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At Saint Vincent Catholic Medical Centers (SVCMC), we understand how important comprehensive health insurance and financial protection coverage is to our employees. With this in mind, we offer a comprehensive benefits program designed to meet the needs of our employees and their families. We offer the following Benefit Plans and Programs for Non-Bargaining employees:
The Benefits described herein are for eligible Non-Bargaining employees only. SVCMC offers similar benefits for employees in Collective Bargaining Units that are subject to the provisions of the individual Collective Bargaining Units. Therefore, benefits for Collective Bargaining Units are different than those described in these summaries.
Retirement Pension Plan (Defined Benefit)
SVCMC offers a non-contributory Retirement Pension Plan to certain Non-Bargaining employees.To be eligible to participate in this Retirement Pension Plan employees must be at least 21 years old and have completed one year of service having worked a minimum of 18.75 hours per week (975 hours in a plan year). An employee is vested in this plan after completing five years of plan service.
(403b) Voluntary Tax-Sheltered Annuity Savings Plan
SVCMC offers a (403b) Voluntary Tax Sheltered Annuity Savings Plan for all employees of SVCMC after 30 days of employment. This plan provides employees with the opportunity to save money for retirement on a pre-tax basis. Employees can contribute up to the IRS limits per year on a pre-tax basis. The maximum contribution to this plan is $15,500 ($20,500 for employees age 50 or older) in 2007. There are certain non-bargaining employees that are eligible to receive an employer contribution to the 403b Plan.
(401k) Voluntary Savings Plan
SVCMC offers a voluntary (401k) Savings Plan for certain non-bargaining employees. Employees must complete one full year of service, be age 21 or older and scheduled to work on a regular basis, at least 20 hours per week to be eligible to participate in this plan. Employees can contribute up to 18% of their salary on a pre-tax basis. SVCMC will match $.50 on the dollar on employee contributions, up to the first 4% of base salary (2% maximum matching contribution). The maximum contribution to this plan is the lesser of 18% of base pay or $15,500 ($20,500 for employees age 50 or older) in 2007.
The Benefits information provided is only a brief summary of the benefits available to eligible Non-Bargaining Employees. It is not intended to guarantee benefits. SVCMC retains the right to modify or eliminate these or any other benefits at any time and for any reason. If there is a discrepancy between this summary and the Plan Document, the Plan Document will prevail.
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