Positive developments regarding Johns Hopkins' financial situation have led to a relaxation of mitigation efforts, including the restoration of employer retirement contributions for the second half of the current fiscal year. Rather than waiting until July 1 as previously planned, the employer retirement contributions to faculty and staff will restart in March, effective retroactively to Jan. 1, 2021.
This resumption of employer retirement contributions applies to those in the JHU 403(b) Plan; JHU Income Deferral Plan for Residents, Interns, and Postdocs; and 457(f) Deferred Compensation Plan.
Starting March 1, the JHU contributions to these plans will resume on their normal monthly schedule in conjunction with the last paycheck date of the month. This means you will receive your March employer contribution to your retirement account on March 31; in addition, you will receive an employer contribution for January and February, based on your salary in those months, on March 31. This will be one lump sum contribution for January, February, and March. You must be actively employed with JHU on March 1 to receive the retroactive contribution.
The restoration of JHU's contributions to the 403(b) plans will take place automatically using your university contribution election on file. You can make or change your investment election for the March employer contribution by going to myChoices Retirement by the March 19 deadline.
If you need assistance with the online enrollment portal, contact the JHU Retirement Center at TIAA by calling 888-200-4074. The center is open 8 a.m. to 10 p.m., Monday through Friday, and 9 a.m. to 6 p.m. on Saturday.
To get help with retirement planning, you can schedule an appointment with a representative from one of the university's retirement providers:
- Fidelity: GetGuidanceFidelity.com or 800-343-0860
- TIAA: TIAA.org/ScheduleNow-JHU or 800-732-8353
- Vanguard: MeetVanguard.com, now offering one-on-one virtual meetings via Teams technology as well as phone calls
For answers to questions on the resumption of employer retirement contributions, visit the Retirement Savings and Planning website or contact the Benefits Service Center at 410-516-2000 or firstname.lastname@example.org.
Posted in News+Info, Benefits+Perks
Tagged hr newswire