Retirement Plan
Welcome to the NDNU DC Retirement Plan (“Plan”). The Notre Dame De Namur University DC Retirement Plan (“Plan”) is a defined contribution plan designed to meet the requirements of IRS Code § 403(b). The Plan was established to provide retirement benefits and savings opportunities to eligible Employees and to provide benefits to their Beneficiaries in the event of their death.
- TIAA Retirement Plan
- QDIA Annual Notice
- Summary Annual Report
- Summary Plan Description
- 403B Salary Reduction Form
- 403B TIAA Waiver
- Hardship Amendment SMM for 403(b) Plan
Elective Deferral Eligibility
Eligible Employees can defer a portion of their compensation (elective deferrals) to the Plan. All employees are eligible to participate in the Plan except for student employees.
Participation
Whether you want to enroll in the plan or are already enrolled but wish to change the amount of your deferral, you can obtain a copy of the salary reduction agreement and information on the plan by contacting Human Resources. Review the plan information before enrolling. Once you have enrolled, you can change the amount of your contributions and your investment allocations at any time.
In 2024 the elective deferral limit is $23,000. If you are age 50 or older, you can contribute an additional $8,000. Totaling $31,000. The law also limits the amount of contributions that may be made to your accounts in total (employee and employer contributions) during a year. Please contact the Administrator for more information.
The above limit may also need to be applied by considering contributions made to other retirement plans in which you are a participant. If you have more than 50% control of a corporation, partnership, and/or sole proprietorship, then the above limit is based on contributions made in this Plan as well as contributions made to any 403(b) or qualified plans maintained by the businesses you control. Suppose you control another business that maintains a plan in which you participate. In that case, you are responsible for providing the Plan Administrator with the information necessary to apply the annual contribution limits. If you fail to provide necessary and correct information to the Plan Administrator, it could result in adverse tax consequences for you, including the inability to exclude contributions to the Plan from your gross income for tax purposes.