Pension Plans At Lehigh Valley Hospital: What You Need To Know

Lehigh Valley Hospital and Health Network offers a pension plan as part of its employee benefits package. The pension plan is a single-employer defined benefit corporate pension fund based in Allentown, Pennsylvania. The plan provides retirement, disability, and death benefits to employees of Lehigh Valley Health Network, including Lehigh Valley Hospital and certain affiliated entities. Lehigh Valley Hospital's pension plan is well-regarded by employees, who appreciate that it is offered separately from other benefits. The hospital also offers a 401(k) savings plan and a matching program for retirement plans.

Lehigh Valley Hospital offers a pension plan

The pension plan is a nice benefit for employees, as not many employers offer a separate pension plan these days. Lehigh Valley Hospital's pension plan includes employer matching contributions, where the hospital matches a portion of the employee's voluntary contribution of up to 6% at a rate of 50%. This means that if an employee contributes 6% of their salary to the pension plan, Lehigh Valley Hospital will contribute an additional 3%.

To be eligible for the employer match contributions, participants must work 1,000 hours in the 12-month period following their hire date. If this requirement is not met, they will become eligible after completing 1,000 hours of service at the end of any subsequent plan year. Newly hired benefits-eligible staff and faculty are automatically enrolled in the matching program at a rate of 3% of pay. They have 60 days from the start of their employment to opt out of auto-enrollment.

In addition to the pension plan, Lehigh Valley Health Network also offers a 401(k) savings plan. This plan is available to all employees upon their date of hire, except for leased employees, union employees, and employees participating under the 403(b) Plan.

The pension plan is a single-employer defined benefit corporate pension fund

The Lehigh Valley Health Network Retirement Plan is a single-employer defined benefit corporate pension fund. It was established in 1964 and is based in Allentown, Pennsylvania. The plan offers retirement, disability, and death benefits to employees of Lehigh Valley Health Network, including Lehigh Valley Hospital and Lehigh Valley Hospital-Muhlenberg, as well as certain other affiliated entities.

The pension plan is a nice benefit for employees, as it is becoming less common for employers to offer separate pension plans. Lehigh Valley Hospital offers a 50% match on employee contributions of up to 6%. Newly hired benefits-eligible staff and faculty are automatically enrolled in the matching program at a rate of 3% of pay. Employees have the option to change their level of voluntary contributions at any time. To be eligible for employer match contributions, participants must work 1,000 hours in the 12-month period following their hire date.

The assets of the pension fund are managed by the audit committee of the board of trustees, with BNY Mellon serving as custodian. In addition to the pension plan, Lehigh Valley Health Network, Inc. also offers a 401(k) savings plan for eligible employees. Leased employees, union employees, and employees participating under the 403(b) Plan are not eligible to participate in the 401(k) Plan.

Overall, the Lehigh Valley Hospital and Health Network offers a comprehensive retirement plan for its employees, including a pension plan and a 401(k) savings option. The pension plan, in particular, is a valuable benefit that provides financial security for employees during their retirement years.

The plan provides retirement, disability, and death benefits

Lehigh Valley Hospital offers a pension plan as part of the Lehigh Valley Health Network Retirement Plan. This plan is a single-employer defined benefit corporate pension fund that was established in 1964 and is based in Allentown, Pennsylvania. The plan provides retirement benefits, disability benefits, and death benefits to employees of the Lehigh Valley Health Network, including those working at Lehigh Valley Hospital and Lehigh Valley Hospital-Muhlenberg, as well as certain other affiliated entities.

The pension plan is a nice benefit for employees because it is becoming less common for employers to offer separate pension plans. Lehigh Valley Hospital's pension plan includes employer-matching contributions, with the organization matching a portion of voluntary contributions of up to 6% at a rate of 50%. This means that if an employee contributes 6% of their salary to the pension plan, Lehigh Valley Hospital will contribute an additional 3%. Newly hired staff and faculty are automatically enrolled in the matching program at a rate of 3% of their pay, and they have 60 days to opt out if they wish.

It is important to note that certain employees are excluded from employer contributions, including independent contractors, employees covered by postgraduate education agreements (residents), and employees on long-term disability who are receiving payments from the long-term disability plan. To be eligible for employer-matched contributions, participants must work a minimum of 1,000 hours in the 12 months following their hire date. If this criterion is not met, they will become eligible after completing 1,000 hours of service at the end of any subsequent plan year.

In addition to the pension plan, Lehigh Valley Hospital also offers a 401(k) savings plan. This plan is available to employees upon their date of hire, although leased employees, union employees, and employees participating under the 403(b) Plan are not eligible to participate.

Lehigh matches employee contributions up to 6% at a rate of 50%

The Lehigh Valley Health Network Retirement Plan is a pension fund that provides retirement, disability, and death benefits to employees of Lehigh Valley Hospital and certain affiliated entities. The plan includes a pension plan benefit, which is becoming increasingly rare among employers.

Lehigh's pension plan includes a matching incentive, where the company will match a portion of an employee's voluntary contribution of up to 6% at a rate of 50%. This means that if an employee contributes 6% of their pay into the pension plan, Lehigh will contribute 3% (50% of 6%), resulting in a total contribution of 9% towards the employee's retirement savings. This matching program allows employees to increase Lehigh's overall contribution to their retirement plan.

To be eligible for the matching program, employees must work a minimum of 1,000 hours in a 12-month consecutive period. Newly hired staff and faculty are automatically enrolled in the matching program at a default rate of 3% of their pay. Employees have the option to change their level of voluntary contributions at any time. It is important to note that certain employees are excluded from employer contributions, including independent contractors and employees on long-term disability.

With Lehigh's pension plan, employees can take ownership of their retirement savings and benefit from the company's matching contributions, helping them to build a more secure financial future for their retirement years.

Employees are auto-enrolled at a contribution rate of 3%

Lehigh Valley Hospital offers a pension plan as part of its employee benefits package. The Lehigh Valley Health Network Retirement Plan is a single-employer defined benefit corporate pension fund that was established in 1964. It provides retirement, disability, and death benefits to employees of Lehigh Valley Hospital and certain affiliated entities.

The pension plan is a notable benefit, as not many employers offer a separate pension plan nowadays. Lehigh Valley Hospital's pension plan includes a matching program where the organisation will match a portion of an employee's voluntary contribution of up to 6% at a rate of 50%. This means that if an employee contributes 6% of their pay, Lehigh Valley Hospital will contribute an additional 3%.

Employees are automatically enrolled in this matching program at a contribution rate of 3% of their pay. This auto-enrollment applies to newly hired benefits-eligible staff and faculty as of January 1, 2014. New hires have the option to opt out of auto-enrollment within 60 days of starting their employment at the hospital. It is important to note that certain employees are excluded from employer contributions, including independent contractors, employees covered by postgraduate education agreements, and employees on long-term disability.

To be eligible for the Lehigh Valley Hospital pension plan, employees must work a minimum of 1,000 hours in a 12-month consecutive period. Employees who start working in a pension-eligible position on or after January 1, 2014, will become fully vested after three years of service. This vesting period ensures that employees gain full ownership of any contributions made by Lehigh Valley Hospital, as well as any associated earnings, after completing three years of service.

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