The University of Nebraska provides a retirement plan for the purpose of accumulating lifetime retirement income through participation in the Basic Retirement Plan. Both employees and the university contribute to the Basic Retirement Plan based on a percentage of their salary. Employees may choose between two levels of participation.
Employees may participate in the Supplemental Retirement Plan, which establishes individual annuity and/or custodial accounts to supplement Basic Retirement Plan contributions. Participation is voluntary and 100% employee-funded.
Employees are eligible to participate in the 457(b) Deferred Compensation Plan as long as they have “elected to defer” the maximum 402(g) amount allowable to the university’s Supplemental Retirement Plan 403(b). Participation is voluntary and 100% employee-funded.
NU provides medical, dental, life, dependent life and long-term care insurance, as well as a tuition scholarship program for retirees and their dependents. An overview of eligibility, social security benefits and Medicare Insurance can also be found at the link above.