Partnering for Your Financial Future
In addition to my savings, NorthShore makes a matching contribution to my 403(b) plan which helps my savings grow faster. ~Missy Collins, Executive Secretary, Human Resources
NorthShore University HealthSystem (NorthShore) shares responsibility for retirement planning by providing employees competitive and valuable benefits that meet the diverse and changing needs of our workforce.
403(b) Plan Tax-Deferred Annuity (TDA)
All NorthShore employees are eligible to participate in this retirement savings plan upon hire.
- Contribute up to 35 percent of annual income on a pre-tax basis (up to IRS limits).
- If eligible, receive a variable employer match from $0 to $1 on your contributions up to 4 percent of eligible earnings.
Retirement Contribution Plan
NorthShore funds this plan for employees who are at least 21 years of age. Eligible employees automatically become participants in the plan on January 1 or July 1 after completing 12 months of service with at least 1,000 hours worked.
- NorthShore contributes a percentage of pay based on years of credited service and age under the Retirement Contribution Plan.
- Vesting occurs after 3 years of service (with at least 1,000 hours worked in each calendar year).
Section 529 College Savings Plan
All NorthShore employees are eligible to participate in this plan upon hire.
- Contribute up to $14,000 ($28,000 for married couples) per year per beneficiary without incurring gift taxes.
- Illinois residents can deduct contributions from Illinois state taxable income up to $10,000 per year ($20,000 if married and filing jointly).
- Savings can be used to pay for tuition, fees, room and board, books and other required supplies at any accredited college or university.