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by Nicholas Moore | Oct. 9, 2017, 8:32 AM
Open Enrollment is a strategic time to review your 403(b) Retirement Plan, a mandatory long-term investment program for eligible faculty and staff.
While you do not need to make any changes or elections to your retirement benefits during Open Enrollment, you can review your contribution rate and investment elections and make any necessary adjustments to stay on track to meet your savings goals.
Beginning Jan. 1, 2018, Vanderbilt will match voluntary retirement contributions of 1 percent or 2 percent (up to 5 percent total, mandatory and voluntary). As always, the university will match your mandatory 3 percent contribution.
Enhancing the university’s retirement match encourages employees to take full advantage of this important benefit. You may make retirement plan changes at any time during the year by contacting Fidelity Investments, the university’s administrative services provider.
You can get the guidance you need to help plan for your future by meeting one on one on campus or over the phone with a Fidelity planning and guidance consultant. Eligible employees can schedule the consultation online at NetBenefits, or call 800-642-7131.
Participation and contribution rates vary depending on your eligibility, so be sure to review the Retirement Plan website for details.
Open Enrollment for 2018 runs from 8 a.m. Oct. 17 to 11:59 p.m. Oct. 31.
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