Tax Deferred Savings
Each employee has the opportunity to elect to participate in the Illinois State University Tax Deferred Compensation Plan ("Plan"). The Plan is a voluntary program to help employees save for retirement and satisfies the requirements under Internal Revenue Code Section 403(b). The employee saves by authorizing the University to reduce his salary on a pre-tax or post-tax basis each pay period, and to remit that amount to an authorized vendor for investment.
Any approved vendor offering 403(b) investment products must be in strong financial standing in the most current edition of Best’s Life Insurance Reports, Moody’s and S & P financial ratings.
Participation in this Supplemental 403(b) Retirement Plan is voluntary. Employees are not required to join the Plan. Each employee who does join the Plan is responsible for making decisions regarding the possible benefits or tax consequences of various options which are available under the Plan, including selection of pre-tax and post-tax contributions, available insurance companies, investment companies, investment options, accumulation accounts, custodial accounts and contracts.
Detailed Guidelines for administering the Plan can be found in the University Tax Deferred Compensation Plan Document which is available at the Tax Deferred Compensation Plan document.