Benefit Who Pays Who Is Eligible Effective Date Coverage
Retirement Plan - Defined Contribution 401(a) Plan Hospital All employees hired on or after 1/1/2010, who work a minimum of 1,000 hours during the qualifying period The following January 1st or July 1st upon completion of eligibility requirements Benefits based on salary, length of service and vesting. 100% vesting after 5 years of service; totally funded by hospital. Contributions made to your account:
  • 0-5 years: 3% of compensation
  • 5-10 years: 4% of compensation
  • 10-15 years: 5% of compensation
  • 15+: 6% of compensation
Tax Deferred Annuities - 403b Employee All employees Upon employment Provides tax deferred savings programs with a variety of investment options
Contribution Retirement Plan (VSP) Hospital Regular FT and PT employees Two years following employment Hospital contributes to your tax deferred savings program; employee contribution is also required.
Higher Education - 529 Savings Plan Employee All Employees Upon employment Provides tax deferred savings and tax free withdrawals to pay for your families' qualified higher educational expenses.