The Redeemer Health 403(b) Savings Plan is a pre-tax savings program. This Plan allows employees to choose from a variety of professionally managed investment fund options through Lincoln Financial. The employee contribution and investment earnings are tax deferred until distribution. Participation in the 403(b) plan includes an employer matching contribution if you work more than 1,000 hours in a calendar year.

All employees are eligible to participate in the 403(b) plan immediately upon hire. Employees who work more than 1,000 hours in a calendar year are eligible for the employer match.

Full Time and Part Time Employees will be automatically enrolled in the 403(b) plan at the contribution rate based on their years of service (see question #4) to maximize their opportunity for the Employer Match to the 403(b) Savings Plan. New hires will be enrolled with the first pay on or after 30 days of service. Each year, Full and Part Time employees will be automatically enrolled, or automatically escalated, if they are currently enrolled at a percentage lower than the contribution rate based on their years of service. Employees can opt out or change their contribution percentage at any time.

If you are a Supplemental or PRN employee and wish to enroll in the 403(b) plan, you must complete the Lincoln Enrollment forms and submit them to Human Resources or directly to Lincoln Financial. 

Any new hire will be automatically enrolled in the 403(b) plan effective with the first pay on or after 30 days of service at the contribution rate based on their years of service.
Annually, any full or part time employee who is not currently contributing at the rate that maximizes their employer match will be automatically enrolled at, or escalated to, the contribution rate based on their years of service:

Less than 10 Years: 4%
10–20 Years:    5%
20+ Years:    6%

Employees always have the opportunity to modify their level of contribution or to opt-out.

The automatic enrollment amount and the employer match is based on years of service as follows:

 

Years of Service

Maximum % of Employee Contribution Matched

Redeemer Health Match Level

Less than 10 years

4%

25%

10-20 years

5%

40%

20+ years

6%

50%

For example, if you have less than 10 years of service and you contribute 3% of pay, the Redeemer Health match will be 25% of that, or 0.75% of pay; if you contribute at least 4% of pay, the match will be 1% of pay.

The employer match is calculated and deposited in the beginning of the calendar year for the prior year’s service. Employees will receive a notification letter outlining their employer matching contribution that is deposited into their 403(b) account

To change your contribution percentage, complete the Account Maintenance and Opt Out Form and return it to Human Resources.

The default investment for automatic enrollment is the target date fund based on your age and expected date of retirement. Employees always have the opportunity to direct their investments within the available fund line-up. We encourage you to review your investment elections to ensure that amounts in the Plan are invested in accordance with your long-term investment and retirement plans.

For the Employer Match, a year of vesting service is credited if you work 1,000 hours in calendar year. Employees will vest in the match based on the following schedule:
1    year of vesting service: 0%
2    years of vesting service: 50%
3    years of vesting service: 100%

The maximum contribution is determined annually.

Call Lincoln Financial toll-free at 833-650-3898
Monday through Friday, 8:00am to 8:00pm or Log in to the Lincoln Financial website at LincolnFinancial.com

Contact your Human Resources Department.