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 ($147,000 in 2022), and 15% of your annual salary above that figure to an annual salary maximum set by the IRS ($305,000 in 2022). For Postdoctoral and CSHL Fellows, the laboratory currently contributes the equivalent of 1% of salary. • Participants are 100% 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 to invest in. You can view or change your investments by contacting Fidelity Investments. CSHL 403(b) Plan • This plan allows you to save money for retirement. All employees with a valid social security number are eligible to contribute money pre-tax from their pay check to the 403(b) plan. Since the contribution is withheld from your pay check before federal, state and local taxes, your taxable income is reduced. Participants may select from a variety of mutual funds to invest in. You can view or change your investments by contacting Fidelity Investments. • For 2022, you may save anywhere from a minimum of $25 per month up to a maximum of the lesser of 100% of your annual salary, or $20,500.* Participants who are over 50, or whose 50th birthday falls in the 2022 calendar year, may contribute an additional $6,500.* Life Insurance and Accidental Death & Dismemberment Plans - Click here to download a Lincoln Financial Beneficiary Designation Form. Submit the original completed, signed and dated form to Human Resources/Luke Building. 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. 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. 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. Beneficiaries - Retirement Plans, Life Insurance and AD&D Plans
*Projected for 2022
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