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. (See chart below.) 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 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.