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

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 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, TIAA-CREF and Fidelity Investments.
• 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.

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Summary Plan Description ( 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 you may contribute in 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.

2008 403b Supplemental Contribution Calculator

Investment company options including available funds, TIAA-CREF and Fidelity Investments

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

Fidelity's NU 403b plan number is 56005

Fidelity's NU 457b plan number is 71102

TIAA-CREF's NU 403b plan ID for full time faculty is NUPLANA

TIAA-CREF's NU 403b plan ID for staff and part time faculty is NUPLANB

TIAA-CREF's NU 457b plan ID is NU457B

Change my address with TIAA-CREF and or Fidelity Investments (call 800 343-0860)

Change my designated beneficiaries with TIAA-CREF or Fidelity Investments