Handle voluntary retirement savings changes online or by phone
Faculty and staff who want to begin, stop or change contributions to their voluntary retirement savings plan have two ways to contact Fidelity to manage their accounts:
* Visit the Purdue-dedicated Fidelity NetBenefits website at http://plan.fidelity.com/purdue.
* Contact the Fidelity Call Center at 800-343-0860, 8:30 a.m. to midnight, Eastern time.
"Academic-year faculty and staff sometimes wish to change their contributions during the summer," says Teresa Wesner, benefits manager in Human Resources. "As they consider changes for this year, we want to remind them -- and everyone -- of the new process we have with Fidelity."
Under the new procedure, paper forms are no longer required, and employees transact business directly with Fidelity. "Voluntary retirement savings are now based on a percentage of the employee's pay, rather than a set dollar amount per pay," Wesner says. "So some who have made summer changes in the past may no longer feel that it's necessary."
Regardless of the reason for an adjustment, Fidelity will process the employee's requested change and forward it to Purdue's Payroll Department. Taking the University's payroll calendar into account, the following schedule applies to monthly paydays for May through September.
* For payday on May 31, deadline for making change with Fidelity is May 15.
* For payday on June 30, deadline is June 12.
* For payday on July 29, deadline is July 17.
* For payday on Aug. 31, deadline is Aug. 21.
* For payday on Sept. 30, deadline is Sept. 18.
Contributions are not refunded, so employees should plan ahead to have changes take place on the desired payday.
"Purdue's voluntary retirement savings plan is a great way for employees to put away money for retirement," says Wesner. "The opportunity for tax savings today and compounding interest through the years can be powerful tools in meeting your retirement goals."