Financial and Retirement Benefits

*For more details about Mayo's benefits, see Summary of Benefits PDF (383KB)

Planning for the future and protecting against risk is a partnership between Mayo and its employees.

Salary Program

Mayo Clinic administers a competitive, predictable, and market-leading salary program with annual increases, given satisfactory employee and organizational performance.

Pension Plan*

The Mayo Pension Plan is an employer provided defined benefit plan with the purpose of providing income following retirement from a career of service with Mayo Clinic. The benefit payable at termination or retirement is based on a formula using years of service and final average pay. It is offset by a Social Security covered compensation factor. Vesting occurs at age 28 with three or more years of benefit service, or with five years of vesting service from age 18 with some benefit service.

403(b)/401(k)*

Employees may contribute pre-tax or post-tax Roth dollars to an investment plan administered by Fidelity Investments.

Relocation Assistance

Mayo Clinic provides financial assistance for travel related to interviewing, pre-employment exam/house hunting, and relocation for qualifying individuals. Details (PDF)

Flexible Spending Accounts

Use of these accounts allows you to use pre-tax dollars for reimbursement of eligible healthcare and dependent care costs. Not available to participants of the Mayo Horizon medical plan.

Insurances*

Mayo Clinic provides life insurance, accidental death and dismemberment insurance, and other optional insurances.

Mayo Employees Federal Credit Union

This member-owned, not-for-profit financial cooperative provides members deposit, lending and investment services. See www.mayocreditunion.com.

Legal Services

Employees may receive free consultation and discounted service rates for legal assistance related to purchasing a home, managing expenses, preparing a will, adopting a child, and traffic and civil matters.