Supplemental Retirement Plans FAQs
What supplemental retirement plans does NAU offer? Accordion Closed
NAU offers the 403(b) supplemental retirement that is sponsored by the Arizona University System (AUS) and the 457(b) Deferred Compensation plan which is sponsored by the State of AZ. Both plans allow you to contribute either pre-tax and after-tax Roth contributions. All employees, regardless of employment category, can participate in either or both of these plans.
For more information:
Who can enroll in one of NAU’s Supplemental Retirement plans? Accordion Closed
A All employees, regardless of employment category, can participate in either or both supplemental retirement plans.
Will NAU match my contributions to the supplemental retirement plans (403b or 457b)? Accordion Closed
NAU does not match contributions to the supplemental retirement plans (403b) and 457(b).
Can I rollover funds from my previous retirement plan? Accordion Closed
Yes, funds from qualified plans such as 401(k), 401(a) or 403(b) call be rolled over into the 403(b) and the 457(b).
Contact your investment provider for the documents needed for a rollover request. Visit the Vendor Contact webpage which includes the provider’s website address and customer service phone number.
Can I contribute pre-tax to the supplemental retirement plans? Can I make Roth contributions? Accordion Closed
Yes, the 403b supplemental plan and 457 deferred compensation plan both offer pre-tax and after-tax Roth options.
Can I contribute the IRS maximum to both the 403(b) and the 457(b) plans? Accordion Closed
Yes, the limits are separate. You can contribute the IRS maximum to both plans.
I am a new employee and at my previous employer I already contributed $5,000 to a 403(b) at my previous employer. Can I contribute the full IRS maximum to this 403(b)? Accordion Closed
No, the IRS maximum is a personal maximum not a plan maximum. You should subtract the $5,000 from the current IRS maximum to determine how much you can contribute to the NAU 403(b) plan.
How do I change my 403(b) contributions? Accordion Closed
Fidelity is the administrator of the 403b plan.
- Changes are made through the Fidelity NetBenefits website. Learn how to enroll and change your contributions.
- If you need assistance enrolling or making changes, contact Fidelity. Visit the Vendor Contact webpage for Fidelity’s contact information.
How do I change my 457 contributions? Accordion Closed
Nationwide is the only vendor for the 457. Changes can be made through the Nationwide site after creating an online account or by contacting Nationwide for assistance by calling 1-800-796-9753. Visit the Vendor Contact webpage for information on NAU’s representative with Nationwide who can further assist if needed.
Who are the investment providers for the 403b supplement retirement plan? Accordion Closed
You can invest with TIAA and/or Fidelity, which are the current investment providers of the Arizona University System.
Who is the investment provider for the 457 deferred compensation plan? Accordion Closed
Nationwide Retirement Solutions
Where can I find information on my investment options? Accordion Closed
TIAA. Fidelity and Nationwide have representatives who can meet with you to help you choose investments for your retirement portfolio. In addition, the provider’s website offers online planning tools to help you manage and track your portfolio on your own.
To schedule a consultation, contact Fidelity Investments or TIAA directly. Visit the Vendor Contact webpage which includes the provider’s website address and customer service phone number.
Loans and Distributions
Can I take a loan from my 403b or 457 account? Accordion Closed
Yes, the amount you can borrow depends on your account balance available for loans.
- You may only have 1 general loan and 1 home loan at a time at a time.
- Loans may only be taken from your accounts with the plan’s active investment managers Fidelity, TIAA and Nationwide.
Your investment provider can assist with completing the loan request. Visit the Vendor Contact webpage which includes the provider’s website address and customer service phone number.
Can I access my supplemental retirement account/s while still actively employed? Accordion Closed
- Participants are eligible to request a Hardship distribution at any age.
- 403 participants who are at least age 59 ½ they request an in-service distribution.
Visit the Vendor Contact webpage which includes the provider’s website address and customer service phone number.
When may I withdraw money from my 403(b) account? Accordion Closed
Distributions are generally allowed when you terminate employment, reach age 59½, retire, if you have severe financial hardship as defined by the Plan, or upon your death. Pretax contributions and associated earnings are subject to income taxes when withdrawn.