Cedars-Sinai has a unique and progressive retirement program. We are one of very few employers in the United States to offer a choice between two types of retirement plans - an account-based defined contribution plan or a traditional defined benefit pension plan. You can choose the plan that best meets your needs:
Our employees have a choice of either a Defined Contribution Plan or a Defined Benefit Plan. Cedars-Sinai makes 100% of the contributions to the Defined Contribution Plan or Defined Benefit Plan:
- Defined Contribution Plan. Cedars-Sinai deposits a contribution in a Defined Contribution Plan Account each quarter. The amount contributed depends upon years of eligible service and pay. The contribution percentage grows with years of service. This plan pays a lump sum benefit when you leave Cedars-Sinai employment.
- Defined Benefit Plan. This plan pays a monthly benefit amount for your lifetime when you retire. This benefit is based on your pay while you're participating in this plan and your age when you retire and start payments.
- 403(b) Plan. You also have the opportunity to save and invest for retirement and defer income taxes on your pay in a 403(b) account. Cedars-Sinai matches 50% of your contributions up to 6% of pay (benefit-eligible employees only). Financial advisors are on site to assist you with financial planning and your investment strategy.