- Non-represented employees become eligible to participate in the Pension Plan, at no cost, after one year of employment during which you have worked 1,000 hours or more. JHHSC/JHH pays the full cost of this basic retirement benefit after meeting the 5 year vesting requirement. Your benefit is calculated using a formula based on:
- The length of time you have worked for the Hospital; and
- Your earnings (average of highest 3 salaries out of the last 10 years or less)
- Death Benefit: In order to insure that all vested employees receive the same death benefit from the Pension Plan, the Plan has been amended to provide a death benefit prior to retirement to all employees regardless of their marital status. Previously, this benefit was provided to married employees only. This change is retroactive to July 1, 2003. Additional information and the Beneficiary Form may be obtained in the Pension Office, Phipps 460.
403(b) Plan Administered by Lincoln Financial Group
- In addition to your Pension Plan benefit, non-represented employees may choose to participate in the 403(b) Program. Under this program, you elect to have a percentage of your annual salary deposited in your account each pay period, on a pre-tax basis. You are not taxed on the money until it is withdrawn, presumably at retirement when you will be in a lower tax bracket.
Note: There is an annual limit on contributions as determined by the Internal Revenue Service. You may receive additional information by contacting the Lincoln Office at 410-955-5828.