Pediatric Academic Association Inc. provides retirement saving plans to help you save for retirement. The voluntary tax-sheltered 403(b) retirement plan is designed to help bridge the gap between what you'll have from your pension and Social Security benefits, and how much you'll need in retirement. The Plan offers a tax-sheltered annuity 403(b) plan and a defined contribution plan to provide you with retirement savings.
Tax-sheltered annuity 403(b) plan
Voluntary retirement savings plan allowing Pediatric Academic Association, Inc. employees to save through pre-tax payroll contributions.
What does pre-tax mean?
Your salary deferral contributions are withheld from your paycheck prior to any federal income tax withholding. Benefits in your account will continue to accrue tax-free until you separate from service and request a distribution.
Defined contribution plan
A retirement savings plan established by the Pediatric Academic Association Inc. (PAA) to provide additional benefits.
Tax-sheltered annuity 403(b) plan
You can make payroll contributions up to the maximum annual IRS amounts.
Defined contribution plan
PAA will contribute an amount equal to 10% of your eligible salary into the plan on an annual basis. The contribution limit is based upon annual IRS compensation limit.
Tax-sheltered annuity 403(b) plan
You are eligible to begin making pre-tax salary deferrals upon your hire date.
Defined contribution plan
You will be eligible to receive the PAA contributions after 1,000 hours are paid in a payroll calendar year.
Tax-sheltered annuity 403(b) plan
Your salary deferral contributions are always 100% vested.
Defined contribution plan
5-year graded vesting plan: 20% after 2 years with full vesting at 5 service years. A service year is based upon being paid 1,000 hours in a payroll calendar year.
Tax-sheltered annuity 403(b) plan
Hardship and loans are accessible with this plan. Please review your plan's Summary Plan Description (SPD) for further details.
Defined contribution plan
Vested funds are eligible for distribution following separation of service. Please review your plan's SPD for further details.