The Broad Institute, Inc. 457(b) Plan, is a non-qualified deferred compensation plan that will allow you to save for retirement or other major future expenditures over and above what you may be saving in the Broad Institute, Inc. 401(k) Retirement Plan. You are eligible to participate in this Plan based on your position within the Institute.
How does it work?
You elect to defer a percentage (from 1% to 75%) of your eligible pay into an account at Fidelity Investments. It will be deducted on a pre-tax basis, reducing your current tax liability, and invested in funds that you choose - virtually the same fund lineup that is available through the 401(k) plan. You'll receive a distribution of your contributions and any earnings after your employment with the Broad ends.
Why would I join?
For most participants, the primary reason to join will be to reduce their current tax burden. By deferring a portion of your current compensation (up to $19,500 in 2021), you may be able to better manage your future tax liabilities. It also gives you a mechanism to save and invest for retirement or other major expenditures after you leave the Broad.
How do I enroll?
It is as simple as going to www.fidelity.com/atwork and following the menu prompts. Your enrollment is not limited to a specific timeframe. You can enroll at any time and you can change your investment choices at any time you like. All account information will be available, along with your current 401(k) information, on the Fidelity website.
For detailed information check out this 457(b) Plan Information Brochure and FAQ.
Email benefits@broadinstitute.org with questions.
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