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Retirement


NDSU employees participate in either the TIAA-CREF defined contribution plan or the NDPERS defined benefit plan based on the type of position they have.  Each plan includes both employer and employee contributions.  Additionally, employees may elect to participate in supplemental retirement plans and can contribute via payroll deduction.

NDPERS Retirement - Defined Benefit Plan


The total contribution to the NDPERS retirement account is 15.26%.  The contributions are calculated as a percentage of your pay. For full details on this plan, please refer to the NDPERS Retirement Plan Handbook.

NDPERS

NDSU Percent

12.26%

Employee Percent

  3.00%

Vesting

To be vested in a defined benefit program means that you have become legally entitled to a monthly benefit from NDPERS when you reach retirement age and terminate employment.

Under NDPERS, you become vested at the earlier of:

  • 36 months (3 years) of service credit
  • Attaining 65 years of age while employed with a participating employer
Interest

The account earns interest at a guaranteed 7.5% rate.

Beneficiary Change

Use the Beneficiary Change Form to make changes or update your NDPERS beneficiary information.

TIAA-CREF Retirement - Defined Contribution Plan


Contributions to this plan are shared by NDSU and the employee based on the schedule below.  This plan features immediate vesting.

Category 1

Teaching and research faculty with ranks of professor or associate professor and executive and administrative staff

Years of Service

NDSU Contribution %

Employee Contribution %

0 - 10

12.5%

4.5%

11+

13%

5%

Category 2

Teaching and research faculty with rank of assistant professor, instructors, lecturers and professional staff

Years of Service

NDSU Contribution %

Employee Contribution %

0 - 2

7.5%

3.5%

3 - 10

12.5%

4.5%

11+

13%

5%

TIAA-CREF Website

NDSU TIAA-CREF Microsite (online enrollment available) 

INFORMATIONAL PRESENTATIONS


A Range of Income Options

Lifecycle Funds

Life Annuity Overview

Staying on Track

5 Habits of Highly Successful Investors

Tax Deferred Annuities - the Basics

Supplemental Retirement Accounts 403(b) & 457(b)


Employee can start, stop or make changes to the contributions they are making to their supplemental accounts anytime by completing a new salary reduction agreement.  Forms for both the 403(b) and 457(b) are available on the NDSU forms page.  For employees participating in the 457(b) deferred compensation account through NDPERS (or one of the vendors available through NDPERS), the changes can be made online using NDPERS member self service at: http://www.nd.gov/ndpers/perlink-mss/perslink-mss-info.html or by completing NDPERS salary reduction agreement available at:  http://www.nd.gov/ndpers/forms-and-publications/forms/sfn-3803-deferred-comp-participant-areement.pdf.

Limits are set by the IRS based on a calendar year.  For information on your maximum contribution limits, please contact Christine.Gauthier@ndsu.edu or at 701-231-5602.

 

 

Other Vendors


NDSU has payroll deduction services set up with the following vendors:

403b

457b

Ameriprise Financial

TIAA-CREF

AXA Equitable Life

NDPERS (11 options listed below)

AIG VALIC

1. NDPERS Companion Plan

    (administered by Fidelity)

Fidelity

2. AXA Equitable Life

Putnam

3. Bank of North Dakota

Thrivent

4. Chase Insurance

TIAA-CREF

5. The Hartford

Vanguard

6. Jackson National Life

Waddell & Reed

7. Nationwide

8. Symetra Financial

9. AIG VALIC

10. Waddell & Reed

11. American Trust Center


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North Dakota State University
Phone: +1 (701) 231-8961 / Fax: (701) 231-9686
Campus address: SGC 102
Physical/delivery address: 1919 University Dr N, Fargo, ND 58102
Mailing address: NDSU Dept. 3140 / PO Box 6050 / Fargo, ND 58108-6050
Page manager: Human Resources/Payroll

Last Updated: Monday, February 03, 2014 1:10:22 PM