Elliot Health System Retirement Benefits Overview
People’s individual retirement needs vary greatly, but everyone will have the same basic expenditures such as home maintenance or rent, transportation, medical care and daily living expenses. In order to pay for life during retirement, and have money to spend on fun activities, we each need to have a source of income. That’s why it’s never too early or too late to begin planning and saving for your retirement, setting money aside each paycheck to allow that money to grow in order to reach your retirement goals.
More detailed information regarding the following plans can be found by clicking on the Plan name, viewing Summary Plan Descriptions on your HR Portal (current employees only), or by contacting your Elliot Health System Retirement Benefit Administrator at (603) 663-4470.
Elliot Health System 403(b)/401(k) Savings Plans
Elliot Health System offers employees the opportunity to participate in the EHS 403(b) or 401(k) Savings Plan, specifically designed for retirement savings. All employees are eligible to participate in deferring compensation into the Plan, and Elliot contributes Core and Matching contributions to eligible employees. In addition to the tax benefits these plans offer, this can be one of the most critical elements in your retirement savings planning.
Elliot Health System Deferred Compensation 457(b) Plan
Elliot offers a non-qualified 457(b) plan to certain highly compensated employees. This plan provides an opportunity for eligible employees to defer compensation in excess of the qualified retirement plan limits on a pre-tax basis, and accumulate tax deferred earnings on those contributions.
Elliot Health System Defined Benefit Pension Plan
EHS maintains a Defined Benefit Pension Plan for certain employees hired on or before July 2006. This Plan, although closed to new participants since July 2006, continues to be maintained for eligible participants.
Retirement Education and Principal webinars
Elliot Health System is committed to providing information and education regarding the EHS Retirement Savings Plan offerings.
EHS retains Brophy Wealth Management, LLC to meet with employees and provide educational workshops throughout the year. Various educational sessions are available including: quarterly one-on-one appointments, monthly walk-in appointments, and group sessions including Social Security and Estate Planning workshops. Employees can find additional information and a complete schedule of upcoming educational dates and locations on the Human Resources section of IKE.
The Principal Financial Group also offers monthly webinars and educational materials on their website. Visit principal.com/learnnow for a list of upcoming webinar topics and information on saving, investing, and retirement.