COVID-19 UPDATE: NU is open. Faculty/staff are working in-person and campuses are open for in-person learning this fall.MORE INFO
Supplemental Retirement Plan: 403(b)
Faculty and Staff, regardless of age, length of service, or benefits FTE, may participate in the Supplemental Retirement 403(b) Plan.
SRA contributions are withheld each pay period as a percent of compensation or a flat dollar amount ($200 annual minimum) up to the Internal Revenue Service’s maximum allowance. Contributions made to the SRA Plan are withheld on a voluntary basis. You can change your 403(b) contribution amount anytime during the year.
Traditional 403(b) Contributions
Traditional 403(b) contributions are made on a pre-tax basis and are not included in current taxable income. The pre-tax contributions and any earnings will be subject to income taxes when withdrawn.
Roth 403(b) Contributions
Roth 403(b) contributions are made on an after-tax basis and are included in current taxable income. Earnings are tax free if they are part of a “qualified distribution.” A qualified distribution is one that is taken at least five tax years from the year of the first Roth 403(b) contribution and after the participant attains age 59½, becomes disabled or deceased.
403(b) Effective Date of Participation
Participation is effective on the first day of the month following submission of the Supplemental Tax‐ Sheltered Annuity 403(b) Program Pre‐Tax Salary Reduction/Roth Deduction Agreement and completion of the vendor online account application(s). The Supplemental Tax‐Sheltered Annuity 403(b) Program Pre‐Tax Salary Reduction/Roth Deduction Agreement (includes both a new or contribution change) must be received at the Campus Benefits Office by the last working day of the month in order for that contribution to start the following month.
For example, a Supplemental Tax‐ Sheltered Annuity 403(b) Program Pre‐Tax Salary Reduction/Roth Deduction Agreement that is received by February 28 will be effective March 1. A Supplemental Tax‐Sheltered Annuity 403(b) Program Pre‐Tax Salary Reduction/Roth Deduction Agreement that is received on March 1 or later will be effective April
Allocating 403(b) Plan Contributions
You may allocate contributions among or between TIAA and Fidelity Investments in any whole-number percentage, including full allocation to any option. Once participation begins, allocation changes of future premiums may be made at any time by contacting the respective investment company.