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NSU 403(b) Plan

NSU 403(b) Plan was adopted to provide employees with the opportunity to save for retirement on a tax advantaged basis. 

NOTE: The NSU 403(b) Plan is a frozen plan, and it has not allowed new participants since January 1st 2012. It was replaced by the NSU 401(k) plan. Only employees hired before 2012 may still have a balance in the 403(b) plan.



Loans and Withdrawals

Employees have the option to take out a loan or withdraw funds from their NSU 403(b) 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 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 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 403(b) Summary Plan Description 
2023 NSU 403(b) 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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