Retirement Plans

Tax-Sheltered Annuity (403b) Plan

Mount Sinai offers a 403(b) tax-deferred retirement plan to eligible faculty. Investment options are available through TIAA-CREF Group.


Faculty should complete enrollment forms to participate in the tax deferred retirement plan. However, effective January 1, 2008 faculty who do not enroll by their eligibility date (as defined below) will automatically be enrolled in the Vanguard Target Retirement Funds for their employer contribution; they would then need to complete paperwork to select another investment company for the employer contribution. Paperwork is always required to initiate employee (individual) contributions.

Employer (School) Contribution

  • Faculty at the rank of Instructor will receive from the School a contribution to their tax-deferred account of an amount equal to 7 percent of base salary.
  • Assistant Professors, Associate Professors and Professors will receive from the School a contribution to their tax-deferred account of an amount equal to 10 percent of base salary.
  • The employer contribution is capped at the IRS maximum, which is currently $265,000. If your base salary exceeds $265,000, Mount Sinai will contribute 7% or 10% (depending on your rank) only up to the $265,000 cap.
  • The employer contribution will begin on the first of the month coincident with, or immediately following the completion of, the first year of employment. Examples: A plan participant with a hire date of May 1, 2013 will be eligible for employer contributions beginning May 1, 2014. A participant with a hire date of May 15, 2013 will be eligible for employer contributions beginning June 1, 2014.
  • Vesting: Employees hired after January 1, 2004 who leave Icahn School of Medicine employment prior to completing three years of service will forfeit the employer contributions and earnings on those contributions.

Employee (Individual) Contribution

  • Employee contributions to the retirement plan are voluntary.
  • Faculty who elect to participate may contribute to their own account through a pre-tax salary reduction.
  • The maximum allowable contribution in 2016 for individuals under age 50 is $18,000.
  • The maximum allowable contribution in 2016 for individuals age 50 and above is $24,000 ($18,000 + $6,000 "catch-up" contribution).
  • There is no waiting period for the voluntary contribution; faculty may begin to contribute as soon as they sign up for this benefit.
  • Vesting: If you leave Icahn School of Medicine, you will be entitled to any funds that you contributed and earnings on those funds, regardless of your length of service.

IRS regulations stipulate that the combined employer contribution and voluntary self-contribution cannot exceed the lower of $53,000 or 100 percent of gross annual earnings.

Federal income taxes on contributions and investment earnings are deferred until the participant actually receives benefits from the plan, although there may be State tax consequences to contributions.

For additional information about the Mount Sinai 403(b) retirement plans, contact the on-site TIAA-CREF representative at (212) 241-0317.

Grandfathered Retiree Health and Welfare Program (limited eligibility)

Eligibility to participate in the Retiree Health and Welfare Program requires that active employees met the following criteria by 1/1/04:

  • They were at least 50 years old, with 10 or more years of service to Mount Sinai* or
  • They completed at least 20 years of continuous service.
  • Regular salaried faculty with base hours of at least 17.5 per week who meet the above criteria and are at least age 62 on the day of retirement are eligible to retire with medical, prescription and life insurance benefits.

If you are eligible for the grandfathered Retiree Health and Welfare Program and you want more information about it, call the Benefits Office at 212-731-7726.

*For purposes of determining Mount Sinai Retiree Health & Welfare Program eligibility, years of service are determined solely by the years of service within a participating entity of the Mount Sinai Health System. Faculty must satisfy the minimum required hours of service per week, as described above, in each of the ten years prior to retirement.

A previous grandfathered clause, dating back to 1991 remains in effect. The clause states that all regular salaried part-time and full-time faculty who completed at least 25 years of continuous service on or before 12/31/91 are eligible to retire with medical, prescription, and life insurance benefits as early as 55 years of age.

457(b) - Supplemental Retirement Program

The 457(b) Supplemental Retirement Program is only available to faculty earning $140,000 or more in base salary. To obtain additional information, please contact the Benefits Administration office at (212)731-7726.


Note: These benefits are applicable to eligible faculty who are employed by Icahn School of Medicine at Mount Sinai.  Faculty employed by member hospitals or other entities should check with their employer for benefits information.  All benefits and programs are subject to change from time to time in accordance with institutional policy. 

Contact Us

Benefits Center:
Tel: 866-700-6762
Monday - Friday, 8:00am - 6:00pm

Retirement Benefits:

For questions specifically about the 403(b) plan, please call TIAA-CREF at 888-210-3992.

Related Resources

Benefits Enrollment
(password protected)

Parent and Family Resources

Faculty Time-Off Policies [PDF]