Retirement Program

RETIREMENT PROGRAM

Children's Mercy rewards you for your service and makes significant contributions toward your retirement savings with these valuable retirement benefits.

The Matched Retirement 403(b) Plan (formerly Tax Deferred Annuity Plan)

You save your own pre-tax or after-tax (Roth) money, and Children's Mercy matches it – up to 3% of pay per year.

Eligibility

All team members can participate, regardless of the number of scheduled hours.

Enrollment

You're automatically enrolled on your hire date, contributing 3% of your pay starting with your first paycheck. You can change your contribution at any time.

Your choices

You can make and change these choices at any time:

• How much to contribute – a percentage, dollar amount or the maximum.
• How you contribute – pretax, Roth (after-tax) or a combination.
• How your account is invested among several investment funds.
• Who you want to receive the account upon your death (your beneficiary).

Children's Mercy contributions

After you complete 90 days of service, Children's Mercy makes a matching contribution of 50 cents for every dollar you invest, up to 6% of your salary (3% maximum match).

You always own the money you contribute, so it's yours to keep. Over time, you earn ownership or vesting in Children's Mercy contributions. After three years of service, you're 100% vested.

The Employer Funded Retirement 401(a) Plan (formerly the Retirement Plan)

Children's Mercy starts funding your account after two years of service with 3% to 6% of pay, depending on your age and years of service. This plan is funded solely by Children's Mercy; you can't contribute.

Eligibility

All team members age 21 and older can participate after two years of service. (1,000 hours or more of paid service over two 12-month periods).

Enrollment

You're automatically enrolled in the plan on the first of the month after you satisfy the eligibility requirements.

Children's Mercy contributions

Children's Mercy contributes to your account monthly. You're fully vested immediately, so the funds are yours to keep.

Your choices

You can make and change these choices at any time:

• How your account is invested among several investment funds. You'll start in a lifecycle fund based on your age and presumed retirement date. You can move your investments and choose new ones any time.
• Who you want to receive your account upon your death (your beneficiary).

The Deferred Compensation 457(b) Plan

This plan, which allows you to set aside additional pre-tax dollars, is available to highly compensated employees. (Annual salary $160,000 for staff physicians, $260,000 for others.) To ask about your eligibility, visit myHR.