Financial Plan
Build your future financial security through workplace savings. You have the opportunity to save for retirement by putting money into a savings plan account. This retirement plan is designed to assist you with your long-term savings.
What is a 403(b) Savings Plan?
A 403(b) plan is a tax-advantaged retirement savings plan available for hospitals in the United States.
Enrollment and Eligibility
- Your enrollment in the plan is automatic, unless you decline participation within 30 days following your plan entry date.
- Automatic enrollment is a process by which you are enrolled in your retirement plan without taking any action.
- You can change the amount of your contributions, stop them altogether or redirect your investment options.
- You are immediately eligible to enroll in the plan. You may enroll any time.
- If automatically enrolled, you will be enrolled at a deferral rate of 3% of your eligible pay, which will be deducted from your paycheck and invested in the age-appropriate Vanguard target date funds.
- You may actively enroll on your own and start your pre-tax savings prior to the automatic enrollment start date. This will allow you to invest in the funds of your choice from the start of your participation. In addition, you may contribute more to your account. Even an increase of one or two percent over the auto-enrollment deferral rate of 3% can have a significant impact on your savings.
- If you don’t want to participate in the plan, you must decline enrollment to avoid having deductions taken from your pay and contributed to your account.
Contribution Information
Through payroll deductions, you can contribute 1-85% of your salary (less other deductions) up to the IRS yearly limit of $23,000. If you are or will be 50 or older during the calendar year you can make “catch up” contributions. Catch up contributions allow you to contribute an extra $7,500 dollars.
You may enroll or change your contribution level at any time throughout the calendar year.
Pre-Tax Contributions
- Contributions are taken from your paycheck before taxes are calculated
- Lowers your taxable income
- Money is taxable when you take it out of your account
Manage Your Account Online
You can manage your account online by visiting empowermyretirement.com. This website puts your financial future at your fingertips. It’s easy to use and is a helpful way to manage your Bristol Hospital & Health Care Group Retirement Plan account from your computer or mobile device.
Questions?
Call 1-833-961-5287. Participant service representatives are available weekdays, from 8 a.m. to 10 p.m. EST, and Saturday from 9 a.m. to 5:30 p.m EST. You can also visit empowermyretirement.com.