Annual Notice for Cash Balance Plan

With more than 40% of our benefits-eligible employees classified as “Baby Boomers” it is important to understand the options for retirement planning. The health system provides a generous Retirement Program consisting of two parts – the Cash Balance and the 403(b) Plans. Along with a smart lifestyle consisting of managing your debt and researching Medicare’s change of coverage in 2014, you might be more ready than you think (or not)!

Each year the Pension Protection Act of 2006 (PPA) requires that all pension plan participants receive an Annual Notice that describes the funded status of their plan. The health system’s Cash Balance Plan’s funded liability percentage in 2012 is 100.85%, and the Huntington Hospital Pension Plan’s is 95.55%.  Those are great numbers! The higher the percentage, the better funded the plan is to cover for current and future costs.

Get your retirement numbers up there by keeping informed and making smart decisions. Don’t rely on Social Security to get you through your golden years! If you have questions about the Retirement Plan at North Shore-LIJ, call the HR Service Center at 516-734-7000.

Coming Soon!

Be on the lookout for the spring issue of Transforming Your Care magazine, the HR publication dedicated to the health and wellness of North Shore-LIJ team members. This issue covers a wide variety of topics including an update on your benefits, a section on “Transforming Your Career” at North Shore-LIJ and some tips on how to start saving for your retirement NOW.

Pay attention baby boomers. Save now for later! North Shore-LIJ provides eligible employees a generous Retirement Program to help save for the future. The program consists of two parts— the Cash Balance Plan and the 403(b) or 401(k) Plan, with an employer match. For details, visit the benefits section on HealthPort or call the HR Service Center at 516-734-7000 for guidance. For more on saving for the future, see page 13 in the upcoming issue of TYC!

Annual Rate Change 403(b) and 401(k)

If you have allocated funds in your 403(b) or 401(k) Retirement Savings Account in the stable value account, also known as FISA, the interest rate has changed as of April 1, 2013. The rates for these funds change every year. As of April 1 the interest rate is 3% for 403(b) accounts and 3.5% for 401(k) accounts.

In case you were wondering the 403(b) plan applies to those in the health system who work for not-for-profit entities (which is the majority) and the 401(k) plan applies to those who work for our profit entities.

Check out to see if you are investing wisely for your retirement, contact a MetLife representative today by calling 800-543-2520 or visit mlr.metlife.com.