FICA Alternative Plan

Overview

The FICA Alternative Plan is a defined contribution retirement plan authorized under Section 401(a) of the Internal Revenue Code. It allows certain employees in temporary positions to participate, providing an alternative to earning Social Security credits.

Participation

Who participates?

• Adjunct Faculty
• Post Docs
• Housestaff
• OPS Employees (Both Exempt and Non-Exempt)

Enrollment

Enrollment in the FICA Alternative Plan is automatic for eligible employees.

Contributions

• Mandatory Employee Contribution: 7.50% of biweekly earnings
• Voluntary Employee contributions are not permitted in this plan

Benefit

The benefit received from the FICA Alternative Plan depends on the amount of money contributed by the employee and the growth of their investments over time.

Important Documents

• Plan Document

Resources

• Fidelity Investments

Loans and Hardships

Loans and hardship withdrawals are not permitted in this plan.

Update My Beneficiary

Login to your Fidelity account to update your beneficiary information.