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:
- Retirement Plan
- Voluntary Savings Plan
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 |
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:
- Call NetBenefits at 800-343-0860 to speak with a representative;
- Update your contribution amount yourself via myHR. Call NetBenefits at 800-343-0860 for assistance with navigating the portal and maximizing your benefit. See this user guide on how to navigate the system or view the video below.
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:
- TIAA: (800) 842-2005; https://www.tiaa.org
- Fidelity Investments: (800) 343-0860; Or yourself via myHR (See this user guide on how to navigate the system)
Schedule a meeting with a representative.
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