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.