We offer a 403(b) retirement savings plan to help you plan a financially secure future. Through this plan you have flexible contribution rates, a choice of best-in-class investment options, and — unlike the traditional bank account — a way to reduce your current income taxes.
Employee Contributions
All regularly paid employees are eligible to participate through employee contribution (including hourly and per diem) except stipend-paid.
Contribution Limits
Salary reduction contribution limits are set by the IRS and are subject to calendar year limits.
The amount for 2024 is $23,000 (or $30,500 if you will be 50 years or older in 2024.)
Enroll online/Manage Contributions
The plan allows you to set aside money for retirement through voluntary, pre-tax contributions or Roth contributions. All paid employees are immediately eligible to participate through employee contribution, except stipend-paid employees. Employees can elect and manage their retirement contributions through Fidelity’s NetBenefits website. New Hires will receive an email with an enrollment packet notifying them of their eligibility to enroll online within your first two weeks of employment.
Employer Contributions
For eligible employees, employer contributions begin after one year of elapsed time as an employee with the organization. If an employee exceeds the Social Security Wage Base then the contribution increases to 12 percent.
The Fred Hutch Retirement Savings Plan is non-contributory, meaning eligible employees will receive employer contributions regardless of their own contributions, once eligible. Current contribution rates follow:
- 7 percent of salary up to the Social Security wage base
(If your year-to-date compensation exceeds SSWB, then 12 percent of salary thereafter, up to annual IRS limits.)
Employer contributions will begin on the first day of the calendar month coincident with or next following the date you complete one year of elapsed time. For example: if you begin work Aug. 1, employer contributions would begin Aug. 1 of the following year; if you begin work Aug. 5, employer contributions will begin Sept. 1 of the following year.