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Financial Wellbeing

Retirement

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The best day to start saving for your future is today – even if you need to start small. To help you build a secure retirement, our health system offers two savings plans, free financial counseling and financial wellness resources for every stage of life.

Both the 401(a) “automatic” and 457(b) “boost” plans offer a broad range of investment options to suit your goals, time horizon and risk tolerance. If you like to choose your own investments, there’s even a self-directed brokerage option. Review this summary of retirement savings plans highlights and read below for more details.

For employees of Liberty Hospital and Clinics

All assets accumulated in your Liberty Hospital plan at Transamerica are yours to keep. At the time of transition, all employee and employer contributions will be fully vested, including those for employees with less than three years of service.

In early 2026, those with a balance in the Liberty Hospital retirement account will be able to roll over their assets to the health system plan or otherwise direct it as they choose.

Additional communication about the transition to the health system’s retirement program will begin in late fall, with group education sessions in December.

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You are automatically enrolled in this plan when hired into a benefits-eligible position (0.5 FTE or above). Key features:

  • You and the health system both contribute based on your years of service. Health system contributions range from 3–8.5% of eligible earnings (see table).
  • Your contributions are made pretax, helping you take home more of your paycheck.
  • Your contributions are always 100% vested, which means the money is yours to keep regardless of how long you stay with our organization.
  • Health system contributions are 100% vested after completing 3 years of service.

Years of service**

1,000+ hours/year

Employee contributions
% base pay

Health system
contributions
% base pay

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

** One year of service is credited for each year in which you work at least 1,000 hours. Contribution levels increase on Jan. 1 following the service year anniversary.

 

Please note, employees are not able to change 401(a) “automatic” retirement savings plan contribution rates.

This plan offers a tax-advantaged way for you to boost your retirement contributions and save even more for your future. Key features:

  • Save any amount up to the IRS maximum for each calendar year. In 2026, the maximum is $24,500 (or 85% of pay, whichever is less).
    • Employees aged 50 years and older may make an additional “catch-up” contribution of $8,000.
    • If you turn 60, 61, 62 or 63 at any point during the plan year and beyond, you can contribute a higher catch-up amount totaling $11,250.
    • These contribution limits are independent of and in addition to the 401(a) plan. This unique design allows you to save more for retirement than with a traditional 401(k).
  • Flexibility to make pretax or after-tax (Roth) contributions, or both.
    • Pretax contributions reduce your adjusted gross income, providing income tax savings now. Contributions and earnings are taxed when withdrawn at retirement.
    • After-tax (Roth) contributions reduce your take-home pay now but allow you to withdraw the money and earnings tax-free when you retire.
    • Note: If your 2025 FICA wages were $150,000 or more, your age-50+ catch-up contributions (the extra $8,000 or $11,250) must be made on a Roth (after-tax) basis.
  • When you sign up for the 457(b) boost plan, you can choose to automatically increase your contributions by 1% or more each year.
    • Consider coordinating your automatic increase date and amount with expected pay increases. That way you may be able realize both an increase in take-home pay and a higher contribution toward your retirement.
  • Your contributions are always 100% vested, which means the money is yours to keep regardless of how long you stay with our organization.

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