Retirement Contributions to Resume January 1
Dear Northwestern faculty and staff,
Today we are pleased to announce that Northwestern will resume 5% automatic and 5% matching contributions to the Retirement Plan beginning Jan. 1, 2021, for all active faculty and staff Plan participants.
No action is required on your part. This resumption of employer contributions will not change your retirement plan elections on file. However, we encourage you to review your contribution elections via myHR. Additional information about the Plan is on the retirement website.
Open Enrollment for next calendar year begins on Monday, Oct. 26, at 8 a.m., and we know this news may affect your benefit elections. A virtual health and well-being fair will be held tomorrow, Oct. 22, from 9 a.m. to 5 p.m., to help you prepare for Open Enrollment.
We have prioritized bringing back the retirement contributions amid ongoing economic uncertainties in order to support our faculty and staff. However, making this choice means that we will need to be even more vigilant about our expenses and revenues going forward. Your wise stewardship of our resources will be key to us achieving balanced operations in fiscal year 2021 as planned.
The spirit of shared sacrifice you have demonstrated over these last several months has been deeply appreciated. Thank you again for your patience and all that you have done in support of our University.