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IU retirement plan updates for 2022

As we begin 2022, IU Human Resources shares some important news and updates for IU retirement plan participants.

Contribution limits increase

The IRS has released the 2022 retirement plan contribution limits, which include a $1,000 increase to the contribution limit for IU’s supplemental retirement plans. This means that eligible employees can contribute up to $20,500 to both the Tax Deferred Account and the IU 457(b) in 2022. The age 50 catch-up contribution remains the same at $6,500 for each plan. These limits include both pre-tax and after-tax (Roth) contributions.

As a reminder, academic and staff employees appointed at 50 percent or more full-time equivalent, and employees classified as temporary with retirement, are eligible for the TDA. All IU employees are eligible for the IU 457(b).

Enrollment or plan changes can be done at any time by submitting an optional benefit change request through the Employee Center. To learn more, visit the IU retirement plans website or contact AskHR at askhr@iu.edu.

Discover your retirement savings options

If you’re interested in learning more about your retirement savings options at IU, join the experts from IU Human Resources and Fidelity for a free virtual workshop. You’ll hear about IU’s voluntary retirement savings options and learn how IU’s dedicated Fidelity Workplace Financial Consultants can help you reach your retirement goals. All times are Eastern Standard Time.

What You Need to Know about IU Supplemental Retirement Plans
Presented by IU Human Resources

Meet Your Dedicated Fidelity Workplace Consultant
Presented by Fidelity

Vanguard funds transition

IU retirement plan participants should watch their email or home mailbox for a notice from Fidelity detailing the upcoming transition of IU’s default investment option, the Vanguard Institutional Target Retirement Funds (“Institutional Shares”), to Vanguard Target Retirement Funds (“Investor Shares”). The merger is expected to result in lower expense ratios than previous funds but will otherwise continue to function the same. The merger will take place automatically at the close of business on Feb. 11, without any action required by participants. For questions, contact Fidelity at 800-343-0860.