All eligible employees can enroll in the 401(k) plan. This is a defined contribution plan that allows pretax contributions, which lowers taxable income. Participants save on taxes now and pay taxes only on distributions in retirement.

Plan Features 
Plan Administrator PERA/Empower
Who can participate? All CU faculty and staff.
How much can you contribute?

2023: $22,500
2024: $23,000
Minimum: N/A
Catch-up contributions:
2023 Combined limits: 2024 Combined limits:
When are you vested? Contributions to this account will be 100% vested immediately.
When can you take money out? Qualifying distributions
  • Attain age 59 ½
  • Retirement
  • Severance of employment
  • Disability
  • Financial hardship
Loans: Members can borrow from their account balances and pay back the loan with interest. Two types of loans are available: general and residential. 
Investment choices You will have access to the PERAdvantage line of investments, which can accommodate whether you are comfortable making your own investment decisions or prefer a more hands-off approach. Target Date Funds are available based on your expected retirent date.

See PERA's voluntary plan website and related investment  lineup.
What are the fees? The administrative fee is a flat rate of $1 per month. Participants also pay a 0.03% total asset-based fee.