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Northwestern Retirement Plan

Plan benefits

Any benefits-eligible employee scheduled to work half-time or more (18.75 or more hours per week) and is at least age 24, may participate in the Northwestern University Retirement Plan starting the first pay period available after their one-year anniversary. This allows the following pre-tax contribution types: 

If you are an employee who is not eligible to participate in the Northwestern University Retirement Plan, you may participate in the Voluntary Savings Plan starting the first available pay period after your date of hire.  

Click here for information on how to enroll or make changes to the plan

Eligible earnings 

Your 403(b) retirement contributions are calculated by using your base salary including any eligible earnings (contact the Payroll Department regarding earnings that are pensionable). 

Additional pay for supplemental pay, temporary assignments and additional assignments are included for employees who do not meet the IRS limit of highly compensated, which is $125,000 in 2019.

IRS contribution limits 

Use this 403(b) Susupplemental Contribution Calculator to calculate your supplemental contribution for 2019 or 2020 up to the IRS limit. 

2019 annual IRS contribution limits
Contribution Source 2019 Annual Limits
Eligible salary limit for retirement plans $280,000
Employee total contribution limit $19,000
Age 50 catch-up limit (above and beyond the limit) $6,000 
Employee and employer aggregate contribution limit $56,000

 

2020 Annual IRS contribution limits
Contribution Source 2020 Annual Limits
Eligible salary limit for retirement plans $285,000
Employee total contribution limit $19,500
Age 50 catch-up limit (above and beyond the limit) $6,500 
Employee and employer aggregate contribution limit $57,000