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The
FutureFit Retirement Plan combines the guaranteed income from a
pension plan with the flexibility of a savings plan
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| Pension
Plan |
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The pension plan gives you a guaranteed annual benefit at retirement of 1% of compensation for each year you are eligible
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Employees who meet the following guidelines will be automatically enrolled in the pension plan: |
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At
least 21 years of age
Employed
at Huntington Hospital for at least one year
Worked
at least 1,000 hours during one year
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The pension plan is entirely funded by Huntington Hospital at no cost to you.
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You are 100% vested after five years of service provided you worked 1,000 hours each year.
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Savings
Plan – Tax Sheltered Account 403(b)
The Savings Plan portion of FutureFit is a Tax Sheltered Account (TSA). This plan that allows you to voluntarily save with before-tax dollars for your retirement. Your benefit depends on your contributions, Hospital match and any growth in the value of your account.
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All employees are immediately eligible to participate in the savings portion of the TSA. However, in order to be eligible for the Hospital match, employees must meet the following eligibility requirements:
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At least 21 years of age
Employed at Huntington Hospital for at least one year
Worked at least 1,000 hours during one year
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How
the Savings Plan Works
To participate in the TSA, you must enroll and elect to defer a percentage of your pay.
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Your contribution will be deducted automatically from your paycheck before taxes are withheld.
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You can contribute up to the IRS limits each year.
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Huntington Hospital will match your contributions, 25 cents on the dollar. For every $4.00 you save in the TSA, up to 4% of your pay, Huntington will add $1.00 to your account. Contributions will be matched each pay period in which you contribute to the plan.
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You decide how to invest your plan account by selecting from investment choices provided under the plan.
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Savings
Plan Vesting
You are always 100% vested in your own contributions and any earnings they generate. Huntington Hospital matching contributions, plus their earnings, are vested as follows:
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Less than 2 years
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0%
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| 2 years |
20% |
| 3 years |
40% |
| 4 years |
60% |
| 5 years |
80% |
| 6 more years |
100% |
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How to Enroll in the Savings Plan
You can enroll in the Savings Plan
in any of three ways:
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Online at www.aigretirement.com |
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By telephone at: (888) 568-2542 |
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In person with an AIG Valic representative. Representatives are available on-site. |
Helpful Links
AIG Valic
AIG Valic Enrollment Form
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