University of Notre Dame 403(b) Retirement Plan (Mandatory for Faculty and Exempt Staff)
The 403(b) Retirement Plan for faculty and exempt staff (the 403(b) Plan) is a defined contribution plan under Section 403(b) of the Internal Revenue Code.
Regular faculty and exempt staff are eligible to participate in this plan upon meeting the one-year eligibility period of employment. Prior service at an accredited college or university or a not-for-profit research laboratory or governmental research laboratory may count toward the one-year eligibility.
University and Employee Contributions
Upon attaining eligibility, the University contributes 10% of your regular salary to the plan, and you are required to contribute a Mandatory Employee Contribution of 5% of your regular salary to the plan. “Regular salary” means the contractual or base salary paid to you by the University and also includes certain summer salary for faculty.
Contributions made by the University on your behalf are vested immediately. Mandatory Employee Contributions (5%) and University Contributions (10%) are made on a pre-tax basis.
The University’s 403(b) Investment Committee has chosen an array of investment options designed to accommodate most investors’ needs and that it regularly monitors for performance and cost. To make it easier to navigate the investment options, they are grouped into three tiers:
- Funds in Tier I consist of low-cost Target Date Funds managed by Vanguard.
- Funds in Tier II are Core Fund options and include a fixed annuity option through MetLife as well as four passively managed (index) funds managed by Vanguard.
- Tier III includes Specialty Funds that have been selected to provide access to additional categories of passively managed funds, as well as actively managed funds. These include four funds managed by Vanguard, PIMCO, DFA and Dodge & Cox.
A self-directed brokerage account through Fidelity BrokerageLink® is also available, but it is important to note that the investments available through Fidelity BrokerageLink® are not monitored.
Fidelity Investments is the provider of recordkeeping services for the UND 403(b) Plan. As service provider, Fidelity maintains transactional records and provides quarterly statements, provides education, retirement planning guidance and communication services as well as assisting with compliance and regulatory requirements.
For additional information, visit the UND 403(b) Retirement Plan website at netbenefits.com/nd or schedule a one-on-one consultation with a Fidelity Retirement Planner.
To schedule your confidential consultation, contact Fidelity Investments at 877-963-0242 or visit netbenefits.com/nd. Consultations may be conducted in person or over the phone.
For additional information about guidance from Fidelity, please see the UND 403(b) Retirement Plan Retirement Guidance brochure (PDF).
For additional questions or information, please contact:
askHR Customer Service Center
200 Grace Hall