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 13.26%. 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 | 11.26% |
Employee Percent | 2.00% |
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 | 11.5% | 3.5% |
11+ | 12% | 4% |
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 | 6.5% | 2.5% |
3 - 10 | 11.5% | 3.5% |
11+ | 12% | 4% |
NDSU TIAA-CREF Microsite (online enrollment available)
INFORMATIONAL PRESENTATIONS
Supplemental Retirement Accounts
NDSU employee may elect to participate in a 403b and/or a 457b account. These accounts both allow employees to deduct money from their paychecks on a pre-tax basis for retirement savings. Employees may elect to participate in either of these accounts at anytime by completing a salary reduction agreement and completing the appropriate enrollment paperwork with the selected vendor. Limits are set by the IRS and may change annually. Please contact your HR/Payroll Office to obtain contribution limit information.
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 |
