Other CSHL Benefits Continued Retirement Plans
CSHL 401(a) Retirement Plan • Employees who are at least 21 years of age and employed on a regular basis with 1,000 hours of service a year for 2 consecutive years are eligible for participation. • For eligible employees, the Laboratory currently contributes the equivalent of 9.3% of your annual salary up to the social security (FICA) taxable wage base ($168,600 in 2024), and 15% of your annual salary above that figure to an annual salary maximum set by the IRS ($345,000 in 2024). For Postdoctoral and CSHL Fellows, the Laboratory currently contributes the equivalent of 1% of salary. • Participants are 100% immediately vested in the contributions made by the Laboratory. • The retirement plans are administered by Fidelity Investments. Participants may select from a variety of mutual funds in which to invest. You can view or change your investments by contacting Fidelity Investments. CSHL 403(b) Plan You may contribute to the 403(b) Plan with pre-tax contributions, Roth Contributions or a combination of both. Pre- tax contributions are not taxed when you contribute to the Plan but those contributions, and any related earnings, are taxable upon withdrawal. Roth Contributions, on the other hand, are made with after-tax dollars so they are not taxed when you withdraw them from the Plan. Earnings on Roth contributions are also not taxed when they are withdrawn from the Plan provided your withdrawal is a qualified distribution (as long as it has been five tax years since your first Roth 403(b) contribution and after you are age 59½ or on account of you being disabled, or to your beneficiary after your death). The 2024 IRS limit for the 403(b) Plan is $23,000*, and the additional catch-up contribution for employees aged 50 and over is $7,500, which is a cumulative maximum that applies to all employer-sponsored plans (e.g., 401(k), 403(b), 457(b), etc.) to which you contributed in 2024. It should be noted that the limit applies to both pre-tax and Roth contributions. If you decide to change your contribution, you must make the change via ESS. If you do not make any changes, your current contribution amount will carry forward into 2024. You may also change your contribution amount and contribution type (pre-tax, Roth, or both) at any time during the year via ESS. Beneficiaries - Retirement Plans, Life Insurance and AD&D Plans A beneficiary is an individual or entity that will receive all or a portion of the proceeds of an account in the event you should pass away. Naming a beneficiary for your retirement savings and life insurance plan(s) and keeping them up to date is important. Beneficiary designations will bypass other legal documents, such as last will and testament, or divorce decree. Maintaining current beneficiary designations eliminates any question as to whom you wish to be the recipient of your life insurance policy(ies) and retirement account(s), prevents any delay in the transfer of account funds, and helps to ensure the financial security of your loved ones. Remem- ber, major life events, such as marriage, divorce, or the birth of a child are a good time to revisit your benefi- ciary designation. Retirement Plans - You may review and update your beneficiary designation directly with Fidelity Invest- ments and/or TIAA- CREF by simply logging into your profile with the respective provider. Fidelity: https://nb.fidelity.com/public/nb/default/home TIAA: https://www.tiaa.org/public/index.html If you have questions you may contact Fidelity at 1.800.343.0860 or TIAA at 1.800.842.2776.
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