With the tax-deferred option, your contributions are made on a pre-tax basis and are not reported on your W-2 statement. After the age of 59 1/2, you can request a qualified distribution, which will be taxed when distributed.
With the Roth after-tax option, your contributions are included in your taxable income. Earnings are tax-free if they're part of a qualified distribution. After the age of 59 1/2, you can request a qualified distribution at least five years from the year of your first contribution.
The IRS contribution limit for both plans together for 2018 is $19,000. There is an over age 50 catch-up limit of $6,000.
NIU administers the 403(b) plan. Contributions can be a percentage or a flat dollar amount, and are deducted from your paycheck. You must contribute a minimum of $10 per pay period. You have legal ownership of the account.
To enroll, follow these steps:
You can change your contribution by submitting a new NIU Salary Contribution Agreement Form (PDF).
Get more information about the 403(b) plan by meeting with an agent from an approved vendor.
Bob Intoccia and Nicholas Camarella will be holding virtual appointments on the following dates:
Patrick Windle and Jennifer McClure will be holding virtual appointments on the following dates:
Contributions of a flat dollar amount are deducted from your paycheck. You must contribute a minimum of $10 per pay period.
To enroll in, make contribution changes, or stop participating in the State Employees 457B program, visit the T. Rowe Price website or call 1-888-457-5770 to speak with a T. Rowe Price representative on business days between 6 a.m. and 9 p.m. central time.