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Retirement Plan (403b & 457b Defined Contribution Plans) |
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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.
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.
Includes links to government agencies, investment companies, and financial planning information.
 Benefits Withdrawal Form ( PDF)
2008
403b Supplemental Contribution Calculator
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Information By Plan
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