The MGH Cash Balance Retirement Plan assists employees with financial security in retirement. Once you are eligible, your account is credited with an amount based on age, annual pay and length of service.
Accordingly, does MGH have 401K?
Massachusetts General Hospital 401K Plan.
Keeping this in consideration, what is MGH TSA? A 403(b) tax-sheltered annuity (TSA) plan offers you a tax-smart way to save for the future. Two Flexible Spending Accounts save you tax dollars and reduce your out-of-pocket costs for health care and dependent day care. … The FLEX benefits program gives you a choice about how MGH’s dollars are spent on your behalf.
In this way, what is a 403k plan?
A 403(b) plan may allow: Elective deferrals – employee contributions made under a salary reduction agreement. The agreement allows an employer to withhold money from an employee’s salary and deposit it into a 403(b) account. … The employee pays income tax on these contributions only when they are withdrawn.