NIU employees have access to two supplemental retirement plans, 403(b) and 457(b). Both plans have pre-tax and Roth after-tax options.
With the tax-deferred option, your contributions are made on a pre-tax basis and are not reported on your W-2 statement. After the age of 59 1/2, you can request a qualified distribution, which will be taxed when distributed.
With the Roth after-tax option, your contributions are included in your taxable income. Earnings are tax-free if they're part of a qualified distribution. After the age of 59 1/2, you can request a qualified distribution at least five years from the year of your first contribution.
The IRS contribution limit for both plans together for 2021 is $19,500. There is an over age 50 catch-up limit of $6,500.
NIU administers the 403(b) plan. Contributions can be a percentage or a flat dollar amount, and are deducted from your paycheck. You must contribute a minimum of $10 per pay period. You have legal ownership of the account.
To enroll, follow these steps:
You can change your contribution by submitting a new NIU Salary Contribution Agreement Form (PDF).
Get more information about the 403(b) plan by meeting with an agent from an approved vendor.
Bob Intoccia and Nicholas Camarella provide virtual appointments to provide individual financial counseling.
Make an appointment with Fidelity online or by calling 800-642-7131.
Patrick Windle provides virtual appointments to provide individual financial counseling.
Make an appointment with TIAA online or by calling 800-732-8353.
If you’re eligible for insurance through the state of Illinois, you’re eligible to participate in the 457(b) deferred compensation program administered by Central Management Services (CMS) if hired before June 30, 2023. There are no matching contributions from the state of Illinois. The retirement plan service provider is Empower.
To enroll in the state of Illinois 457(b) plan, visit Empower or call 833-969-4532 to speak with an Empower representative on business days between 7 a.m. and 9 p.m. Central time and on Saturdays between 8 a.m. and 4:30 p.m. Central time.
Deferred Compensation Office