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.

The Institute on Aging  offers a 403(b) through Empower. The 403(b) plan allows you to save for retirement and enjoy significant tax advantages. You can contact Empower any time by logging in to participant.empower-retirement.com for more information about the plan, your account balance, making contributions, changing investment elections, initiating a rollover or requesting a loan or withdrawal.

    Plan Information

    Non-represented and Union SEIU 2015 employees are automatically enrolled at a 3% contribution rate and will increase 1% annually effective the beginning of each calendar year (to a max contribution rate of
    8%). However, you may turn off the auto-increase feature and/or update your contribution amount from 1% to 100% of earnings, up to the statutory annual participants limit set by the IRS. Union SEIU 1021 employees need to enroll to participate, automatic enrollment is not available. Each plan year IOA considers a discretionary match for eligible employees. Participants are 100% vested after 3 years of service (and have worked at least 1,000 hours each calendar year).

    Who is Eligible for the 403(b)?

    The 403(b) plan is available to non-represented employees, SEIU 2015 Union and SEIU 1021 Union employees. 

    How Do I Enroll in the 403(b)?

    Non-represented employees and SEIU 2015 Union employees are automatically enrolled at a 3% contribution rate, with a 1% annual increase (up to 8%) if no action is taken. SEIU 1021 Union employees, however, must enroll manually. To select a different contribution rate or to opt out, please visit the Empower portal at participant.empower-retirement.com.

    403(b) Plan Highlights

    Increase Your Retirement Savings with a 403(b)

    • Non-represented and Union SEIU 2015 employees are automatically enrolled at a 3% contribution rate and will increase 1% annually effective the beginning of each calendar year (to a max contribution rate of 8%).
    • You may turn off the auto-increase feature and/or update your contribution amount from 1% to 100% of earnings, up to the statutory annual participants limit set by the IRS.
    • Union SEIU 1021 employees need to enroll to participate, automatic enrollment is not available. Each plan year IOA considers a discretionary match for eligible employees.
    • Participants are 100% vested after 3 years of service (and have worked at least 1,000 hours each calendar year).
    • Contribute using convenient payroll deductions up to the IRS limit of $23,500 per year.
    • Change the amount of your contributions or stop your payroll contributions at any time.
    • The 403(b) contribution limit for employees age 50 or older is $31,000 in 2025.