457 Deferred Compensation Plan
Faculty and staff can save more for retirement through the 457 Deferred Compensation Plan (457 Plan) voluntary retirement plan offered by the University. This plan is a tax-deferred retirement option to help you save more for retirement in addition to the automatic workplace retirement plan—either the Minnesota State Retirement System or the Faculty Retirement Plan—you're 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
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.
The ORP allows you to make pre-tax contributions. The University contributes to the Minnesota State Retirement System (MSRS) or the Faculty Retirement Plan and does not contribute to the 457 Plan.
Any contribution changes you make with Fidelity will take two to four 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.
How much may I contribute?
- You can contribute up to 100% of your reduced salary or $19,500 for 2021 ($20,500 for 2022)—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 2021, that contribution can be up to $6,500.