Retirement Benefits
The health system wholeheartedly believes in helping employees save for retirement early on and offers a two-part Retirement Program to make it happen.
403(b) Retirement Savings Plan
Our 403(b) savings plan lets employees save pre-tax and provides generous contributions from the health system. All employees can save a percentage of their earnings before taxes are taken out beginning on their first day of employment. After completing one year of service, eligible employees will receive 3% of their salary from the health system. An additional 2% will be given to those who contribute 6% or more to their account. Our 403(b) plan features a variety of investment options, including a full range of mutual funds and Targeted Retirement Funds. Employees may easily sign-up and manage their accounts online or by phone.
The Cash Balance Plan
The health system's Cash Balance Plan is similar to a pension and is entirely funded by the health system. Eligible employees will automatically receive 3% of their salary after completing one year of service. The plan provides a monthly or lump sum benefit at termination or retirement based on earnings and years of service with the health system. Employees are vested in the plan after completing three years of service.