403(b) Match: Don’t Forget to Update Your Election

Are you a faculty member approaching your first anniversary or a staff member approaching your second anniversary? You may wish to take a moment to review your current 403(b) contribution percentage and submit a Salary Reduction Agreement to take advantage of the university match if you are not already doing so.

As a reminder, the university’s match is as follows:

  • 5% of the employee’s base compensation with no employee contribution
  • Additional matching from Illinois Tech up to a maximum of 9% with a 4% contribution

Faculty and staff may contribute to the 403(b) plan on an unmatched basis prior to being match eligible. However, please note that the employer match is NOT automatic. You must complete a Salary Reduction Agreement for the match to begin. If you have an unmatched contribution, you must complete a new Salary Reduction Agreement when you become eligible for the match.

Individuals wishing to update their unmatched contributions or existing matched contributions can now to do through Banner Self-Service. Please see the attached PDF for instructions.

For additional information regarding the 403(b), please visit the Retirement Plan page on the HR Portal.