Benefit amount is based on prescribed formulas using such factors as age, length of service, and average final earnings. Disability, survivor, and death benefits are provided automatically. The benefit amount is determined by your account balance at the time of your retirement. Survivor and death benefits are not automatic, but are available. If you leave University employment, you may take your account with you, including your contributions, employer contributions, and the investment returns.
Participation is by salary reduction only.
Income taxes are deferred on your deposits and interest until withdrawn from the plan at which time they are taxed as ordinary income. Participation does not reduce any UI benefits based on full salary such as retirement, life insurance, disability or survivor benefits. Visit the companies' World Wide Web sites for company specific information. Aetna American Century Fidelity Metropolitan Life TIAA-CREF State of Illinois 457 Tax Deferred Compensation Plan offers investments with mutual funds, insurance companies, and banks.