Retirement Savings Program
Invest some of what you earn today for what you plan to accomplish tomorrow.
There are many considerations for saving for retirement. You should carefully read your Summary Plan Description and obtain advice from a tax advisor and investment professional.
Baptist Easley partners with Fidelity Investments to offer you a great way to save for your retirement. The Retirement Savings Plan is made up of two separate plans: the Baptist Easley TSA Savings Plan and the Baptist Easley Matching Savings and 401(k) Plan, both of which have pre-tax and after-tax Roth options. Your contributions go into the TSA Savings Plan, and, if you are in a group which is eligible for the company’s matching contributions, these matching contributions go into the Baptist Easley Matching Savings and 401(k) Plan. While these are separate plans, together they operate to provide you with benefits at retirement.
- Retirement planning tools. You have access to online tools designed to help you manage your assets as you plan for retirement.
- Matching contributions. Provided that you are in an eligible employee classification, the Baptist Easley Matching Savings and 401(k) Plan helps your contributions grow through an employer match—it’s like getting “free” money. That’s why it makes good financial sense to contribute at least the amount that will provide you the maximum matching opportunity.
Please note that employer contributions are subject to your plan provisions, including eligibility and service provisions. After six years of service, you will be fully vested, meaning you can own 100 percent of Baptist Easley contributions. If you leave Baptist Easley prior to six years of employment, you will own a percentage of Baptist Easley’s contributions.
See chart below.
- Convenience. Your TSA Savings Plan contributions are automatically deducted from your paycheck.
- Tax savings now. Your pretax contributions are deducted from your pay before income taxes are taken out. This means that you may actually lower the amount of current income taxes withheld each period. It could mean more money in your take-home pay versus saving money in a taxable account.
- Tax-deferred savings opportunities. You pay no taxes on any earnings until you withdraw them from your account, enabling you to keep more of your money working for you now.
- Roth 403(B) option. Unlike a traditional, pre-tax 403(b), the Roth 403(b) allows you to contribute after-tax dollars and then withdraw tax-free dollars from your account when you retire.
- Catch-up contributions. If you make the maximum contribution to your Plan account and you are 50 years of age or older during the calendar year, you can make an additional “catch-up” contribution which was $5,500 in 2013, subject to an adjustment for inflation.
- Investment options. You have the flexibility to select from investment options that range from more conservative to more aggressive, making it easy for you to develop a well-diversified investment portfolio.
- Portability. You can roll over eligible savings from a previous employer into the plans.
|Baptist Easley Matching Schedule|
|Years of service||Bi-weekly Matching Contribution*|
|1-4||$1.00 for each dollar you contribute up to 3.5% of bi-weekly pay|
|5-9||$1.10 for each dollar you contribute up to 3.85% of bi-weekly pay|
|10-14||$1.20 for each dollar you contribute up to 4.2% of bi-weekly pay|
|15-19||$1.25 for each dollar you contribute up to 4.375% of bi-weekly pay|
|20+||$1.40 for each dollar you contribute up to 4.9% of bi-weekly pay|
|Vesting (Ownership) Schedule|
|Years of service||Your vested percentage in Baptist Easley’s contributions|
|Less than 2 years||0%|
Bi-weekly matching contributions are up to the matching percentage of your biweekly pay, up to the legal maximum compensation. Your annual matching contributions are equal to the sum of the bi-weekly matching contributions in the year. However, if you make the maximum permissible contribution before catch-up, your matching contributions may be recalculated with the limits applied to your annual pay.Back to Top