All wages subject to Medicare tax Consult the Social Security Administration Chart of Benefits and Reductions to learn at what age you can retire and receive their full benefit. Membership is required for all full-time faculty members, professionals, and supervisory staff members.
Contributable salary includes gross pay and employer-paid benefit premiums.
The OTRS contribution is withheld on a before-tax basis as far as federal and state income taxes are concerned. All contributions due on remaining contributable salary in the fiscal year shall be paid by Northwestern. The University shall contribute not less than two and one-half percent of the qualifying employee's annual base salary to be vested immediately in the employee's account. Allocations can be changed at any time by the employee only. The retiring employee shall have the option of continuing to pay group health and life insurance premiums for his or her dependents.