403(b) plan

Employee contributions

You may elect to have your employer withhold (defer) a portion of your pay each payroll period and instead have that amount contributed to the plan on your behalf. You authorize your deferral contributions in a salary deferral election that you submit directly to Corebridge Retirement Services, either online or by phone.
 

In your salary deferral election, you designate the percentage of your plan-eligible compensation that you want contributed to the plan. Plan-eligible compensation is defined as your base rate of pay times your scheduled hours for any given payroll period.

Your salary deferrals can be made in the form of regular 403(b) (pretax) deferrals, Roth deferrals (after-tax), or some of each type. You can modify your deferral election at any time after your initial enrollment.

Contribution limits

Your total salary deferrals in any year [both regular 403(b) and Roth] may not exceed certain annual limits set by law.

Your plan also allows additional catch-up contributions as follows.  

Rollover contributions

You may be allowed to roll over, into this plan, all or a portion of the retirement funds you have in an IRA, a previous employer’s plan, or in certain other types of retirement plans. Under certain circumstances, you may withdraw your rollover contributions from the plan, but the number of withdrawals may be limited. For additional information about rollovers, contact the plan administrator or a financial professional. 

Change/stop contributions

You may change your contribution election to a different percentage of pay at any time. Also, you may stop making contributions at any time. You make these changes by contacting Corebridge, either online or by phone. Changes are usually effective during the next payroll period. If you stop contributing, you must re-enroll in the plan to resume making deferral contributions.

Employer matching contributions

Your employer will make matching contributions to the plan, based on the amount of your elective deferrals. However, you must satisfy certain eligibility requirements to receive matching contributions.
 

You become eligible for matching contributions if:

1. you are eligible to make deferral contributions,
2. you are in a “match-eligible” class of employees,
3. you are at least age 21, and you have attained at least one "year of service.” A “year of service” requires you to have worked at least 1,000 hours in a 12-month period beginning with your date of hire or any calendar year thereafter.
   

The following classes of employees are not match-eligible:

1. leased employees;
2. interns and students; and
3. per diem employees.

If you are eligible for the match, your deferral contributions will be matched at the rate of fifty cents on the dollar, on the first 4% of plan-eligible pay that you defer.  Matching contributions are deposited each payroll period, based on your deferrals and plan-eligible pay for that period.  The maximum matching contribution you can receive in any year is an amount equal to 2% of your total plan-eligible pay.

Non-elective contributions

Your employer also makes discretionary contributions to the plan that are not conditioned on any deferral contributions that you do or do not make. You will be eligible for these contributions if:

1. you are not in an “excluded” class of employees,
2. you are at least age 21, and
3. you have attained at least one "year of service."
   

The following classes of employees are excluded:

1. leased employees;
2. interns and students;
3. per diem employees; and
4. employees who are eligible for another 401(k), 403(b) or defined benefit retirement plan that we sponsor.

If you are eligible per the above, however, you must also satisfy two additional conditions each year in order to receive a share of the employer’s non-elective contribution for that year:

(a) you must have been in active employment through the end of the employer’s fiscal year that immediately precedes the end of the plan year, and
(b) during that fiscal year you must have worked at least 1,000 hours.

If you are eligible for non-elective contributions, the hospital may contribute a percentage of the total pay that you earned (per your W-2 report) during the employer’s most recent fiscal year. This percent will vary, according to your length of service while a plan participant, and the amount the Hospital’s Board decides to contribute for a given year. Ordinarily the percentage of pay you may expect to receive is determined according to the following schedule:

Non-elective contributions schedule

Please note: The Hospital’s Board voted to suspend non-elective contributions for a one-year period, coinciding with the 2017 plan year. Non-elective contributions may resume in 2018, when your contribution will be based on the compensation paid to you during the fiscal year beginning October 1, 2017, and ending September 30, 2018.  

Vesting

You are always 100% vested in pretax, Roth after-tax and matching contributions made to your plan account. This means you will not forfeit these contributions when you leave employment.
 

You become vested in non-elective contributions to your account after completing three (3) years of vesting service. A “Year of Vesting Service” requires you to work at least 1,000 hours during each calendar year of your employment.