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Taking steps to ensure your current and future financial security is an important part of your overall wellbeing. The Retirement Savings Plan 403(b) helps you prepare for retirement by offering an easy, tax-advantaged way to save for your future financial needs. All employees are eligible to participate in the plan, and all participants are eligible for the hospital’s matching contributions of up to 5% of pay.

 

Overview

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:

  • Wide variety of investment funds, including Lifecylcle funds
  • Rollovers from 401(k) & 403(b) plans accepted
  • TIAA individual counseling available on-site year round, call 800.732.8353 to schedule
  • For customer service, call 800.842.2252
Steps for First Time Enrollees:
  1. Your employee details will be sent to TIAA when you receive your first paycheck, after which you visit the TIAA website to set up your account.
  2. On the TIAA sign-in page click on “Ready To Enroll,” then “Register with TIAA”.
  3. Set up your contact information and designate your beneficiaries.
  4. Make your investment selections or choose the Lifecycle fund targeted to the year you want to retire.
  5. Elect your contributions percentage – to receive the maximum 5% match, contribute at least 5% of your pay.
  6. Download the TIAA app and register your account for easy access.

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.

 

Your Contributions

Auto-Enrollment

  • Select any percent of your eligible earnings to be contributed on a pre-tax basis each pay-period (26 times per year)
  • New employees hired in a benefit eligible status (0.5 FTE+) will automatically be set up for a 2% contribution after 60 days of employment if they do not elect a percent or opt out in that time
  • Elect at least 5% to maximize your matching contribution

IRS Limits

You may contribute up to annual IRS limits. In 2023, the IRS limits allow you to contribute up to:

  • $22,500 if you are under age 50
  • $30,000 if you’re age 50 or older this year

These limits are subject to annual cost-of-living adjustments by the IRS.

 

Matching Contributions

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.

Meet the match!

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.