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.
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Plan Features | |
Plan Administrator | PERA/Empower |
Who can participate? | All CU faculty and staff. |
How much can you contribute? |
Maximum: 2023: $22,500 2024: $23,000 |
Minimum: N/A | |
Catch-up contributions: $7,500 |
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2023 Combined limits:
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When are you vested? | Contributions to this account will be 100% vested immediately. |
When can you take money out? | Qualifying distributions
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Loans: Members can borrow from their account balances and pay back the loan with interest. Two types of loans are available: general and residential. |
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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. |