Ball State has 2 different voluntary retirement plans and together you can save as much as $46,000 – $61,000 next year through these plans. The 2024 IRS limits as well as some features of the plans can be found in the chart below. The deadline to elect a new contribution or change existing contributions on the Fidelity NetBenefits site is January 2, 2024, for the first paycheck in 2024.
If you have questions about any of the University’s retirement plans, please contact our office at 285-1834 and ask to speak with a Benefit Specialist.
Tax Deferred Account (TDA) – 403(b)
Employee only contributions – percent of wages, up to 75%
- Pre-tax option
- Roth (post-tax) option
- Roth conversions
- Allows rollovers into the plan.
- Allows loans through Fidelity.
- 2024 limit = $23,000 (+ $7,500 catch-up if age 50+)
- Withdrawals at age 59.5+ while employed.
- Withdrawals prior to age 59.5 subject to tax penalty
To change or begin contributions:
- Log in to your account through www.netbenefits.com/BallState
- From the home page, click the Quick Links drop-down menu next to the plan name, select Contribution Amount, then click Contribution Amount. Enter your new contribution percentage.
- Confirm your new contribution percentage.
457(b) Deferred Compensation Plan
Employee only contributions – percent of wages, up to 75%
- Pre-tax option
- Roth (post-tax) option
- Roth conversions
- Allows rollovers into the plan.
- No loans
- 2024 IRS limit = $23,000 (+ $7,500 catch-up if age 50+)
- Withdrawals at age 59.5+ while employed.
- Withdrawals not subject to tax penalties at any age
To change or begin contributions:
- Log in to your account through www.netbenefits.com/BallState
- From the home page, click the Quick Links drop-down menu next to the plan name, select Contribution Amount, then click Contribution Amount. Enter your new contribution percentage.
- Confirm your new contribution percentage.