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)?

    You can enroll in the retirement savings plan by visiting your plan provider’s website and registering with your personal information. Once registered, you’ll be able to select your contribution percentage.

    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)

    Your Contribution: You are eligible to make voluntary contributions to the 403(b) plan upon hire.

    Foundation Contribution: There is a 6 month waiting period before you become eligible for Foundation contributions. Upon eligibility, if you are not yet participating, you will be automatically enrolled to contribute 4% of base salary unless you opt out. Foundation contributions begin with the calendar month immediately following the completion of 6 months of employment. Foundation contributions are as follows:

    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.