Retirement

Howard County General Hospital, Inc. 401(k) Plan

Both you and your employer can contribute:

Your contributions

  • You are automatically enrolled in the 401(k) plan at a 3% pretax contribution level unless you elect not to participate.
  • You can choose to have a different percentage of your salary deposited into your Transamerica account.
  • You determine how to invest these contributions, which go into your account each pay period on a pretax basis.
  • Your contributions vest at 100% immediately.

Employer contributions

You are eligible for employer contributions on the first day of the payroll period coinciding with or following your completion of one year of service. A year of service is a year (counting from your date of hire or from the anniversary of your date of hire) in which you have worked at least 1,000 hours.

  • If hired on or after Jan. 1, 2001, you’ll receive an automatic contribution of 1% of earnings annually. These contributions vest at 100% at 3 years of service. Prior employment with any Johns Hopkins affiliate counts toward eligibility and vesting.
  • You’ll also receive a matching contribution up to 6% of the compensation to the 401(k) plan. The employer will contribute an amount to your Transamerica account determined according to the table below based on your years of service)

Employees hired on or after January 1, 2001

    • 1 but less than 10 years – 50%
    • 10 but less than 15 years – 60%
    • 15 but less than 20 years – 80%
    • 20 or more years – 100%

Employees hired prior to January 1, 2001
In no event will matching contribution exceed 9% of your salary.

    • 1 but less than 10 years – 50%
    • 10 but less than 15 years – 75%
    • 15 but less than 20 years – 100%
    • 20 or more years – 150%
  • The vesting schedule for employer matching contributions is as follows:
    • Under 2 years of service – 0%
    • 2 years of service – 25%
    • 3 years of service – 50%
    • 4 years of service – 60%
    • 5 or more years of service – 100%

Your IRS maximum contribution

In 2022, you may contribute up to $20,500 of your gross income. If you are age 50 or older you can contribute up to an additional $6,500.

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