Harvard provides comprehensive retirement programs to provide for your long-term financial security along with education and planning resources to help you maximize this benefit.
Harvard-Funded Retirement Plans
These plans are fully funded by Harvard to help you save for your future. Depending on your role, you may be eligible for the following University-funded Retirement Programs:
- 2001 Staff Program,
- 1995 Retirement Program, or
- Faculty Plan
All plans allow you to choose an investment for all or some of Harvard’s contribution. There are default funds for those who do not make an election.
Employee-Funded Tax-Deferred Savings
You can begin saving for retirement, while saving money on taxes - now or in the future - through two voluntary and optional tax-deferred Employee-funded Retirement Programs:
- Tax-Deferred Account (TDA) allows you to save with pre-tax dollars through the Traditional contribution option or after-taxes with the Roth option, which allows tax-free withdrawals in retirement. You decide how much to save, up the plan limits, and where to invest. Some new faculty and staff will be automatically enrolled after 60 days of employment (Traditional option).
- 457(b) Deferred Compensation Plan allows certain high-earning faculty and staff to set aside a tax-deferred portion of their salary, in addition to TDA deductions.
Eligible faculty and staff will be automatically enrolled in the retirement plan for their employment type after the appropriate waiting period of six months to one year (depending on plan), and will receive an information package two months prior to enrollment.
Investments and Education
- Retirement Investment Options
Harvard offers a range of investment options, including mutual funds and brokerage accounts. Your choices will depend on your personal goals, risk tolerance and knowledge of investing.
- Retirement Education & Planning
Access to an array of resources — online, by phone, and in person — aimed at helping you determine how much you need to save and which investments to select.