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NSU 401(k) Plan

The NSU 401(k) Plan is an employer-sponsored, defined-contribution, personal savings account, that provides employees with the opportunity to save for retirement on a tax advantage basis.



Eligibility for non-matched contributions:

If you are an eligible employee who is 21 years of age or older, you can contribute to the NSU 401(k) Plan on a non-matched basis on the first of the month following your date of hire. Ineligible employees include adjunct faculty and student employees. Grande Oaks employees and Puerto Rico employees have their own 401(k)retirement plans.

Eligibility for the NSU 401(k)Match:

If you are an eligible employee who is 21 years of age or older, and have worked 1,000 hours, you can receive the NSU 401(k) Match on the first of the month following your one-year anniversary. If you have not worked 1,000 hours as of your anniversary date, you will become eligible for the NSU match at the beginning of the year following the calendar year in which you complete 1,000 hours of service.

Eligibility for Re-hired Employees:

If you were re-hired and were part of the NSU 401K Retirement Plan before, you can begin making contributions starting the month after your re-hire date. Re-enrolling in the retirement through TIAA is required.


Matching and Vesting

Once you are eligible, NSU will match your employee contributions up to the first 4%. If you contribute at least 4%, NSU will match 10% of your eligible compensation. Contributions to the NSU 401(k) Plan are not limited to the percentage of your salary that NSU matches. You can contribute up to 70% of any percentage of your gross bi-weekly earnings up to the limits set by the IRS each year

0 0 2% 0 2% 2%
1% 1% 2% 1% 4% 5%
2% 2% 2% 2% 6% 8%
3% 3% 2% 3% 8% 11%
4% 4% 2% 4% 10% 14%
5-70% 4% 2% 4% 10% 15-80%


Employee Contributions

You are able to make both pre-tax employee contributions as well as Roth after-tax contributions. You can access the TIAA online salary deferral by logging into your account to update your contribution information. 

Pre-tax Account

Roth after-tax account

Take advantage of pretax and tax-deferred benefits when you put the money in. 

Take advantage of tax-free benefits when you take the money out, if certain conditions are met.

 How a Roth after-tax account works:

  • You make contributions to a Roth account after paying current income taxes on the money you contribute. You can withdraw the balance and any earnings tax-free if certain conditions are met. To do so, however, you must generally be 59½ or older and leave the money in your designated Roth account for at least five years.
  • No income restrictions. The new Roth option doesn't have income restrictions, so if your income is too high to qualify for a Roth IRA, you can still make contributions to the retirement plan Roth option.
  • Higher contribution limits. Roth retirement plan contributions are capped at the same higher contribution limits as 401(k) plans, higher than Roth IRAs. Your combined (Roth and pretax) contribution limit for 2022 is $20,500 if you’re under the age of 50 and $27,000 if you’re 50 or older.
  • Employer matching contributions. Employer matching contributions must be made on a pretax basis. Therefore, you will owe income tax on the employer matching contributions and any earnings upon withdrawal.
  • Required distributions. As with pretax contributions, you will need to take Roth account required minimum distributions, typically beginning at age 72. The Roth IRA, on the other hand, is not subject to required minimum distributions.  And you can roll over your Roth retirement plan option contributions to a Roth IRA. You should seek advice based on your own particular circumstances from an independent tax advisor.

 Is a Roth account right for you?

If you expect your tax rate during retirement to be:

You may want to consider:

Higher than your current rate

Roth option. Withdrawals of all contributions and earnings will be tax-free at retirement if certain conditions are met.

Lower than your current rate

Pretax option. While this money is taxable at retirement, you may be in a lower tax bracket when you’re no longer working.

Same as your current rate

Roth and pretax options. Having both can provide a hedge against the uncertainty of future tax rates.


Contribution Limits

Annual limits are generally set by the IRS each year in October for the next calendar year and are listed below for the calendar year 2023, effective January 1st 2023 to December 31st 2023 and 2024, effective January 1st 2024 to December 31st 2024

Employee Limit (under age 50) $22,500
Employee Limit (age 50 and up) $30,000
NSU Employer Contribution Limit $33,000
Employee Limit (under age 50) $23,000
Employee Limit (age 50 and up) $30,500
NSU Employer Contribution Limit $34,500


Loans and Withdrawals

Employees have the option to take out a loan or withdraw funds from their NSU retirement plans.  There are taxes and penalties that apply to hardship withdrawals (but not to loans), so you should consider such an option as a last resort for accessing funds. Your options are:


Allows employees to access employee contributions (but not NSU matching contributions) from their retirement plan accounts. Please note: Hardship distributions are taxable and subject to a 10% early-withdrawal penalty. A hardship distribution may only be made for payment of the following:

  1. Expenses for medical care (described in Section 213(d) of the Internal Revenue Code) previously incurred by you, your spouse, your dependents or your beneficiaries or necessary for you, your spouse, your dependents or your beneficiaries to obtain medical care.
  2. Costs directly related to the purchase of your principal residence (excluding mortgage payments).
  3. Tuition, related educational fees, and Food and Housing expenses for the next twelve (12) months of post-secondary education for yourself, your spouse, your dependents or your beneficiaries.
  4. Amounts necessary to prevent your eviction from your principal residence or foreclosure on the mortgage of your principal residence.
  5. Payments for burial or funeral expenses for your deceased parent, spouse, children, other dependents or beneficiaries.
  6. Expenses for the repair of damage to your principal residence due to a catastrophe such as a hurricane



Allows active employees to access employee contributions (but not NSU matching contributions) from their retirement accounts if they are at least age 59-1/2 years or older. Please note:  the 10% early withdrawal penalty does not apply, but a 20% federal income tax will be withheld. If your tax bracket is higher than 20%, additional federal income tax may be imposed.



Allows employees to access employee and NSU matching contributions from their retirement accounts. Please note: This is the best option since loan proceeds are tax-free if the loan amount is repaid over a period of five years or less.

It is important to note that all types of withdrawals and loans are subject to plan rules and eligibility. To request for a withdrawal or a loan, please contact TIAA 800-842-2776.

Note: Only one outstanding loan at a time is permissible.

Consult your Financial Advisor We encourage you to consult your financial or tax advisor if you have specific questions related to your circumstances. For individual counseling, you can contact financial advisors at the numbers listed below:

  • TIAA: 800-732-8353
  • CAPTRUST: 800-967-9948



If you terminate employment for any reason other than death, disability or normal retirement, you will be entitled to receive the “vested” portion of your account balance.

  • If your vested account balance exceeds $5,000, you must consent to any distribution before it can be made.
  • If your vested account balance does not exceed $5,000, then a distribution of your account balance may be made to you. A 30-day notice will be sent to you, providing you with distributions options. If an election is not made within the 30-day window, your funds will be paid out in a lump sum payment.

Distribution Options

  • Single Lump-sum Payment – taxable in tax year in which you take the distribution, unless it is rolled over to a qualified plan
  • Partial Distribution – of at least $1,000
  • Installments – over a period of not more than your assumed life expectancy
  • Leave Money as is – you may leave your account untouched until you’re age 72 at which time you will be required to take Minimum Required Distributions (RMDs) annually
  • Annuity – Single Life or Joint & Survivor


Required Minimum Distributions (RMDs)

Once you separate employment, RMDs are mandatory, minimum, yearly withdrawals that generally must be taken starting in the year you turn age 72. For more information, contact TIAA at 800-842-2252.

Note: Distributions are eligible to be rolled over to another qualified plan or Individual Retirement Account (IRA).


NSU 401(k) Summary Plan Description 
2023 NSU 401(k) Fee Disclosure  



In the event of any conflict or inconsistency between the information described and contained on this website and the official Plan Document, the terms and conditions of the Plan Document shall control. NSU is not responsible for any investment advice provided to participants by Captrust and/or TIAA.


For any additional questions, please contact the benefits department at 

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