New: Trinity Health has announced a Retirement Program design for all colleagues that will be effective Jan. 1, 2015. This design was developed through a year-long process of reviewing more than 20 current plan designs and gathering input from our Mission and leadership teams. Our goal was to create a consistent retirement benefit across the entire ministry.
The newsletters posted on the website links below provide details on the Retirement Program design effective Jan. 1, 2015. Although these documents are complex and comprehensive, we have tried to simplify how the design works, and we have provided examples to help you better understand how the plan will work for you.
East Group – Click on link below, then 'Transition Resources' tab to see redesign information, including the special inserts for each RHM:
West/Midwest Group – click on link below, then 'Resource Center' tab to see redesign information, including pdfs of materials:
Trinity Health offers colleagues participation in the 403(b)/401(k) Retirement Savings Plan. In addition, Trinity Health matches colleague contributions up to a maximum of 3% of plan compensation (or $500 if greater). For calendar year 2014, the employer match amount is suspended. In years where there is an employer match, the match formula is as follows:
- 100 percent of the first $500 you contribute, plus,
- 50 percent of your contribution over $500,
- Up to a maximum match of 3 percent of plan compensation (or $500, if greater).
You can contribute to the 403(b)/401(k) Plan through pre-tax contributions, up to 75% of your plan compensation limited by the annual IRS limit.
- The IRS contribution limit for 2013 is $17,500. If you are at least age 50 or older in 2013, (removed text) you can make additional contributions (removed text) up to an additional $5,500 in 2013. See your Transamerica Retirement Plan Specialist for assistance.
As a participant in the 403(b)/401(k) Plan, you will be able to invest the amount of both your pre-tax contributions and any employer matching contributions, in the investment options available under the 403(b)/401(k) plan. To enroll in the Retirement Savings Plan, simply log onto the Trinity Health Retirement Program website, visit your local Transamerica Retirement Plan Specialist, or call Transamerica at 1-800-394-5240.
If you are currently enrolled, congratulations! Make sure to periodically log into your account using the Trinity Health Retirement Program website and click on Retirement Planning to use RetireTrack and other various tools to ensure you are saving enough to meet your retirement goals.
Cash Balance Pension Plan
Trinity Health colleagues are eligible for the Cash Balance Pension Plan (Pension Plan). The benefit you earn under the Trinity Health Pension Plan is based on pay credits. A pay credit is a percentage of your plan compensation that is added to your cash balance account on an annual basis. The percentage of compensation you receive is determined by a points system. Points are determined by adding your age plus years of benefit service. Based on these points, you earn a percentage of your plan compensation credited annually based on the following schedule. Interest credits are also credited annually on your prior year ending balance.
Less than 45 points = 3% of pay
45 - 64 points = 5% of pay
65 and greater points = 7% of pay