HSHS Pension

What is the HSHS Pension Portal?
The HSHS Pension Portal is a newly designed, customized online portal for HSHS pension plan participants.
What is the HSHS Pension Plan? What is my cost for the plan?
  • The HSHS Pension Plan applies to colleagues hired prior to July 1, 2014 and is a defined benefit pension plan that provides you with a source of regular income during retirement.
  • You will be eligible to receive a pension benefit if you have at least five years of credited service when you retire or terminate employment, and you are at least age 55 and your employment ends.
  • The HSHS Pension Plan is free. There is no cost to you. Your employer makes all the contributions necessary to provide your retirement benefits.
What is the HSHS pension benefit based on?
Your pension benefit is based on three factors:
  • Credited Service - Your credited service is the number of calendar years in which you are paid for 1,000 hours of service. This corresponds to the wages reported annually on your W-2 form. You receive partial years of credited service for your first and last calendar years of employment if you have not earned the full 1,000 hours.
  • Final Average Pay - This is the average of your earnings for the five highest-paid consecutive completed calendar years of service within the last 15 completed calendar years of service. Your earnings are your W-2 earnings, plus any salary reduction contributions to the 403b retirement savings plan and any pre-tax deductions to the HSHS Flexplan.
  • Excess Pay - Excess pay is the portion of your final average pay that exceeds 30% of the Social Security taxable wage base in the previous calendar year.
Who is eligible to use the HSHS Pension Portal?
All HSHS Pension plan participants (active and term-vested) will have access to the Penison portal. In addition, alternate payees, surviving spouses, and beneficiaries in pay status will also have access.
*Please note, Colleagues who have not been employed at an HSHS ministry for a minimum of 12 months and/or have yet to work 1,000 hours or more in a calendar year will not have access to the online pension portal.
Am I required to use the Pension portal?
No. You still have access to a dedicated HSHS Pension Service Center team who can help you with any questions or needs that you may have. You can contact your Pension Representatives at 1-855-394-4747 – Option #1) Monday – Friday 8:00am – 5:00pm (CST).
Is my pension benefit safe?
Yes! Your pension benefit is safe.
  • Hospital Sisters Health System has several checks and balances in place to safeguard your accrued pension benefit.
  • Each year your employer deposits funds into a pension plan trust account to cover the pension benefits that have accrued for its employees during the year.
  • Each year independent auditors check the books to be sure the funds have been deposited and are being safeguarded.
  • HSHS also has pension actuaries who tell us how much money must be deposited each year to provide the benefits that have been accrued and promised.
How is the HSHS pension benefit paid?
There are two basic forms of HSHS pension benefit payment, depending on your marital status:
  1. If you are single, the basic form of payment is a monthly income for life, with no survivor benefits.
  2. If you are married, the basic payment method is a Qualified Joint and Survivor Annuity. Under this form, you will receive a reduced monthly benefit for life. After your death, your spouse will receive benefits for life equal to half the amount you were receiving. Married persons can also elect the basic benefit for single persons if they have spousal consent.
If you do not want one of the basic forms of payment, you may choose one of the optional methods. If you are married, your spouse must consent to your selecting an optional form of payment. His or her consent must be in writing and be witnessed by a notary public. Options available to you are:
  • A monthly income for life, with guaranteed payments up to 10 years. Any guaranteed payments remaining at your death will be paid to your beneficiary. If no guaranteed payments remain, there will be no survivor benefit.
  • A joint and survivor annuity that pays you a reduced monthly income for life, with either 50 percent, 75 percent, or 100 percent of that amount continuing to your spouse or other designated beneficiary after your death.
How can I access the HSHS Pension portal?
You can access the portal anytime from anywhere using any device (including mobile) with internet access. Login and register at http://benefits.hshs.org/pension.
What is required to register my account?
As part of the registration process, you will be prompted to set up a username and password. Your username must be an active email address that you are able to access, and your password will need to meet a minimum set of requirements, which will be specified during the registration process. As part of our Multifactor Authentication process, you will also be asked to provide at least one secondary contact method. This can either be another email address or a phone number that can be used to send a temporary numeric code to validate your identity,
Will I still have access to the HSHS Pension Portal if I retire or leave employment from HSHS?
Yes. If you are a vested participant in the HSHS Pension Plan (Traditional or Cash Balance), you will continue to have access to your HSHS Pension benefits after employment with HSHS ends.