Retirement

You are automatically enrolled in this plan when hired into a benefit-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, yours to keep regardless of how long you stay with our organization.
• Health system contributions are 100% vested after completing 3 years of service.
• Broad range of investment options to suit your goals, time horizon and risk tolerance. (Includes a self-directed brokerage option.)
• Manage your account online at NetBenefits.com/AtWork or with the NetBenefits mobile app.

* 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.

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

• Save any amount up to the 2023 IRS maximum of $22,500 (or 85% of pay, whichever is less)
  • If you are age 50 or older, you may contribute up to $7,500 more.
  • These contribution limits are independent of 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. Contributions and earnings are taxed when withdrawn at retirement.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.
    • Earnings can be withdrawn tax-free if you are at least age 59-1/2 and you’ve had your Roth account for 5 years or more.
• Your contributions are always 100% vested.
• Broad range of investment options to suit your goals, time horizon and risk tolerance. (Includes a self-directed brokerage option.)
• Manage your account online at NetBenefits.com/AtWork or with the NetBenefits mobile app.

Auto-escalation makes it easier for you to save. When you sign up for the voluntary 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.