Pension Plan Benefit
- At no cost, represented employees become eligible to participate in the Pension Plan if:
- You reach age 21 and complete one year of service in which you are credited with 1,000 hours of service; or
- You are under age 21 and complete three years of service in which you are credited with 1,000 hours of service each year.
JHH pays the full cost of this basic retirement benefit. Your benefit is calculated using a formula based on:
- The length of time you have worked for the Hospital; and
- Your earnings
- 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, you may choose to participate in a Tax-Deferred Annuity. Under this program, you elect to have a percentage of your annual salary put 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 You are not taxed on the money until it is withdrawn - presumably at retirement, when you will be in a lower tax bracket.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.