Rochester 403(b) Program

PLAN INFORMATION
University of Rochester offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. 
Learn what plans allow eligible employees to do.
Employee Voluntary Contributions: The Program allows all employees of the University of Rochester to make Voluntary Contributions. To make Voluntary Contributions, you must first enter into an agreement with the University to reduce your salary by the amount of your contributions and decide whether to make pre-tax contributions towards your retirement and/or make Roth contributions that can grow tax-free.

Auto-Enrollment and Auto-Escalation: Newly hired or rehired, regular full-time and regular part-time faculty and staff* members will automatically be enrolled to make Voluntary Contributions. Automatic contributions will be made from your pre-tax eligible compensation each pay period at 3%. Effective July 1, 2020 your salary deferral election will increase 1% annually on the anniversary of your hire date to a maximum of 15%. You may elect to change or cease contributions at any time. 

University's Direct Contribution: Voluntary Contributions are not required for you to receive the University's Direct Contribution. Once you have met your eligibility requirements, the University makes a Direct Contribution to the Retirement Program on your behalf each Plan Year that you are scheduled to complete or actually complete 1,000 or more hours of service.

The University's Direct Contribution is related to your base salary** during the Plan Year (July 1 - June 30). The University will provide a 6.2% contribution up to a maximum compensation amount of $100,000, for the Plan Year July 1, 2020 - June 30, 2021.

*Employees will not be automatically enrolled in Voluntary Contributions if they are departmental fellows, interns, residents, fellows, postdoctoral fellows, postdoctoral research associates, postdoctoral teaching fellows, EDC associates non-GFT clinical faculty, visiting faculty, adjunct/per session faculty, part-time assistant coaches, in-house agency nurses, in-house operating room technicians, leased employees, students whose employment is incidental to their education at the University or the University treats them as independent contractors (regardless of their actual status).

**Base salary means, in the case of nonexempt staff and PAS staff in salary grades 50-55, gross wages (as defined below), and in the case of faculty and PAS staff in salary grades 56 and above, annual base pay rate plus summer compensation. In addition, for faculty under the School of Medicine and Dentistry Faculty Compensation Plan, overage paid as extra compensation is included.

Base Salary shall not include any amount in excess of the limit imposed by Code section 401(a)(17) as of the start of each Plan Year. Gross wages means the total remuneration in Box 1 Form W-2 that is paid to a Participant for personal services actually rendered, plus the Participant's pre-tax elective deferral under the University's 403(b) and cafeteria plans, but excluding wellness incentives, tuition assistance, taxable relocation assistance, sign-on bonuses, severance benefits, and forms of extra remuneration not related to actual service.

The University of Rochester Retirement Program is not a matching plan. The Retirement Program does not require employee contributions in order to receive the University Direct Contribution.
Contributions to this account will be 100% vested immediately.
EXPLORE OPTIONS
null

Learn which mutual funds and other investments are available

You can enroll now
null

Enroll or make changes in your plan(s) today

1050105