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Make Changes to Contribution Amounts & Investments

Effective July 1, 2025, the Northwestern 403(b) retirement plans will allow eligible employees ages 60 to 63 to contribute up to the higher catch-up limit of $11,250 over the regular IRS contribution limit of $23,500.

Northwestern University has two 403(b) retirement savings plans:

You decide how your account balances are to be invested. You have a selection of two Investment Companies, Fidelity Investments and TIAA. You are encouraged to contact the Investment Companies and explore their websites to find information on investment selections, retirement planning, and general investment education. You may also schedule an appointment with a Fidelity or TIAA representative.

Ensure you elect to maximize the Retirement Plan's 5% match BEFORE contributing to the Voluntary Savings Plan.  A Voluntary Retirement Plan Calculator is available to assist you with calculating how much to contribute to the Voluntary Savings plan to reach the IRS limits.

IRS Dollar Limits on Contributions 2025 Annual Limits
Eligible salary limit $350,000
Employee and employer aggregate contribution limit $70,000
Age <50 Limit $23,500
Age 50-59 w/ Catch-up Limit $31,000
Age 60-63 w/ Catch-up Limit $34,750
Age 64+ w/ Catch-up Limit $31,000
Note: Limit is based on your age as of 12/31/2025

Review and make changes to contribution amounts

Contribution amount changes can be made at any time during the year. Northwestern utilizes NetBenefits, administered by Fidelity, to provide enhanced services for the Retirement Savings Plans offered to faculty and staff. All contribution amount changes, even if you contribute to TIAA, are made using this system.

There are two ways to make this change for those in both TIAA and/or Fidelity:


Review and make changes to your investments

Faculty and staff have access to a wide range of funds at both TIAA and Fidelity. You choose and change investments through the Investment Companies:

Schedule a meeting with a representative.