| How will the interest
on the Trinity Health 403(b) Pension Plan Match Account be calculated? |
Interest credits on the
403(b) Pension Plan Match Account will be calculated at the end of each quarter,
based on your total pension plan match account balance including Trinity Health
matching contributions credited in that quarter. The year-to-date matching contributions
are assumed to have been credited evenly throughout the period and therefore will
earn interest for one-half the period. For example, if the annual interest rate
is 4%, the interest credited to the matching contribution for a quarter is (4%
÷ 4 quarters) x ½ = .5% for one quarter.
The annual interest rate utilized is based on the US Treasury Bill Five Year
Constant Maturity rate for the month of November of the previous year. This rate
changes each year and is published by the federal government in December.
Please note: the information above only applies to matching contributions that were credited to the Pension Plan for quarters prior to July 1, 2009. Effective July 1, 2009, matching contributions are credited to the 403(b) Plan and subject to the earnings and losses associated with the investment fund(s) the contributions are invested. |
| If I am vested and
terminate and request a distribution of my 403(b)/401(k) Match Account during the middle
of a quarter, will I receive a Trinity Health matching contribution and interest
for the quarter? |
Yes, you will receive a
Trinity Health matching contribution based on your Retirement Savings Plan contributions
made up to your termination date. In addition, you will receive interest credited
to your 403(b) Pension Match Account, within the Pension Plan, and any earnings or losses credited to your 403(b)/401(k) Match Account within the Trinity Health 403(b)/401(k) Retirement Savings Plan, up until the date of the distribution |
| What is the employer
matching contribution? |
A 100 percent employer
matching contribution on the first $500 of associate contributions, plus 50 percent
match on additional associate contributions up to a percent of compensation (or
$500 if greater).
All former Holy Cross locations
- 3% if waive Retiree Health Plan eligibility
- 2% if continue eligibility
Former Holy Cross associates at Trinity Health Corporate and TCCS
- 2% if waive Retiree Health Plan eligibility
- 1% if continue eligibility
St. Joseph Ann Arbor and Regional Community
All other former Mercy locations
|
| Does the employer matching contribution
count toward the IRS annual associate pre-tax contribution limit? |
No. Any employer matching contributions allocated to your 403(b)/401(k) Match Account do not count toward the annual associate pre-tax contribution limit. |
| How will I know what the amount
of my Trinity Health 403(b)/401(k) Matching Contribution is? |
The 403(b)/401(k) match amount along with any interest and/or earnings/losses will be reported on the quarterly Retirement Savings Plan statement you receive from Diversified Investment Advisors. The match amount reported each quarter will be the previous quarter's match amount.
The reason the reporting of match account data is delayed to the following quarter is due to the fact that Diversified quarterly statements are issued within five (5) business days after the end of the quarter and the 403(b)/401(k) match calculation will not be completed until the middle of the month following the end of the quarter.
Even though your match amount will not be reported on your statement until the following quarter, you will continue to earn interest and/or earnings/losses on the match. Once it is credited to your account (approximately fifteen (15) business days after the end of each quarter), you may obtain your match amount balance prior to receiving the next quarterly statement by either calling the Diversified toll free number at 1-800-394-5240, or by accessing your account on the website at https://retirementprogram.trinity-health.org |
| How will I know what my Pension
Plan Match Account balance is? |
Diversified will report the Trinity
Health Pension Plan Match Account balance and interest credits on the quarterly
statement you receive from them, along with your contribution information. Since
the statements will be produced three days after the end of the quarter, the Pension
Plan Match Account balance shown on this quarterly statement will always be one
quarter behind.
Please note: the Pension Match Account information will only display for participants who were credited with employer matching contributions to the Pension Plan for quarters prior to July 1, 2009. |
| When will the interest rate for the Trinity Health Pension Match account be announced for 2011? |
The interest rate for previous years was based on the November 5 year Treasury note. This rate is usually determined in December. |
| How is the interest on my Pension
Plan Match Account calculated? |
You earn interest on your end of year
account balance throughout the year based on an interest rate set at the beginning
of the year. The interest rate is the five-year U.S. Treasury Constant Maturity
rate for November of the preceding year. Your year-to-date interest will be shown
to you at the end of each quarter. |
| When will I be vested in the Pension Match and/or 403(b)/401(k) Match Account(s)? |
There is a three-year service requirement to become vested in the Pension Plan Match and 403(b)/401(k) Match Accounts. |
| How is the employer matching
contribution credited to my account? |
Participants eligible for the Trinity Health 403(b) Retirement Savings Plan are credited with an employer matching contribution throughout the year. Prior to July 1, 2009 the employer match was credited in your Pension Plan Match Account each quarter (or at your termination of employment). Effective July 1, 2009, employer matching contributions are credited to your 403(b) Match Account within the 403(b) Plan on a quarterly basis.
Participants eligible for the Trinity Health 401(k) Retirement Savings Plan are credited with an employer matching contribution throughout the year. Employer matching contributions are credited to your 401(k) Match Account on a quarterly basis. |
| Can I direct how my employer
matching contributions are invested? |
Yes. Employer matching contributions credited to the associates 403(b)/401(k) Match Accounts are invested in accordance with the investment fund(s) selected by the participant.
Prior to July 1, 2009, the Trinity Health 403(b) Retirement Savings Plan employer matching contributions were credited to the associates Pension Plan Match Account within the Pension Plan and participants could not direct how these contributions were invested. |
