following the date of your online change or the date that Human Resources receives your election.

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.

If  you wish to change your fund choices, you should log on to either Fidelity NetBenefits or TIAA to access your account and make changes.

Naming Your Beneficiaries

If you were automatically enrolled, you will need to complete a paper Beneficiary Designation Form for Fidelity Investments.

Enrollment for Employees Working Less Than 50% of full-time or Less Than 9 Months

You are not enrolled automatically in the Supplemental Retirement and Savings Plan, nor are you eligible for the University Matching Contribution. However, you are eligible to contribute to the plan at any time. If you wish to participate in the Supplemental Retirement & Savings Plan. You may enroll or make changes at any time through the BU Benefits Center. Please log on to Employee Self-Service via BUworks Central.  Select Benefits & Pay, 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 (IS&T).

When you log on, you will be able to:

  • Enroll for the first time
  • Open an account with an investment account administrator if you do not yet have an account with that investment account administrator, and you want to move some of your plan money to it
  • Change your contribution amounts

Getting Started

Before you log on, you may want to:

  • Choose your contribution amount
  • Select your investment funds
  • Based on the funds selected, choose Fidelity or TIAA as your investment account administrator
  • Gather the information needed to name your beneficiary(ies)
  • Set aside time to complete the online process