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University Hospitals 403(b) Plan
A 403(b) plan allows eligible employees to save on a tax-deferred basis through salary deduction.
Choose from the tiers of investments below. Tiers are distinct categories designed to simplify your investment choices. At any time, you may use investments from any and all tiers.
When and Why:
Depending on your plan, there are two options to consider: Target Date Funds which are based on an anticipated retirement date and Target Allocation Funds that are based on a risk tolerance and time horizon.
Note: The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate, therefore you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Click on an investment to view quarter end returns, risk, fees and expenses. 1,2,3,4.
| INVESTMENTS | ASSET CLASS | CATEGORY | AVERAGE ANNUAL TOTAL RETURNS | CUMULATIVE RETURNS | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Life |
3 Mon |
YTD |
As of Date |
|||
|
VANG TARGET RET 2020
Inception Date 06/07/2006 |
Blended Investments |
N/A |
-14.15% |
1.33% |
3.22% |
5.83% |
5.52% |
4.97% |
3.98% |
12/31/2022 |
|
VANG TARGET RET 2025
Inception Date 10/27/2003 |
Blended Investments |
N/A |
-15.55% |
1.66% |
3.58% |
6.43% |
6.13% |
6.03% |
4.62% |
12/31/2022 |
|
VANG TARGET RET 2030
Inception Date 06/07/2006 |
Blended Investments |
N/A |
-16.27% |
2.09% |
3.94% |
6.99% |
6.02% |
6.81% |
5.04% |
12/31/2022 |
|
VANG TARGET RET 2035
Inception Date 10/27/2003 |
Blended Investments |
N/A |
-16.62% |
2.64% |
4.34% |
7.57% |
6.83% |
7.45% |
5.32% |
12/31/2022 |
|
VANG TARGET RET 2040
Inception Date 06/07/2006 |
Blended Investments |
N/A |
-16.98% |
3.17% |
4.74% |
8.06% |
6.59% |
8.20% |
5.56% |
12/31/2022 |
|
VANG TARGET RET 2045
Inception Date 10/27/2003 |
Blended Investments |
N/A |
-17.36% |
3.74% |
5.14% |
8.34% |
7.40% |
8.89% |
5.83% |
12/31/2022 |
|
VANG TARGET RET 2050
Inception Date 06/07/2006 |
Blended Investments |
N/A |
-17.46% |
3.80% |
5.18% |
8.36% |
6.79% |
9.23% |
5.98% |
12/31/2022 |
|
VANG TARGET RET 2055
Inception Date 08/18/2010 |
Blended Investments |
N/A |
-17.46% |
3.79% |
5.18% |
8.34% |
8.97% |
9.23% |
5.98% |
12/31/2022 |
|
VANG TARGET RET 2060
Inception Date 01/19/2012 |
Blended Investments |
N/A |
-17.46% |
3.79% |
5.18% |
8.34% |
8.59% |
9.23% |
5.97% |
12/31/2022 |
|
VANG TARGET RET 2065
Inception Date 07/12/2017 |
Blended Investments |
N/A |
-17.39% |
3.78% |
5.15% |
-- |
6.42% |
9.24% |
5.94% |
12/31/2022 |
|
VANG TARGET RET 2070
Inception Date 06/28/2022 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
1.02% |
9.21% |
5.99% |
12/31/2022 |
|
VANG TARGET RET INC
Inception Date 10/27/2003 |
Blended Investments |
N/A |
-12.74% |
0.34% |
2.30% |
3.62% |
4.57% |
3.74% |
3.43% |
12/31/2022 |
When and Why:
Investors may choose from a range of fund choices that reflect different styles and goals.
Note: The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate, therefore you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Click on an investment to view quarter end returns, risk, fees and expenses. 1,2,3,4.
You may lose money by investing in a money market fund. Not all money market funds operate the same way and depending on the fund, you may be subject to certain operating policies and risks not applicable to other money market funds. Please click on the name of the fund below for risks specific to that fund.
| INVESTMENTS | ASSET CLASS | CATEGORY | AVERAGE ANNUAL TOTAL RETURNS | CUMULATIVE RETURNS | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Life |
3 Mon |
YTD |
As of Date |
|||
|
VANG TOT STK MKT IP
Inception Date 04/27/1992 |
Stock Investments |
N/A |
-19.51% |
6.99% |
8.73% |
12.06% |
9.62% |
7.15% |
5.22% |
12/31/2022 |
|
OAKMARK INST
Inception Date 08/05/1991 |
Stock Investments |
Large Cap |
-13.16% |
9.73% |
8.00% |
11.99% |
12.23% |
10.37% |
10.86% |
12/31/2022 |
|
TRP LARGE-CAP GRTH I
Inception Date 10/31/2001 |
Stock Investments |
Large Cap |
-35.18% |
3.67% |
8.35% |
13.85% |
9.87% |
-0.18% |
6.45% |
12/31/2022 |
|
TRP MID CAP GROWTH
Inception Date 06/30/1992 |
Stock Investments |
Mid-Cap |
-22.52% |
3.44% |
7.36% |
12.07% |
12.74% |
8.26% |
6.43% |
12/31/2022 |
|
DFA US SMALL CAP I
Inception Date 03/19/1992 |
Stock Investments |
Small Cap |
-13.53% |
7.88% |
5.84% |
10.14% |
9.97% |
10.12% |
6.12% |
12/31/2022 |
|
DFA EMRG MKT CORE EQ
Inception Date 04/05/2005 |
Stock Investments |
International |
-16.40% |
0.25% |
-0.19% |
2.24% |
6.31% |
10.53% |
8.29% |
12/31/2022 |
|
MFS INTL INTR VAL R6
Inception Date 10/24/1995 |
Stock Investments |
International |
-23.00% |
0.92% |
3.36% |
8.07% |
7.57% |
12.34% |
7.47% |
12/31/2022 |
|
VANG DEV MKT IDX ADM
Inception Date 08/17/1999 |
Stock Investments |
International |
-15.32% |
1.33% |
1.67% |
4.92% |
3.94% |
17.11% |
7.99% |
12/31/2022 |
|
VANG GLOBAL EQ INV
Inception Date 08/14/1995 |
Stock Investments |
International |
-22.64% |
2.31% |
4.61% |
8.52% |
8.30% |
9.94% |
10.28% |
12/31/2022 |
|
VANG INTL GROWTH ADM
Inception Date 09/30/1981 |
Stock Investments |
International |
-30.79% |
3.14% |
4.75% |
7.84% |
10.12% |
12.62% |
11.75% |
12/31/2022 |
|
PIM ALL ASSET INST
Inception Date 07/31/2002 |
Blended Investments |
N/A |
-11.53% |
3.49% |
3.40% |
3.54% |
6.33% |
7.28% |
4.95% |
12/31/2022 |
|
PIM TOTAL RT INST
Inception Date 05/11/1987 |
Bond/Stable Value Inv |
Income |
-14.09% |
-2.48% |
0.03% |
1.11% |
6.27% |
1.77% |
3.08% |
12/31/2022 |
|
VANG VMMR-FED MMKT
Inception Date 07/13/1981 7 day yield % as of 12/31/2022: 4.21 ** |
Short-Term Investments |
N/A |
1.55% |
0.67% |
1.18% |
0.71% |
3.88% |
0.88% |
0.33% |
12/31/2022 |
A self-directed brokerage account allows you to make investments beyond those offered in your workplace retirement savings plan.
For more information or to open a self-directed brokerage account, first enroll in your Fidelity workplace retirement savings plan. Then visit www.netbenefits.com > Quick Links > BrokerageLink where you can open an account or review additional information, including the commission schedule for applicable fees and risks.
BrokerageLink includes investments beyond those in your plan's lineup. You should compare investments and share classes that are available in your plan's lineup with those available through BrokerageLink, and determine the available investment and share class that is appropriate for your situation. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance.
Learn the plan basics - including eligibility - of each retirement savings plan offered by your employer.
You are eligible to enroll in the plan immediately. To enroll, click the enroll bricklet or call 1-800-343-0860.
If you have not enrolled in the Plan within 30 days from your date of hire, and your date of hire is on or after October 18, 2010, you will be automatically enrolled in the Plan at a contribution rate of 3% of your pretax eligible earnings.
Your contributions will be invested in the Vanguard Target Retirement Date Fund based on your date of birth, and assuming a retirement age of 65 as directed by the Plan Sponsor. Please see the chart in the "Investment Options" section of the enrollment guide found on the Home page of this site for more details. However, we encourage you to take an active role in the Plan and to choose a contribution rate and investment options that are appropriate for you.
If you do not wish to contribute to the Plan, you must change your contribution rate to 0% within the first 30 calendar days of your date of hire. You may change your contribution rate at any time by logging on to NetBenefits® at at the top left hand side of this page, or by calling a Fidelity financial professional at 1-800-343-0860.
Through automatic payroll deduction, you can contribute between 1% and 75% of your eligible pay on a pretax and/or Roth basis, up to the annual IRS dollar limits. Employees determined to be highly compensated may have additional limitations.
Company Contributions.
University Hospitals will match 50% of each pretax and/or Roth dollar you contribute on the first 6% of pay that you defer to your Plan. You become eligible for matching contributions after completing one year of service with University Hospitals.
Please note, company match contributions are subject to the IRS annual compensation limit of $330,000 for 2023. Not all employees are eligible for matching contributions. If you have questions about your eligibility for matching contributions please contact the University Hospitals Wellness Center at 1-877-471-7522.
The IRS contribution limit is $22,500 for 2023.
With Roth contributions, you can make after-tax payroll contributions to your plan and withdraw those contributions tax-free (subject to the terms of the plan). Your earnings may also be withdrawn tax-free if you have a qualified distribution. A qualified distribution, in this case, is one that is taken five tax years after the year of your first Roth contribution and after you have reached age 59˝, become disabled, or died.
Through automatic payroll contributions, you can contribute as little as 1% and as much as 75% of your eligible pay as designated Roth contributions, up to the annual IRS dollar limits. University Hospitals will match 50% of each pretax dollar you contribute on the first 6% of pay that you defer to your Plan. Match eligible employees qualify for matching contributions after completing one year of service with University Hospitals.
Generally, a Roth contribution may be beneficial if you expect your tax rate in retirement will be higher than it had been during the years you contributed.
For information about a Roth conversion, please call a financial professional at 1-800-462-7131.
If you are age 50 or older, you have the ability to make additional contributions to your plan, up to the current IRS dollar limits. View the limits here: IRS DOLLAR LIMITS
When you are "vested" in your savings, it effectively means the money is yours to keep. You are always 100% vested in all contributions you make to your plan, as well as any earnings on them.
You will be 100% vested in the employer matching contributions after three years of employment.
Please note: not all employees are eligible for matching contributions. If you have questions about your eligibility for matching contributions please contact the University Hospitals Wellness Center at 1-877-471-7522.
Your beneficiary or beneficiaries will inherit your account in the event of your death. You should consider identifying a beneficiary when you enroll in your plan, and updating the information if you experience a life-changing event such as a marriage, divorce, birth of a child, or death in the family.
Fidelity's Online Beneficiaries Service, available through NetBenefits® offers a straightforward, convenient process that takes just minutes.
Go to 'Profile' in the navigation bar at the top of your NetBenefits® page and click on the 'Summary tab' and then 'Beneficiaries'.
You are generally allowed to withdraw money from your plan when you leave your employer, retire or become permanently disabled. Also you may be eligible for a distribution if you have a financial hardship as defined by your plan. Withdrawals may be subject to income taxes and, if they occur prior to you becoming age 59˝, a 10% early withdrawal tax penalty.
For more information, call the Fidelity Retirement Services Center at 1-800-343-0860.
Although your plan account is intended for the future, you may borrow from your account for any reason. Generally, the UH 403(b) Matched Retirement Savings Plan allows you to borrow up to 50% of your vested account balance. The minimum loan amount is $1,000, and a loan must not exceed $50,000. You then pay the money back into your account, plus interest, through after-tax payroll deductions. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. The cost to initiate a loan is $25, and there is a quarterly maintenance fee of $12.50. The initiation and maintenance fees will be deducted directly from your individual plan account. If you fail to repay your loan (based on the original terms of the loan), it will be considered in "default" and treated as a distribution, making it subject to income tax and possibly to a 10% early withdrawal penalty. Defaulted loans may also impact your eligibility to request additional loans. Be sure you understand the plan guidelines and impact of taking a loan before initiating a loan from your plan account. To learn more about or request a loan, log on to NetBenefits® at the top left hand side of this page or call the Fidelity Retirement Benefits line at 1-800-343-0860.
If you have retirement savings in another employer's plan or in an IRA, consolidating accounts may help make it easier to manage your savings but there are several options. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
If you're not sure about the best option for you, talk to a Fidelity representative today. They can explain each option in greater detail so you can make the best choice for your specific needs.
Online, on the phone, or in person, you have access to your account the way you want it. Log in online to NetBenefits® virtually 24/7 or call Fidelity at 1-800-343-0860 to speak with a representative or use the automated voice response system.
Fidelity financial professionals provide complimentary one-on-one consultations for participants in your plan. You can also contact Fidelity for a statement of your account by calling 1-800-343-0860 or visiting NetBenefits®.
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Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
** The current yield of the money market mutual fund listed above reflects the current earnings of the fund, while the total return refers to a specific past holding period.
*** The yield without applicable waivers or reimbursements, whenever Fidelity is subsidizing all or a portion of the fund's expenses as of the current reporting period. Absent such waivers or reimbursements, the returns would have been lower. Waivers and/or reimbursements may be discontinued any time.
Investing involves risk, including risk of loss.
Footnotes 1, 2, 3 and 4 below pertain to the performance tables located on the Investment Options tab:
1 Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
2 Total returns are historical and include change in share price and reinvestment of dividends and capital gains, if any. These figures do not include the effect of sales charges, if any, as these fees are waived for contributions made through your retirement plan. If sales charges were included, returns would have been lower. Life of fund figures are from the inception date to the period shown. For unitized funds, the inception date shown may be that of the fund's underlying investment option. For non-mutual fund pools and trusts whose strategies may be offered to multiple clients, and whose returns may be based on a composite, the inception date shown may be the beginning date of the composite's returns.
3In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible.
4Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.
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