What Retirement Does CCMH offer?
Campbell County Memorial Hospital helps employees prepare for their retirement by offering participation in a Tax Deferred Annuity (TDA) 403(b) Plan. A tax-deferred annuity plan is a retirement savings arrangement allowed by Federal Income Tax Laws for employees of certain tax exempt organizations such as Campbell County Memorial Hospital.
When Am I Eligible to Participate in the Retirement Plan?
All employees are eligible to start contributing their own "pretax" dollars to the 403(b) plan immediately upon hire, after necessary enrollment.
What is the Maximum Amount I can Contribute?
You can contribute up to the annual IRS limit (2013) of $17,500 for employees under 50 years old and up to $23,000 (includes $5,500 catch-up contribution) for employees 50 years old and older.
Does Campbell County Memorial Hospital Match My Contribution?
Yes; the employer (CCMH) match to the 403(b) plan is based on months of service. A full-time or part-time employee must have been employed 12 months and have attained age 18. Senior Management will be eligible from the first day of employment. Participants will receive matching contributions, each pay period, up to the following contribution limits:
|12 - 35 months of service
|36 - 179 months of service
|180-299 months of service
|300 or more months of service
Will I Receive an Employer Match if I am a PRN Employee?
Yes; however, a PRN employee must work 1,000 hours in a year to be eligible to receive employer (CCMH) contributions. The employer (CCMH) will match PRN employee contributions once a year.
What is "Vesting" and at What Point Am I 100% Vested?
Vesting refers to when you will have immediate access or ownership of the employer portion (contribution) of your retirement. You are 100% vested at 5 years of employment. Following is the vesting schedule at CCMH:
|Less than 3 years of service
|3 years of service
|4 years of service
||60 % vested
|5 years of service
For example, if you are employed for 4 years and you leave employment, you can take or rollover the entire amount that you have contributed and 60% of what your employer has contributed.