The IRS takes the position that the money you contribute to the Retirement Plan is to be used as income after you retire. While the IRS encourages your participation by allowing you to make Contributions and receive associated earnings on a taxed-deferred basis, there are restrictions on when you may access accumulated funds.

By saving in the plan, you take advantage of two tax benefits. One is that your contributions are conveniently deducted from your pay before taxes. The second is that since your reportable income is reduced, you pay less in current income taxes. Other advantages are that it is a convenient savings plan, your money grows tax-deferred, and you don't have immediate access to the money to spend it like a bank savings account.

You can choose from several options once you decide to start taking the money out of the plan. One is to terminate the plan, and roll your money into an Individual Retirement Account (IRA). Income taxes must be paid when distributions are received.

Contact your personal financial representative or the retirement plan’s financial representative. Investors should carefully consider the investment objectives, risks, charges and expenses of each fund. This and other important information is contained in the prospectus, which can be obtained from your financial representative or downloaded. Please read the prospectus carefully before you invest or send money.

Yes, although there are a few plans that do not allow rollovers. You may roll money between the following plans: 401(k) Plan, 401(a) Plan, Profit Sharing Plan, Money Purchase Plan, Defined Benefit Plan, 403(b) Plan, 457 Plan, and Traditional IRA (not a Roth IRA).

of January 1, 2003 under IRS rules, you can generally contribute 100% of your Northwestern University salary up to $12,000, whichever is lower. Employees who have attained 15 years or more years of qualifying University service may make additional contributions above the limits specified in the table above if they failed to maximize their 403(b) contributions earlier in their employment.

Review Retirement Plan literature including the University's descriptive summary of the plan along with brochures and other materials published by TIAA-CREF and Fidelity Investments. Determine your retirement income goals - How much you feel you will need as income once you retire. Translate this figure to the amount you will need to contribute today in order to accumulate the necessary funds for the future.

There are many reasons for participating in the University's Retirement Plan including the fact that it is currently estimated that the Contributions you are making to Social Security will provide for only a small portion of the income you will need after you retire. The University's Retirement Plan is an excellent means of setting aside money you will need in the future.

Answer: You may change your fund allocation within Fidelity or TIAA-CREF simply by calling their customer service number, or you may establish a PIN (personal identification number) online and make changes directly on the Fidelity Web site or TIAA-CREF Web site. Answer: If you are interested in taking a course that is scheduled during your regular work day, your department chair or supervisor must sign your Tuition Remission form in order for the benefit to be approved.

First of all, I am note employed, so I don't know if there is such a thing like retirement for me, but if there is, I want to be a get-upper in Subway. What is this? You know, people fall asleep during the subway ride. I get them up when they need to get off. Especially at the Flushing-Main street stop, if you don't get off, you will be sent back to Times Sq. I am sure many people will appreciate my job.

If your previous employer offered a Roth 401(k) option as part of your retirement plan, you can roll any money you have in that account directly into a Rollover Roth IRA. More likely, you will need to first transfer your retirement plan money directly into a Rollover IRA and then convert it to a Roth IRA. There are tax implications associated with this conversion, and you should consult your tax advisor.

Not necessarily, although that’s what most plans require. If your employer terminates your retirement plan or if you become disabled, you may be given an opportunity to take a distribution. Also, some profit-sharing plans permit you to draw on your retirement plan money after a fixed number of years, or upon reaching a certain age, such as 59-1/2 or the plan’s designated retirement age.

If you are about to receive a payout from your employer's retirement plan, you need to make an informed decision about placing your funds where taxes and penalties will not erode them. One place to consider is in a Traditional IRA (also referred to as a Rollover IRA).

Yes, provided you take your required distribution from the plan before you roll over your money. The money you receive from required minimum distributions cannot be rolled over.

American Funds is one of the most experienced and respected investment managers in the United States. We’ve managed money and provided consistent long-term results for our investors for more than 70 years.

Any employee on the regular payroll who is scheduled to work half-time or more (17.5 or more hours per week) and is at least age 24 may participate in the University's Basic Retirement Plan and make contributions which will be matched by the University. Any employee who is at least half time or more may participate in the Supplemental Retirement Plan.

You can direct contributions to two investment companies, TIAA-CREF and/or Fidelity Investments These two investment companies offer a full range of diversified aggressive to conservative investment funds. Voluntary (unmatched) or Supplemental contributions may be directed by employees enrolling in the plan for the first time to the Group Supplemental Retirement Annuity (GSRA) contract offered by TIAA-CREF. Voluntary Contributions may also be directed to any Fidelity mutual fund.

Yes, (effective January 1, 1999) you may borrow against RA, GRA, GSRA and SRA and both Basic (matched) and Supplemental (unmatched) Fidelity Contributions.

We believe that the number of employees in the wrong retirement plan is very small. Agencies have discovered and corrected many retirement coverage errors. However, we are certain some employees still are in the wrong retirement plan. If you have not worked for the Federal government continuously since 1983, or you have had changes in appointment types and retirement plans, then you may want to ask your agency to review your retirement coverage to ensure that it is correct.

Which retirement plan you belong in depends upon the type of appointment you have and your work history. The rules can be complicated. Thats why some employees are in the wrong plan. Below are some of the common errors, broken down by retirement plan. Find your retirement plan, and see if you fit any of the situations listed. If you do, you may be in the wrong plan. But, remember there are exceptions to the general rules.

Answer: Your required contribution and the University's contribution to the Boston University Retirement Plan are not accessible to you for any reason prior to age 65, while you are employed at the University. However, you may withdraw funds from your Supplemental Retirement and Savings Plan to purchase your primary home. You will be required to pay a 10% tax penalty plus ordinary income tax on any funds withdrawn prior to age 59½, per Internal Revenue Service regulations.

With any metal components, you should have and follow a retirement plan for each piece of equipment that is appropriate for the equipment, and its usage. When in doubt, contact a professional rigger.

Can we borrow money from our retirement plan?A. No. You're only allowed to withdraw your retirement funds when: 1) You retire from the University. 2) You separate from the University.

HSA plan may save you money through lower premiums, tax savings, and money deposited in your account which can be used to pay your deductible and other out-of-pocket medical expenses in the current year or in the future.

No. There are no credible plans to replace Social Security as the foundation for the retirement of American workers.

Participation in the Retirement Plan requires the completion of the online enrollment process at hire and during Open Enrollment and afterward the submittal of a completed Retirement Plan Enrollment and Contribution Change Form as well the eatablishment of an investment company account which may be done online. Contributions will not commence until the enrollment process is completed.

The money you contribute to the Retirement Plan belongs to you and is immediately vested. When you leave the University, you take the amount you have accumulated with you. You will continue to earn interest and applicable dividends on such funds until you begin receiving annuity income at retirement or withdraw funds at an earlier date.