The Retirement Savings Plan 403(b) is managed by TIAA, a financial services organization serving employers in the academic, medical and research fields. This plan includes:
Contribution and investment changes can be made at any time through your TIAA account
For assistance with the enrollment contact TIAA at 800.842.2252
Note: Auto-enrollment applies to new employees hired in benefits eligible status only. New hires have 60 days from their hire date to complete or waive enrollment before they are automatically enrolled.
You may contribute up to annual IRS limits. In 2023, the IRS limits allow you to contribute up to:
These limits are subject to annual cost-of-living adjustments by the IRS.
To help you reach your retirement planning goals, Lurie Children’s will also contribute to your account.
Any participant who makes contributions to the plan is eligible to receive matching contributions.
The hospital will match 100% of your 403(b) contributions up to a maximum of 5% of your pay up to the annual IRC limit. The IRC limit for eligible compensation for 2023 is $330,000.
Vesting refers to the contributions that you own and can take with you when you leave. You are always 100% vested in your own contributions. However, you do not become fully vested in the employer matching contributions until you complete 3 years of service.
For example: If you are hired on July 1, 2023, you will not become fully vested in the matching contribution until July 1, 2026.
Try to contribute at least 5% to take full advantage of the match — otherwise, you’re leaving free money on the table. Log in to your TIAA account to increase your contribution rate.