Current Hospital Retirement Plans

Maxing out your retirement contributions is a good way to ensure  you are building wealth for the future.  You end up with the potential for more earnings as your balance grows, and you also receive tax advantages

How much you contribute to your retirement account now makes a big difference over time.  When you’re young and have decades until you retire, your biggest asset is time. You may not have a lot of money, it may seem like years before you can buy a house, but it’s in your best interests to contribute as much as you can towards retirement because you have so much time ahead of you.

The more you put in, the more you end up with in interest and appreciation. Compound interest can practically work miracles. However, the more you have in principal, the faster the interest grows. As you max out your retirement account, your money will work better on your behalf.  Consider that $10,000 appreciating 8% a year for 20 years will be worth over $46,600. If you manage to get a 10% growth rate, now we’re talking almost $67,275. The more you can contribute today, the longer it has to grow and the more you’ll have over time.

The details for the current retirement benefits are listed for each facility below.

Berkeley Medical Center
Camden Clark Medical Center
Jefferson Medical Center
J.W. Ruby Memorial Hospital
Potomac Valley Hospital
Reynold’s Memorial Hospital
St. Joseph’s Hospital
United Hospital Center
University Health Associates (APP’s)

Berkeley Medical Center

Berkeley Medical Center offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

Empower Retirement   www.empower-retirement.com

Contributions

This plan allows for both employee and employer contributions. The employee pre-tax and employee post-tax limits are combined limits.

Contribution Maximum
Employee Pre-Tax $18,500
Employee Post Tax $18,500
Age 50 and Over Catch Up $6,000
Employer Match 50% up to 3% of base pay
Discretionary Employer Contribution 3%
Annual Compensation Limit for Employer Match $275,000
Highly Compensated Employee Salary $120,000

 

The retirement plan has a 5 year graded vesting schedule.  You will be vested in the employer match at the following percentages based on length of service.

1 Year 20%
2 Years 40%
3 Years 60%
4 Years 80%
5 Years 100%


 Berkeley Medical Center 403(b) Retirement Summary Plan Description

457(b) Deferred Compensation Plan

If you are eligible for this plan, please refer to UltiPro for more information.

Camden Clark Medical Center

Camden Clark Medical Center offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

403(b) Retirement Savings Plan

All employees are eligible to contribute (excluding temporary employees) from the first day of employment.

Vendor

Milliman   www.millimanbenefits.com

Contributions

This plan allows for both employee and employer contributions. The employee pre-tax and employee post-tax limits are combined limits.

Employer Match

Employee 1% Employer 1%
Employee  2% Employer 2%
Employee  3% Employer 2.25%
Employee  4% Employer 2.5%
Employee  5% Employer 2.75%
Employee  6% Employer 3%

Automatic enrollment for new employees at 6%

The employee pre-tax and employee post-tax limits are combined limits

Residents are not eligible for employer match

There is a 3 year graded vesting structure for the employer match.  You will be vested in the employer match at the following percentages based on length of service.

Less than one year 0%
1 year 33%
2 years 66%
3 or more years 100%

Camden Clark Medical Center 403(b) Retirement Summary Plan Description

Jefferson Medical Center

Jefferson Medical Center offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

Empower Retirement   www.empower-retirement.com

Contributions

This plan allows for both employee and employer contributions. The employee pre-tax and employee post-tax limits are combined limits.

Contribution Maximum
Employee Pre-Tax $18,500
Employee Post Tax $18,500
Age 50 and Over Catch Up $6,000
Employer Match 50% up to 3% of base pay
Discretionary Employer Contribution 3%
Annual Compensation Limit for Employer Match $275,000
Highly Compensated Employee Salary $120,000

The plan has a 5 year graded vesting schedule.  You will be vested in the employer match at the following percentages based on length of service.

1 Year 20%
2 Years 40%
2 Years 60%
4 Years 80%
5 Years 100%


 Jefferson Medical Center 403(b) Retirement Summary Plan Description

457(b) Deferred Compensation Plan

If you are eligible for this plan, please refer to UltiPro for more information.

J.W. Ruby Memorial Hospital

J.W. Ruby Memorial Hospital offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

TIAA   www.tiaa.org

Contributions

This plan allows for both employee and employer contributions. The employee pre-tax and employee post-tax limits are combined limits.

Contribution Maximum
Employee Pre-Tax $18,500
Employee Post Tax $18,500
Age 50 and Over Catch Up $6,000
Employer Match 100% up to 5% of base pay
Annual Compensation Limit for Employer Match $275,000
Highly Compensated Employee Salary $120,000

The employee match begins after 2 years of service for benefit eligible employees that have worked at least 1,000 hours each year. You are immediately vested in the employee and employer contributions.

West Virginia University Hospitals, Inc. 403(b) Retirement Summary Plan Description

 457(b) Deferred Compensation Plan

If you are eligible for this plan, please refer to UltiPro for more information.

Potomac Valley Hospital

Potomac Valley Hospital offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

TIAA   www.tiaa.org

Contributions

This plan allows for both employee and employer contributions. The employee pre-tax and employee post-tax limits are combined limits.

Contribution Maximum
Employee Pre-Tax $18,500
Employee Post Tax $18,500
Age 50 and Over Catch Up $6,000
Employer Match 100% up to 5% of base pay
Annual Compensation Limit for Employer Match $275,000
Highly Compensated Employee Salary $120,000


The employee match begins after 2 years of service for benefit eligible employees that have worked at least 1,000 hours each year. You are immediately vested in the employee and employer contributions.

Potomac Valley Hospital 403(b) Retirement Summary Plan Description

Reynolds Memorial Hospital

Reynolds Memorial Hospital offers employees an opportunity to save for retirement with pre-tax payroll deduction options.

401(A) Money Purchase Retirement Plan

You must complete 1 year of service of 500 hours to be eligible for employer contributions.

Vendor

Wesbanco   www.wesbanco.com

Contributions

This plan allows for employer contributions.  The employer contribution is 3% of base pay.
The maximum contribution is based on the 404(v) Annual Compensation limit. That limit for 2018 is $275,000.
You are eligible for the contribution after satisfying the participation requirements of 1 year of service of 500 hours.
Employer contributions are 100% vested after 3 years of service.
If you are hired in the first 6 months of the year and meet the 500 hour service requirement your plan entry date would be January 1 of the plan year in which requirements are satisfied.
If you are hired in the second 6 months of the year your plan entry date would be January 1 of the following year in which the requirements are satisfied.

  • Example 1:
    • Your hire date was February 2, 2017
    • You meet the service requirement of 500 hours
    • Plan entry date would be January 1, 2018
    • Employer contribution deposited in the first quarter of 2019
  • Example 2:
    • Your hire date was August 2, 2017
    • You meet the service requirement of 500 hours
    • Plan entry date would be January 1, 2019
    • Employer contribution deposited in the first quarter of 2020Reynold’s Memorial 401(a) Money Purchase Retirement Summary Plan Description

Reynolds Memorial Hospital 401(a) Retirement Summary Plan Description

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

Wesbanco Financial:   Anita Gongola gongola@wesbanco.com or 304.234.9439
Empower Retirement:   www.empower-retirement.com

Contributions

This plan allows for employee contributions.

Contribution Maximum
Employee Pre-Tax $18,500
Age 50 and Over Catch Up $6,000

The employee contributions are immediately vested.

Reynolds Memorial Hospital 403(b) Retirement Summary Plan Description

St. Joseph’s Hospital

St. Joseph’s Hospital offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

VALIC   www.valic.com

Contributions

This plan allows for employee and employer contributions.

Contribution Maximum
Employee Pre-Tax $18,500
Employee Post-Tax $18,500
Age 50 and Over Catch Up $6,000
Employer Discretionary Contribution Based on financial performance of the facility
Annual Compensation Limit for Employer Match $275,000
Highly Compensated Employee Salary $120,000

The employee contributions are immediately vested. The employer contributions are 100% vested after 3 years.

St. Joseph’s Hospital 403(b) Retirement Summary Plan Description

United Hospital Center

United Hospital Center offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

401(A) Money Purchase Retirement Plan

Employees are eligible for employer contributions January 1st or July 1st, whichever comes first, after the completion of 6 months of service.

Vendor

Fidelity www.fidelity.com

Contributions

This plan allows for employer contributions.

Length of Service Hired after July 1, 1996 Hired on or before July 1, 1996, under age of 40 and 15 years of service
6 months to 4 years 2.75% 2.75%
5 to 9 years 2.75% 2.75%
10 – 14 years 4.50% 4.50%
15 – 19 years 4.50% 4.50%
20 – 24 years 4.50% 4.50%
25 – 29 years 5.50% 5.50%
30 – 34 years 5.50% 5.50%
35 – 39 years 5.50% 5.50%
40+ years 5.50% 5.50%

The employee must work at least 1,000 hours to bet 1 year of vesting. The plan has a 5 year graded vesting schedule.

    • After 2 years       25%
    • After 3 years       50%
    • After 4 years      75%
    • After 5 years     100%

United Hospital Center 401(a) Money Purchase Pension Plan Summary Plan Description

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

Fidelity www.fidelity.com

Contributions

This plan allows for employee contributions.

Contribution Maximum
Employee Pre-Tax $18,500
Age 50 and Over Catch Up $6,000

The employee contributions are immediately vested.

United Hospital Center 403(b) Retirement Summary Plan Description

457(b) Deferred Compensation Plan

If you are eligible for this plan, please refer to UltiPro for more information.

University Health Associates – Advance Practice Professionals

University Health Associates offers employees an opportunity to save for retirement with pre and post-tax payroll deduction options.

401(a) Money Purchase Pension Plan

All employees who are scheduled to work 1,000 hours in 12 consecutive months or subsequently work 1,000 hours in Plan Year are eligible for the employer contributions.

Vendor

TIAA www.tiaa.org

Contributions

Contributions are based on base pay and length of service.
The maximum employee salary that will be used to determine contribution is $275,000 for 2018.

Years of Service Employer Contribution
0 – 4 6%
5 – 9 7%
10 – 14 8%
15+ 10%

Employer contributions are 100% vested after 2 years of benefit eligible service.

401(a) Money Purchase Plan Summary Plan Description

403(b) Retirement Savings Plan

All employees are eligible to contribute from the first day of employment.

Vendor

TIAA www.tiaa.org

Contributions

This plan allows for employee contributions only. The employee pre-tax and employee post-tax limits are combined limits.

Contribution Maximum
Employee Pre-Tax $18,500
Employee Post Tax $18,500
Age 50 and Over Catch Up $6,000

Employee contributions are 100% vested.

403(b) Retirement Summary Plan Description