Welcome to the 401(a) Savings Plan section of My Life at Children’s. In this section you will find all the information you need about Children’s matching contributions. Select an option from the menu at the left for more details.
401(a) Savings Plan
Children’s recognizes that saving for the future is important. With the Children’s 401(a) Savings Plan, you can grow your savings with Children’s matching contributions. The information below is a general summary of the 401(a) Savings Plan. See the 401(a) Savings Plan documents under Resources at the left for more details.
How the Plan Works
Children’s places your Savings Plan matching contributions in a 401(a) account. You can invest this money in the same investment funds as the 403(b) Savings Plan or you can choose different investment options.
Matching Contributions
Children’s matches up to the first 4% of the eligible earnings that you contribute, based on your years of service:*
| Years of Matching Contribution Service |
Matching Contribution |
| 0–4 |
$1.00 for every $1.00 |
| 5–9 |
$1.25 for every $1.00 |
| 10 or more |
$1.50 for every $1.00 |
| *This match applies to you if you were hired on or after Dec. 24, 2006, or if you were hired before Dec. 24, 2006, and elected the Savings Plus option. If you were hired/rehired before Dec. 24, 2006, and elected the Pension Plus option in March 2007, you will receive a matching contribution of 25% of the first 4% of your pre-tax and/or after-tax contributions to the 403(b) Savings Plan. |
Vesting
You are vested in (or own) the Children’s matching contributions in the 401(a) account after three years of employment during which you complete 1,000 hours of service in each calendar year.