When it comes to your personal well-being, your financial peace of mind is very important. These benefits protect you and your family and help you plan for your future.
Retirement savings plans
Saving for retirement can help you achieve overall financial wellness. Even small contributions will have big payoffs over time. Saving through the health system’s two retirement savings plans is a great way to accumulate money for a secure retirement. Both retirement plans offer the opportunity for a lower tax bill today and tax-deferred investment growth.
Fidelity Investments is the service provider for the 401(a) and 457(b) retirement plans. With their innovative digital tools, you have convenient access to your accounts, robust education to help you save, excellent customer service and expert financial advising.
401(a) retirement savings plan
The health system provides a 401(a) retirement savings plan to which both you and the health system contribute. Employees are eligible to participate upon hiring, and you are automatically enrolled if you are in a benefit-eligible position (0.5 FTE or above). The contribution amounts from you and the health system are based on your years of service. Employee contributions are pretax, reducing income taxes, and are made by payroll deduction. You always own your contributions; your ownership of the health system’s contributions vest after three years of service. One year of service is credited for each year in which you work at least 1,000 hours.
| Years of service * | Employee contributions | Health system contributions |
| 0 to 4 | 4% | 3% |
| 5 to 9 | 4% | 4% |
| 10 to 14 | 4% | 5% |
| 15 to 19 | 4% | 6% |
| 20 or more | 5.5% | 8.5% |
| Years of service | Vested percentage in employee contributions | Vested percentage in health system contributions |
| 0 to 2 | 100% | 0% |
| 3 or more | 100% | 100% |
*Contribution levels increase on January 1 following the service year anniversary
