457(b) retirement savings plan
Another way to contribute toward your retirement savings goal is the health system’s voluntary retirement savings plan. The 457(b) plan allows you to immediately contribute pretax dollars, resulting in income-tax savings; contribute on a Roth basis, resulting in tax savings upon withdrawal; or a combination of the two. Contributions are made by payroll deduction and employees are immediately 100% vested.
In 2022, you can contribute up to the lesser of:
- 85% of your pay.
- The IRS maximum amount of $20,500, plus an additional $6,500 if you are age 50 or older.
Financial help
Fidelity Retirement Planners are available to help you with enrollment, asset allocation, retirement planning and other questions you may have about your health system retirement plans. Fidelity can also help with general financial planning such as budget and debt management, student loan repayment and retirement income planning.
For general account questions or help with transactions, please contact the Fidelity Retirement Service Center at 800-343-0860 or log in to your account at netbenefits.com/atwork.
