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Human Resources > Benefits > Plans > Retirement

Retirement Plan (403b & 457b Defined Contribution Plans)

Enrollment Forms Retiring from NU Contribution Limits

TIAA-CREF

Use the above link to change your designated beneficiaries online with
TIAA-CREF

800 842-2776

403b Supplemental Contribution Calculator

Updated for 2008

Fidelity Investments

Use the above link to change your designated beneficiaries online with
Fidelity Investments

800 343-0860

TIAA-CREF Contract Comparison

 

 

The purpose of the Northwestern University Retirement Plan is to:

  • Provide faculty and staff with the opportunity to accumulate a source of retirement income in addition to income from Social Security and personal savings.
  • Enable eligible employees to make Basic Retirement Plan contributions which are matched by the University on a two for one basis and to delay the payment of income taxes on the Contributions.
  • Enable an individual to make Supplemental Retirement Plan or voluntary contributions which are not matched by the University up to Internal Revenue Service (IRS) limits and to delay the payment of income taxes on the contributions.
  • Enable an individual to make Age 50 Catch Up Supplemental Retirement Plan or voluntary contributions which are not matched by the University up to Internal Revenue Service (IRS) limits and to delay the payment of income taxes on the contributions
  • Provide the opportunity to allocate contributions among any fund offered by University-sponsored investment companies.
  • Offer participants with a range of conservative to aggressive investment fund options.
  • Offer participants with some degree of flexibility for the transfer and withdrawal of accumulated funds.

Individuals may enroll in the plan or waive participation within 31 days of initial benefit eligibility, during Open Enrollment or within 31 days of a qualifying change in employment of family status. Matching contributions generally begin the month following accumulating one year of University benefits eligible service and age 24.

*Summary Plan Description (PDF PDF)

A descriptive summary of plan purpose, IRS regulations, eligibility, contribution limits, enrollment procedures and deadlines, investment options, and withdrawal of plan assets.

Contribution Limits. Effective January 1, 2008, the maximum University salary eligible for basic (matching) contributions is $230,000. The maximum combined 403(b) employee basic and supplemental contributions is $15,500 and the maximum age 50 catch up employee contributions is $5,000. The maximum 457b deferred compensation contribution limit is $15,500.

*Monthly Contributions

*Frequently Asked Questions

*Enrollment - HRIS Self Service

*Other Links

Includes links to government agencies, investment companies, and financial planning information.

*Retirement Planning Guide for Faculty and Staff

*Benefits Withdrawal Form (PDF PDF)
*2008 403b Supplemental Contribution Calculator