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Retirement Plan (403b Defined Contribution Plans) |
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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
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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
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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 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% |
2009 IRS Contribution Limits
Effective
January 1, 2009, 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.
Use the 2009 403(b) Voluntary Contribution Calculator to calculate your voluntary contribution up to the IRS limit.
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
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 in 2009 is $110,000.
 2009 Frequently Asked Questions
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.
TIAA-CREF Online Enrollment Guide ( PDF)
TIAA-CREF's NU 403(b) plan ID for full time faculty is NUPLANA
TIAA-CREF's NU 403(b) plan ID for staff and part time faculty is NUPLANB
TIAA-CREF's NU 457(b) plan ID is NU457B
TIAA-CREF RA-GRA-GSRA Contract Comparison Chart ( PDF)
Fidelity Online Enrollment Guide ( PDF)
Fidelity's NU 403(b) plan number is 56005
Fidelity's NU 457(b) plan number is 71102
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Information By Plan
Health
