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.
|Who can participate?||All CU faculty and staff.|
|How much can you contribute?
|2023 Combined limits:
|When are you vested?||Contributions to this account will be 100% vested immediately.|
|When can you take money out?||Qualifying distributions
|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.|