Congratulations, Shark! All those years of hard work have finally paid off! It is now time to swim through the 401(k) Retirement Waters, and NSU is committed to making this transition as seamless as possible so that you can enjoy this new chapter of your life. Whether you're a seasoned investor or a retirement savings rookie, NSU has you covered with access to best-in-class retirement vendors, TIAA and AIG (VALIC). Let's dive right in!
Eligibility for non-matched contributions
If you are an eligible employee who is 21 years of age or older and working 19.2 hours or more per week, 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.
Eligibility for the NSU Match
If you are an eligible employee who is 21 years of age or older and working 19.2 hours or more per week, you can receive the NSU 401(k) Match on the first of the month following your one-year anniversary.
CLICK HERE to review the TIAA/NOVA 401k flyer for new hires
Once you have made your elections in the My Retirement Manager portal at www.myretirementmanager.com, you will need to create an account with each retirement plan vendor you choose to invest with. Creating an online account with TIAA is fast and easy! To get started, visit TIAA online at www.tiaa.org/nsu and register for access.
Register online for one-on-one advice from TIAA on NSU's Fort Lauderdale Campus at https://www.tiaa.org/public/tcm/nsu/home or by calling 866-549-1238, Monday through Friday from 9:00 am to 8:00 pm (EST). Space is limited, so please RSVP as soon as you can.
Advice is also available over the phone by calling 888-211-3868, online using TIAA's online scheduling form or through TIAA's Customer Support Center available by calling 800-842-2252. Customer Support is available Monday through Friday from 8:00 am to 10:00 pm (EST) and Saturday from 9:00 am to 6:00 pm (EST).
Once you have made your elections in the My Retirement Manager portal at www.myretirementmanager.com, you will need to create an account with each retirement plan vendor you choose to invest with. To create an account with VALIC, visit them online at www.valic.com/nova and register for access.
You can contact an advisor for general assistance by calling 800-448-2542 or contact a VALIC representative in your local area to schedule an individual advice session.
904-448-7200 or 904-568-5360
Additional resources from VALIC
Once you are eligible, NSU will match your contributions up to the first 4%! You can contribute more than 4% to your retirement savings account at NSU, but those contributions will not be matched.
The NSU Basic Match and NSU Additional Match are vested after 3 years of employment. Your contributions and the NSU Safe Harbor Match are vested immediately (subject to eligibility and participation).
Contributions to the NSU Retirement Savings Plan are not limited to the percentage of your salary that NSU matches.
You can contribute almost any percentage of your gross bi-weekly earnings you are comfortable with, up to the limits set by the IRS each year. 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 2021, and year 2022, effective January 1st 2022 to December 31st 2022.