Retirement Union
The earlier you begin saving for retirement, the longer your horizon to give compound interest time to work. We help you save with a 403(b) retirement savings plan and pension plan.
District 1199SEIU The Johns Hopkins Hospital R403(b) Plan
You can participate in a tax-deferred 403(b) retirement savings plan.
- You are automatically enrolled with an initial 2% pre-tax contribution unless you elect not to participate.
- You may choose a percentage or fixed dollar amount of your salary to deposit into your account each pay period on a pre-tax and/or after-tax (Roth) basis (up to IRS limits indexed annually).
- Your elected contribution automatically increases by 1% annually (up to 10%) on the anniversary of your automatic enrollment date unless you opt out.
- Your contributions vest at 100% immediately.
District 1199SEIU The Johns Hopkins Pension Plan
- You are automatically enrolled in this benefit if you work 1,000 hours in a calendar year.
- The amount of your pension benefit is calculated using the following formula:
Your pension benefit =s 1.4% of your final average compensation1 times service (up to a maximum of 40 years) - You will be fully vested after 5 years of service.2
1Highest consecutive 3 years out of the last 10.
2Year of service = calendar year working at least 1,000 hours.
Your IRS maximum contribution
In 2022, you may contribute up to $20,500 of your gross income. If you are age 50 or older you can contribute up to an additional $6,500.