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Board of Trustees votes to increase contributions to employee retirement accounts

Related Topics: Neeli Bendapudi, COVID-19

By Madelin Shelton —

The University of Louisville will be increasing the university’s contribution to employee retirement accounts to six percent of the employee’s salary effective Feb. 1 through June 30.

“The additional optional university contribution of 2.5 percent that matches voluntary employee contributions will also continue through this period,” U of L President Neeli Bendapudi said in an email.

This increase comes as the university had to implement several budget saving steps last spring in response to the financial fallout of the COVID-19 pandemic. One of these steps included eliminating the university’s contributions to individual retirement accounts.