Income Deferral 403(b)
If you are a full-time, part-time, limited-time or casual resident, intern, or postdoctoral fellow who receives taxable compensation (e.g. salary/wages) from the university, you are eligible to make voluntary contributions to this Plan.
University contributions to the Plan have been suspended from July 1, 2020 through June 30, 2021. Ordinarily, to receive university contributions to the Plan of up to 1.5% of your annual base salary, you must be a full-time or part-time resident or intern at the School of Medicine.
About the Plan
You can make pre-tax contributions to the Plan each pay period, 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).
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.