HSHS Funded Pension Benefit

Colleagues hired on or after July 1, 2014 are enrolled in the HSHS Pension Plan with a Cash Balance Benefit. Participation in the pension plan is automatic and HSHS pays the full cost. HSHS credits your account each year with:
  • Contribution credits equal to 3% to 7% of your eligible pay, depending on your years of service (credits increase as your service increases). 
  • Interest credits based on the 10-year Treasury rate (reset annually), with a minimum of 3% and a maximum of 6%.
In order to receive a year of credited service, you must work and be paid for at least 1,000 hours. To earn a Cash Balance benefit and to be considered vested, you must have at least three years of credited service. Once vested in the pension plan, a benefit will be payable to you upon retirement or separation. 

You can take your vested Cash Balance Benefit with you as a single payment (lump sum) when you terminate employment with HSHS. Or, you can delay payment until a later date. You can also elect to receive your benefit as a monthly lifetime annuity starting at any time (at any age) following your termination of employment. 

The following colleagues are not eligible for the HSHS retirement program:
  • Colleagues who are members of a collective bargaining unit whose contract does not provide for membership in the HSHS Pension Plan. 
  • Temporary or leased colleagues, as classified by the Internal Revenue Service. 
  • Medical residents are not eligible for Pension Plan benefits. However, they can participate in the non-matching HSHS 403(b) retirement savings plan. 

Retirement Blurb

Matching Contributions 

HSHS will match 50¢ for every $1 you save on the first 4% of your eligible pay for contributions made to your 403b and/or Roth Savings Plan with Transamerica. 

Colleagues must work at least 1000 hours in a calendar year and be an active colleague as of December 31 of that year in order to receive the employer match. 

Participating in your HSHS Retirement Plan is one of the best ways to invest in your future. Watch this short video to learn about all the ways you can take advantage of his valuable benefit. 

Retirement Plan Resources:

Need Help Planning? Meet 1:1 with a Transamerica Representative 

Meet with a Transamerica Retirement Solutions retirement planning consultant to learn how your retirement plan can help you achieve your retirement savings goals.  

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*Not available to colleagues of Prairie Cardiovascular Consultants.