• Johns Hopkins University Human Resources
• Benefits & Worklife
• Retirement Savings & Planning
• Current Employee
• Faculty 403(b)

Faculty 403(b)

Eligibility

You are eligible to immediately make voluntary pre-tax and/or Roth contributions to the Plan if you are a full-time, part-time, visiting, limited, or casual faculty member.

You are eligible to receive the university’s contribution to the Plan if you are a full-time or part-time faculty member 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 and/or Roth contributions to the Plan each pay, from a minimum of $7.50 per month up to the annual maximum established by the IRS, which is $23,000 in 2024.

If you are age 50 or older, you may also be eligible to make “catch-up” contributions  of up to an additional  $7,500 in 2024.

You will receive contributions from the university beginning at age 35 or if younger than 35 when you have completed two years of service.

Ordinarily, faculty hired prior to July 1, 2011 would receive contributions equal to 6% of your base salary, increasing to 12% when you reach age 35.

If hired July 1, 2011 or later, you are a 6/12 Plan participant if your position is on this list. You will receive contributions equal to 6% of your base salary, increasing to 12% when you reach age 35. If your faculty position is not on the list above, you will receive contributions equal to 4% of your base salary, increasing to 8% when you reach age 35.

The IRS has imposed an annual compensation limit of $345,000 in 2024.

You are always 100% vested in all contributions, including those from the university. “Vesting” refers to your ownership of your Plan account.

You can withdraw or transfer the value of your Plan account when you retire or leave the university. You must be fully terminated; including from any part-time, limited-time, visiting, and casual-on-call positions.

While you are still employed by the university, you may withdraw your employee contributions from the Plan, and investment earnings on those contributions, at any time after you reach age 59½.  While you are employed by the university, you may withdraw any of your interest in the Plan (including university contributions and earnings) after you reach age 70 ½.

See the Summary Plan Description for additional information on the university’s 403(b) Plan.