A retirement plan is part of any employee's efforts to plan for the future
as well as a part of the benefits offered by almost any employer. St. Rita's
Medical Center partners with employees to invest in their financial future
so they may enjoy their retirement years. St. Rita's contributes to the financial
future of employees in the following three ways:
For each year an employee works, they contribute to their own social security
through taxes taken at each pay period. At the same time, St. Rita's contributes
the same amount as the employee does into social security. A significant
portion of the social security tax employees pay goes toward the monthly
retirement benefits they will receive at the age of 65. The remaining social
security tax pre-pays for the Medicare Part A insurance employees will be
eligible for at retirement age.
St. Rita's Medical Center offers an employer paid pension plan to at no cost
to full-time and part-time the employees age 21 or older. Employees become
a participant in the plan on July 1 or January 1 after their employment
begins (whichever comes first). For each year of service, a calculation
is performed to determine the credit employees have accumulated along with
a cost of living index added in. The longer an employee works at St. Rita's,
the more credit they will build up for their pension benefits.
In addition to the employer provided pension, St. Rita's also offers a tax-deferred
annuity to full and part time employees for additional savings toward retirement.
In this program, employees determine a percentage of their income they would
like to contribute to their 403(b) plan. This amount will be deducted from
their paycheck and is not subject to federal and state income tax until they
begin to receive a benefit. St. Rita's Medical Center offers a match of what
employees contribute.
