403(b) Retirement Plan with TIAA
A defined contribution plan where a percentage of your earnings is contributed by NMU to your individual 403(b) retirement account with TIAA. The percentage contributed is based on your employer group and your date of hire and is open to employees who are not eligible for the defined benefit plan, known as MPSERS (see below).
Employees eligible for a company match can elect salary deferrals online.
TIAA offers numerous resources to help employees find advice they can use and trust. TIAA Consultants visit campus a few times each year to offer in-person consultations. TIAA Consultants are also available year-round telephonically and virtually to review your plan at no cost to you. Visit your TIAA portal to schedule a free consultation.
Review your account, manage your beneficiaries, and make salary deferral changes anytime.
Michigan Public School Employees' Retirement System (MPSERS)
A defined benefit plan which is open only to those employees who have participated in MPSERS prior to 1/1/1996 at one of the following seven institutions: Central Michigan University, Eastern Michigan University, Ferris State University, Lake Superior State University, Michigan Technological University, Northern Michigan University, or Western Michigan University.
This plan is administered by the Michigan Office of Retirement Services. Contact the Michigan Office of Retirement Services at (517) 284-4400 or visit their website for assistance.
Voluntary Retirement Accounts
A voluntary supplemental retirement plan, offered "in addition" to the NMU Retirement Plan, where pre-tax or post-tax (Roth) salary contributions may be made solely by the employee to a 403(b) Tax-Deferred Annuity and/or 457(b) Deferred Compensation Plan with TIAA. The plans were established as a way for employees to save even more for retirement.
To Enroll:
You may be asked for plan numbers.
The plan number for the Voluntary 403(b) is 150723. The plan number for the Voluntary 457(b) is 150724.
If you need assistance, please contact Kimberly Hongisto at 906-227-2470 or khongist@nmu.edu.
The Summary Plan Descriptions are available upon request.
Brokerage Accounts
TIAA offers a brokerage account which gives you access to thousands of mutual funds beyond the ones offered in the base plan. Visit www.tiaa.org/brokerage for more information.
Contribution Limits for 2026
- $24,500 per year for those under age 50
- An additional "catch-up" contribution of $8,000 is allowed for those age 50 and above, for a maximum contribution limit of $32,500 per year
- A "super catch-up" contribution of $11,250 per year is allowed for employees aged 60 - 63, for a maximum contribution limit of $35,750 per year
NMU complies with the requirements of Secure 2.0.
403(b) Tax-Deferred Annuity
This plan is often referred to as a Supplemental Retirement Annuity (SRA) because it is offered "in addition" to the NMU Retirement Plan. It was established as a way for you to save even more for retirement.
If eligible, you must contribute a minimum of $200 per year to participate in this plan.
457(b) Deferred Compensation Plan
457(b) plans are a tax-deferred compensation plan that look and feel very much like other types of retirement or tax-deferred annuity plans, such as a 403(b), and offer many of the same tax advantages to employees. Just like the 403(b) tax-deferred plan at NMU, employees who participate in a 457(b) plan are able to set aside a portion of their salary with pre-tax or post-tax dollars.
There are distinct differences between 457(b) plans and 403(b) plans that may appeal to you. For example, contributions and earnings in the 457(b) plan are available for withdrawal, penalty free, upon separation from service, even before age 59-1/2 (except for amounts rolled over to the plan from other plan types). Withdrawals from 403(b) plans are not penalty free if made before age 59-1/2 (age 55 if separated from service). A penalty of 10% may apply on withdrawals from a 403(b) plan in addition to ordinary income tax.
Social Security Information
- Estimate what your monthly payment will be
- Apply online for Medicare
- Employees approaching age 65 can enroll in Medicare a few months before their birthday without an appointment or a trip to the Social Security office.
- Social Security Retirement Benefits Planner
Retirement Portfolio Review Tools
NMU provides a set of quarterly portfolio review reports to faculty and staff who participate in the 403(b) Defined Contribution retirement plans. The portfolio review reports provide information about commonly selected investment options in the TIAA 403(b) Retirement Plan. Log into your MyNMU account to access these reports through the Employee Services tab of MyNMU.