Postdoctoral employees who are hired on a contract of at least 50% are provided with a mandatory defined contribution 403(b) retirement plan commencing on their date of hire.
Under the terms of the Retirement Plan, employees must contribute 6.2% of their gross salary to the Plan. The employee contributions made to the Plan are before income taxes are calculated. The employer also makes a matching 6.2% contribution.
Both the employee and the employer contributions are invested into a 403(b) account. The employee selects the funding vehicles for investment of their retirement contributions from the fund sponsor TIAA CREF. The plan provides for immediate vesting. Additional information is available online on our Retirement Medical Plan page.