Executives who will be eligible for the Johns Hopkins University 403(b) 6/12 Plan are Johns Hopkins University benefits eligible employees who are Officers designated in the By-Laws of the University Board of Trustees or who hold officer titles approved by and whose appointments are approved by the Johns Hopkins Medicine Board; the Deans and Directors of the ten academic divisions whose appointments are approved by the Board of Trustees; and individuals appointed by the Provost or President to direct academic centers and enterprises reporting directly to the Provost or President. All other Johns Hopkins University benefits eligible executives will be eligible for the Johns Hopkins University 403(b) 4/8 Plan.
You are eligible to immediately make voluntary pre-tax contributions to the Plan if you are a full-time, part-time, visiting, limited, or casual Executive.
You are eligible to receive the university’s contribution to the Plan if you are a full-time or part-time Executive who is age 35 or older; or if younger than 35 has completed two years of service.
About the Plan
You can make pre-tax contributions to the Plan each pay, from a minimum of $15 per month up to the annual maximum established by the IRS ($19,500 in 2020 and 2021).
If you are age 50 or older, you may also be eligible to make “catch-up” contributions (up to an additional $6,500 in 2020 and 2021).
Ordinarily, you would receive contributions from the university beginning at age 35 or if younger than 35 when you have completed two years of service. If you are eligible for the 6/12 Plan, you will receive contributions equal to 6% of your base salary, increasing to 12% when you reach age 35. If you are eligible for the 4/8 Plan, you will receive contributions equal to 4% of you base salary, increasing to 8% when you reach age 35.
The IRS has imposed an annual compensation limit of $285,000 in 2020 and $290,000 in 2021.
You are always 100% vested in all contributions, including those from the university. “Vesting” refers to your ownership of your Plan account.