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Human Resources > Benefits > Plans > Retirement

Retirement Plan (403b Defined Contribution Plans)

TIAA-CREF

Use the above link to establish an account or change your beneficiaries online with TIAA-CREF: 800 842-2776

Set an appointment on campus:
800-842-2005

Fidelity Investments

Use the above link to establish an account or change your beneficiaries online with Fidelity: 800 343-0860

Set an appointment on campus:
800-642-7131

Thinking of Retiring from Northwestern?

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 an eligible individual to make Matched Retirement Plan contributions which are matched by the University on a one for one basis and to delay the payment of income taxes on the contributions.
  • Enable an individual to make Voluntary 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, TIAA-CREF and Fidelity Investments.
Retirement Plan
Unmatched Retirement
Matched Retirement
Total
Northwestern Contributes
Employee Contributes
Northwestern Contributes
5% 0% 0% 5%
5%
1%
1%
7%
5%
2%
2%
9%
5%
3%
3%
11%
5%
4%
4%
13%
5%
5%
5%
15%

IRS Contribution Limits

The maximum University salary eligible for basic (matching) contributions is $245,000. The maximum you may contribute in combined 403(b) employee basic and supplemental contributions is $16,500 and the maximum age 50 catch up employee contributions is $5,500. The maximum 457b deferred compensation contribution limit is $16,500. Note that the IRS limits were not increased for 2010, and will remain unchanged from 2009.

Contribution Source
Annual Limit

Eligible salary limit for retirement plans 

$245,000

Employee total contribution limit

$16,500

*15 year catch-up to max of $15,000 over 5 years

$3,000

Age 50 catch up limit (above and beyond the $16,500 limit)

$5,500

Employee and employer aggregate contribution limit

$49,000

*Contact the Benefits Division for eligibility information 847-491-7513

 

Use the 403(b) Voluntary Contribution Calculator to calculate your voluntary contribution up to the IRS limit.

Salary Requirement

An individual must receive University compensation paid by the University's payroll system and the University salary must be sufficient to cover the amount of the monthly contributions deducted.

Eligible Pay

Your 403(b) retirement contributions are calculated by using your base salary including all eligible earnings. This includes overtime, summer salary and summer session pay. Additional pay for supplemental pay, temporary assignments and additional assignments will also be included for employees who do not meet the IRS limit of highly compensated which is $110,000.

*Frequently Asked Questions

*Other Links

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

*Enroll or Change my Enrollment in the Plan

* Use HRIS Self Service to enroll when first benefits eligible or during the annual fall Open Enrollment period

* Change my enrollment mid year including changing my contribution amount or the allocation of contributions to the applicable investment company(ies). Changes are effective the first of the month following the month the Benefits Division receives a completed enrollment form.

* Set up an account with either TIAA-CREF or Fidelity Investments

TIAA-CREF's NU 403(b) plan ID is 101332
TIAA-CREF's NU 457(b) plan ID is NU457B
TIAA-CREF RA-GRA-GSRA Contract Comparison Chart (PDF PDF)

Fidelity Online Enrollment Guide (PDF PDF)
Fidelity's NU 403(b) plan number is 56005
Fidelity's NU 457(b) plan number is 71102