Faculty and staff can save more for retirement through the 457 Deferred Compensation Plan (457 Plan), a voluntary retirement plan offered by the University. This plan offers pre-tax and Roth contributions to help you save more for retirement in addition to either the Minnesota State Retirement System (MSRS) or the Faculty Retirement Plan that you're already enrolled in at the University.
Access Your Retirement Plan
For first-time users, you can find help with NetBenefits here.
On Fidelity’s NetBenefits site, you can:
- Enroll in the 457 Plan
- Choose how much you contribute
- Make investment changes
- Find fund performance information
- Request a distribution or withdrawal if eligible
Frequently Asked Questions
Who can participate?
All faculty and staff members who are paid on a continuous basis are eligible to participate in the 457 Plan. You can begin contributing at any time.
How do I contribute?
The 457 allows you to make pre-tax and Roth (after-tax) contributions. The University contributes to the Minnesota State Retirement System (MSRS) or the Faculty Retirement Plan and does not contribute to the 457.
Any contribution changes you make with Fidelity will take one to two payroll periods to affect your paycheck.
Enrollment or contribution rate changes made on the last day by 5:00 p.m. CT will be processed according to the above schedule. Changes made after 5:00 p.m. CT may be included but may be effective on the next pay date.
When will contributions be posted to my Fidelity account?
Contributions will be posted to your Fidelity account on pay dates.
In rare cases, contributions may be posted to Fidelity one to two days after a pay day. This may be due to holidays, system outages, or manual payroll adjustments that need to be made before the University sends the wire to Fidelity.
How much can I contribute?
- You can contribute up to 100% of your reduced salary or $23,000 for 2024—whichever figure is smaller. (Your "reduced salary" is your salary amount after your required primary retirement plan contribution is made.)
- If you are age 50 or older, you can contribute an additional amount to the plan. For 2024, that contribution can be up to $7,500.