Retirement Plans

403(b), 401(a), 457(b), Pension Plan

Preparing for retirement is one of the most important things you can do. Most people rely on three main sources for retirement income - employer-funded plans (like our pension or 401(a) plan), their own contributions (like our 403(b) plan and 457 plans (b)), and Social Security. Together, these sources can help you replace your income so that you can have the freedom to do what you want and live the way you want after you stop working. Employee contributions can be deferred pre-tax, Roth, or a combination of the two options.

Plan for your future, today.

What are Memorial’s contributions to retirement?

Memorial 403(b) plan

Memorial 457(b) plan

Memorial 401(a) plan

Does Memorial have a pension plan? Yes. This plan is paid for entirely by Memorial and is for employees who held full-time positions for five or more years prior to November 1, 2011. It’s computed by an employee’s five-highest consecutive years over the previous 10 years, multiplied by the years of service. For more information on any of these four retirement plans, contact Transamerica at (800) 755-5801 or visit transamerica.com/portal/mhs.

How do I transfer my current retirement plan to Memorial’s plan? Contact Transamerica at (800) 755-5801 or visit transamerica.com/portal/mhs to start this process. 

Retirement FAQs

1. What are Memorial’s contributions to retirement?

   Memorial 401(a) plan

   The 401(a) Retirement Savings Plan is for full-time caregivers who were hired or had a status change on or after November 1, 2011. To be eligible for the plan and to receive an annual contribution, employees must be full time and active on 12/31 of the current plan year. If you qualify for this plan, Memorial will contribute 3.0% of your annual salary (base hours only) into your 401(a) account shortly following the plan year, up to IRS maximums. You can invest your contributions into the fund of your choice and vesting at 100% occurs three years from your date of hire.

   Memorial 403(b) plan

   There’s no reason not to participate in Memorial’s 403(b) plan – you’re saving for your family’s future, plus Memorial will match up to 55% of 5% of your annual salary, based on your years of service, up to IRS maximums. You choose what percentage of your salary you wish to contribute (pre-tax or Roth) – after which the match is available to you if you’re a full- or part-time employee who works 40 hours or more biweekly.

   All full-time and part-time employees will automatically be enrolled after 45 days of employment at a contribution rate of 5%. You can change your contribution amount or invest your contributions differently at any time through www.transamerica.com/portal/mhs. You are fully vested after three years of service. You may start contributing on the first day of hire.

    
2. How do I transfer my current retirement plan to Memorial’s plan? 
   Contact Transamerica at (800) 755-5801 or visit transamerica..com/portal/mhs to start this process.