New voluntary retirement contribution options introduced; QDRO Center resource added

Employees now have additional contribution options available within Fidelity NetBenefits when choosing how to make retirement contributions to their voluntary retirement savings plans, providing employees with more opportunities to grow their retirement savings.

“The university continues to prioritize helping employees build and save for retirement,” said Candace Shaffer, associate vice president, benefits and payroll in Human Resources. “Introducing these new contribution opportunities highlights this objective as part of the larger Healthy Boiler goal of improving employees’ overall financial health and wellness through such opportunities as helping employees to save for retirement by way of a variety of savings strategies.”

The voluntary retirement savings plans now offer:

• Purdue University 403(b) voluntary plan:
  • after-tax contribution savings option
• Purdue University 457(b) voluntary plan:
  • Roth and after-tax contribution savings options
  • Roth in-plan conversion feature
• Purdue Global 457(b) Defined Compensation Voluntary Retirement Savings Plan:
  • after-tax contribution savings option

“How employees choose to contribute to their retirement is personal and varies for each individual,” Shaffer said. “It’s important to work with a knowledgeable expert, such as a Fidelity retirement planner, to ensure the best possible retirement savings outcome.”

Fidelity will offer workshops to help faculty and staff understand these new contribution features available within their plans and how to maximize their retirement savings strategies.

The workshop schedule is as follows:

 Understanding Roth Contributions in Your Workplace Savings Plan

In this workshop, attendees will learn about the Roth contribution option, which may be available in their workplace savings plan. 

• Feb. 21, noon to 12:30 p.m. ET
• Feb. 26, noon to 12:30 p.m. ET

Purdue retirement plans offer many ways to save for the future. During these workshops, attendees can learn more about their options, including how to convert after-tax dollars to a Roth using an in-plan conversion.  

• Feb. 22, noon to 12:30 p.m. ET
• Feb. 23, noon to 12:30 p.m. ET
• Feb. 27, noon to 12:30 p.m. ET

The full workshop schedule is available on Fidelity’s schedular webpage. Change the event type to “Virtual Event” to see the available workshops. 

Employees are encouraged to schedule online or call 800-642-7131 to make an appointment to meet one-on-one in person or virtually with a Fidelity retirement planner to discuss their personalized retirement and savings goals. 

Newly added Fidelity QDRO Center resource

In addition to expanding the university’s voluntary savings contribution options, an online electronic QDRO Center portal is now available through Fidelity to assist employees who may find themselves from time to time in need of assistance with completing a Qualified Domestic Relations Order (QDRO). 

A QDRO is a court-approved order that assigns all or a portion of an individual’s retirement benefits to a spouse, former spouse, child or other dependent. QDROs are typically required to divide marital assets in a divorce or separation to pay alimony or provide child support. Previously this was a manual, paper-based process.

For assistance, employees may contact a Fidelity representative by phone at 800-343-0860.