We help you save with two plans:
The Johns Hopkins Bayview Medical Center, Inc. Represented Employees 403(b) Plan
- You are automatically enrolled with an initial 2% pre-tax contribution unless you elect not to participate.
- You may choose a percentage or fixed dollar amount of your salary to deposit into your account each pay period on a pre-tax and/or after-tax (Roth) basis (up to IRS limits indexed annually).
- Your elected contribution automatically increases by 1% annually (up to 10%) on the anniversary of your automatic enrollment date unless you opt out.
- Your contributions vest at 100% immediately.
The Johns Hopkins Bayview Medical Center, Inc. Represented Employees Pension Plan
- You are automatically enrolled in this benefit if you work 1,000 hours or more in a calendar year.
- The amount of your pension benefit is calculated using the following formula:
Your pension benefit = 1% of your final average compensation* times service (up to a maximum of 40 years)
- You will be fully vested after 5 years of service. Year of service = calendar year working at least 1,000 hours.
*Highest consecutive 3 years out of the last 10.
Your IRS maximum contribution
In 2022, you may contribute up to $20,500 of your gross income. If you are age 50 or older you can contribute up to an additional $6,500.