Retirement
Sibley helps you save for your retirement with two tax-deferred options, which allow you to contribute via payroll deductions:
Sibley Memorial Hospital 401(k) Plan (for benefits-eligible employees)
- You are automatically enrolled in the 401(k) at 3% of your gross salary unless you elect not to participate.
- You must log on to Principal Financial if you want to change the amount you contribute or how it is invested. New participants will receive a welcome kit from Principal Financial with user ID and PINs.
- You may contribute between 1% and 50% of your annual compensation to your account up to annual IRS limits.
- You are immediately 100% vested in your own contributions to your account.
- Sibley makes biweekly contributions on your behalf – even if you don’t contribute. The contribution amount is a percentage of your eligible pay based on your age and years of service. View the contribution chart
. You determine how to invest these contributions. These funds are fully vested after three years of service. - Sibley will also contribute up to 50% of the first 3% of your pre-tax eligible pay that you contribute to the 401(k) plan. These contributions are deposited biweekly. You will become 100% vested in hospital matching contributions after you have been employed for three years.
- If you were hired before July 1, 2001, you are also 100% vested in hospital matching contributions.
Sibley Memorial Hospital 403(b) Plan (for all employees regardless of benefits eligibility)
- Sibley does not make employer contributions.
- This account is entirely funded by your contributions and any investment earnings on your contributions.
- You may contribute between 1% and 50% of your annual compensation to your account up to IRS limits, indexed annually.
- Your contributions vest at 100% immediately.
Your IRS maximum contribution
In 2024, you may contribute up to $23,000 of your gross income. If you are age 50 or older you can contribute up to an additional $7,500.