Retirement Plans for Newly Hired Staff and Faculty

This page is for newly hired faculty and staff. If you are a current IHP employee, please visit the IHP Benefits page for more detailed benefit information. Cash Balance Retirement Plan for Staff

Core Retirement Plan

The Institute offers a Core Retirement Plan for eligible employees hired on or after January 1, 2016. The Core Retirement Plan is meant to provide you with a retirement foundation on which you can build. The Hospital pays the full cost of this plan. Once you meet age and length of service requirements, the Institute will make an annual contribution to an account in your name. After completing three years of vesting service, you can access this account once you leave your employment.

403(b) Tax-Sheltered Annuity

You can contribute part of each paycheck to a Tax-Sheltered Annuity and enjoy tax advantages. A variety of investment options are offered through Fidelity and TIAA-CREF. If you do not make a 403(b) election within your first 30 days of becoming benefits eligible, you will be automatically defaulted to a 2% 403(b) contribution per pay period. In order to avoid being defaulted, you will need to designate a per pay period 403(b) amount or opt out of making employee contributions.

MGH IHP Matching Contribution to the 403(b) Tax-Sheltered Annuity Plan

The Institute will match 100% of the first 2% of pay that you contribute to your 403(b) each pay period.

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