wpahs - summary of retirement programs
Transcription
wpahs - summary of retirement programs
WPAHS - SUMMARY OF RETIREMENT PROGRAMS - 2015 HOW THE SYSTEM CONTRIBUTES TO YOUR RETIREMENT RETIREMENT PLAN - CASH BALANCE Enrollment in the Plan is automatic; there is nothing you need to do. To be eligible, you must: be at least 21 years old, and have completed one year of service where you were paid for 1,000 hours The System contributes to your Cash Balance Retirement Plan account a percent of your annual pay after you work at least 1,000 hours during the calendar year. The contribution will be based on either your age and/or years of service (whichever gives you the better benefit) as shown in the chart below. After three (3) calendar years (January 1st – December 31st) of service in which you earn 1,000 or more hours, you will be 100% vested. If your Age is: And/Or: Less than 36 And Your Years of Vesting Service Are: Less than 10 36 – 45 Or 10 – 19 3.25% of your pay 46 – 55 Or 20 – 24 4% of your pay 56 – 60 Or 25 – 29 5% of your pay 61+ Or 30+ 6% of your pay AHN Makes a Contribution to your Cash Balance Account of: 2.5% of your pay 403(b) RETIREMENT SAVINGS PLAN All full-time, part-time and casual employees are eligible to participate in the Retirement Savings Plan as soon as you are hired. For calendar year 2015, the maximum amount you can contribute to the Savings Plan with Fidelity or TIAA-CREF is 80% of pay or $18,000 per year, whichever is less. In addition, if you will be age 50 on 12/31/2015 you can contribute an additional $6,000 for a total contribution of $24,000 to the Retirement Savings Plan in 2015. This plan provides employees with the opportunity to select either Fidelity Investments or TIAA-CREF when choosing their investment company. The example below shows the annual contribution for an employee making $35,000 per year and contributing 4% of his or her salary. Your annual salary: % of pay you contribute: Your annual savings plan contribution: $35,000 4% $1,400 ($35,000 x 4% = $1,400) Enrollment in the 403(b) Retirement Savings Plan is easy! Follow these simple steps: 1. Log into PRISM and choose Employee Self-Service 2. Select Benefits and then choose 403B Enrollment/Changes Important things to consider: 1. New enrollees, who do not select their own investment options, will automatically be defaulted to the age appropriate Freedom (Fidelity Investments) or Lifecycle (TIAA-CREF) fund. You can change your allocation(s) at any time by contacting your investment company. 2. You can also choose your own investment options by completing an Enrollment Form found on PRISM Employee Self-Service. Select ‘Benefits’, then ‘Retirement’, then ‘Retirement Savings Plan’ and chose either Fidelity or TIAA-CREF. The Fidelity Enrollment Booklet contains the Enrollment Form. The TIAACREF Enrollment form is a separate link. Print and complete the Enrollment Form and mail the form directly to either Fidelity or TIAA-CREF. 3. If you contribute at the IRS maximum limit for any given year, you will need to divide the maximum by the number of remaining pays (per calendar year) and enter the dollar amount in the contribution box. 4. If you contribute at the maximum IRS limit for any given year as well as elect the catch-up contribution (for those participants age 50 or older by 12/31/15), you will need to divide the total of both the IRS maximum and catch up by the number of remaining pays (in the calendar year) and enter the dollar amount in the contribution box. 5. If you contributed to another plan with a previous employer and you wish to contribute at the IRS maximum including the catch-up for any given year, you will need to calculate the per pay amount so you do not exceed the IRS limit. 6. You cannot divide your contributions between both investment companies. You can contribute to either Fidelity Investments or TIAA-CREF. 7. You will be able to change your 403(b) contribution every month in PRISM from the 1st through the 25th of each month. 8. Your new deduction amount will be effective the first check date of the following month. WPAHS - SUMMARY OF PAID TIME OFF PROGRAM – January 1, 2015 to March 31, 2015 VACATION Eligible employees – all regular full time and part time employees with an authorized FTE greater than or equal to 0.40 FTE (32 hours per pay period). The amount an employee accrues is based on their exempt/non-exempt status and years of service as indicated in the following service calculation: STATUS Non-Exempt Exempt/ Manager Level Director Level and Above YEARS OF SERVICE VACATION (DAYS) VACATION (HRS) 80 120 160 120 PER PAY ACCRUAL RATE (HRS) 3.07692 4.61538 6.15385 4.61538 MAXIMUM ACCRUAL (HRS) 120 160 200 160 0 – 4.99 5.0 – 9.99 10 + 0 - 4.99 10 15 20 15 5+ 20 160 6.15385 200 0 20 160 6.15385 200 The maximum number of hours an employee may have in his/her vacation bank at the end of a payroll period is their annual vacation accrual plus forty (40) hours. SICK Eligible employees – all regular full time and part time employees with an authorized FTE greater than or equal to 0.40 FTE (32 hours per pay period) accrue sick time hours. Sick time is earned at the rate of 0.0308 hours for every hour paid, up to a maximum of 2.4619 hours per pay period (64.0 hours or 8 days per year based on a 1.0 FTE). Sick time is not earned when an employee is absent without pay. Employees may earn up to a maximum balance of 1200 sick hours. PERSONAL Eligible employees – all regular full time and part time employees with an authorized FTE greater than or equal to 0.40 FTE (32 hours per pay period). The amount accrued each pay period is based upon actual hours paid, both productive and currently approved nonproductive hours such as vacation, holiday and sick time. The accrual is 0.0115 per hour of paid time to a maximum of 0.9231 hours per 80 hours (24.0 hours or 3 days based on 1.0 FTE). The maximum personal time plan balance is 40 hours. AHN - SUMMARY OF PAID TIME OFF PROGRAM – April 1, 2015 Beginning April 2015, AHN will implement a competitive Paid Time Off (PTO) program across the network. PTO programs are common in health care settings due to the 24/7/365 requirements of providing care. The PTO program will combine time off for such purposes as vacation, personal and sick time. Time off for legal and recognized holidays will be separate from the PTO program. Between now and March 2015, the current time off programs will continue. In early 2015, you will receive information about how the new PTO program will work, including how you will accrue time, how you may use time, how time will carryover, and how your opening PTO balance will be determined. Your earned, unused sick time as of March 2015 will be ‘saved’ for your future use under specific situations. You will have access to your ‘saved’ sick time in the event of personal illness or injury, similar to a disability occurrence. This is consistent with the intent of such hospital programs that provided sick time and carry over. Use of your ‘saved’ sick time balance as of March 31 will be coordinated with the employer-provided short term disability benefit beginning April 1. A Note About ‘April 1’ Please note that April 1 is the approximate date the current time off programs will transition to the new network-wide PTO program. Each entity may have a slightly different effective date due to different payroll period end dates, but all time will be accounted for appropriately. WPAHS - SUMMARY OF WORKLIFE BALANCE PROGRAM – 2015 WORKLIFE BALANCE PROGRAM - KEY FEATURES Your WorkLife Balance Program is an easy, confidential consultation, resource, and referral service that can help you deal with everyday personal or work-related challenges—24 hours a day, 7 days a week, 365 days a year. All employees, their family and household members and other dependents are eligible for unlimited telephonic consultations, web resources, educational information, and up to five in-person counseling sessions at no charge to the users. Assistance is provided for: Marital & Relationship problems Time Management Family & Parenting concerns Grief and Bereavement Emotional issues Substance Abuse (alcohol & drugs) Self-improvement planning Stress and Anxiety Work-Life balance Legal & Financial services Adjusting to and coping with Change or Burnout Supervisory support Anger Management Trauma support Co-worker challenges Dependent Care services And more! WORK-LIFE SERVICES Resource and pre-screened, qualified referral services for all of life’s major events Assistance and information on: preparing for pregnancy, parenting, child care, adoption, special needs, educational choices, elder care and active aging/retirement planning, relocation, and daily living/convenience services Educational materials & customized information packets tailored to meet your specific needs Extensive Web resources, including member discount center LEGAL, FINANCIAL & IDENTITY THEFT SERVICES Free telephonic or in-person consultation with an attorney and telephone consultations with financial experts at no charge Assistance with issues such as: consumer debt, lease vs. purchase, tax issues, college funding, retirement and estate planning, family and divorce law, civil and criminal matters, identity theft prevention and resources and more Discounted fees for continuing services Call 1-800-424-5808, for TTY Users: 1-800-456-4006/Self-Screening: 1-866-540-2999 INTERNET SERVICES at www.MagellanHealth.com/Member. Online resources are available on a broad range of health and wellness and life management issues: Interactive Tools Community resources links Self-assessments & screenings On-demand and on-line Training programs Personalized development planning Search tools for EAP, child care and elder care providers Hundreds of articles
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