Retirement
One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 403(b) savings plan allows you to save for retirement on a pretax basis. You can begin contributing to the plan at any time once you become eligible and start making contributions to your account through convenient payroll deductions.
Plan Information
Plan Name: XXXX
Policy Number: #XXXX
Effective Date: XX/XX/XXXX
Network: XXXX
Who is Eligible for the 403(b)?
All active employees over the age of 18 are eligible to participate Hewlett’s retirement savings plan.
How Do I Enroll in the 403(b)?
Your voluntary retirement contribution elections are made in ADP, and registration for your 403(b) retirement savings account is completed by visiting Fidelity’s NetBenefits website.
Vesting: You are fully vested once you become eligible for the Foundation’s contribution.
Beneficiaries: All 403(b) enrollees should have a beneficiary designation in ADP. If you need to update your beneficiary designation, please reach out to Human Resources.
Increase Your Retirement Savings with a 403(b)
All active, benefit-eligible employees are automatically enrolled in 403(b) plan at 4% of your annual salary on your date of hire, unless you decline in writing. Full eligibility and 100% vesting occur after completing a 6-month waiting period. Foundation contributions begin with the calendar month immediately following the completion of 6 months of employment.
Foundation Contribution:
- Basic: 7% of your base salary for that month, plus
- Matching: 2 times your voluntary contribution for that month up to a maximum of 8%
Maximum annual IRS contributions:
- Up to $23,500
- Catch up contribution:
- If you are 50+, $7,500 for a total of $31,000
- Secure 2.0 Act “Super Catch Up” provision:
- If you are aged 60 to 63 in 2025, you could contribute up to the greater of $10,000 or 150% ($11,250 for 2025) of the regular catch up.