Nationwide Children's Hospital provides retirement savings plans to help you save for retirement. The voluntary 403(b) plan is designed to help bridge the gap between what you'll have from your pension and Social Security benefits and how much you'll need in retirement. The plan offers a 403(b) plan (a pre-tax option and a Roth after-tax option) and gives you a defined contribution plan to provide you with retirement savings.

Frequently asked questions about the plan:
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Pre-tax 403(b) plan
A voluntary retirement savings plan allowing Nationwide Children's Hospital employees to save through pre-tax payroll contributions.

Roth after-tax 403(b) plan
A voluntary retirement savings plan allowing Nationwide Children's Hospital employees to save through after-tax payroll contributions.

What does pre-tax mean?
Your salary deferral contributions are withheld from your paycheck prior to any federal income tax withholding. Benefits in your account will continue to accrue tax-free until you separate from service and request a distribution.

What does after-tax mean?
Unlike tax-deferred (pre-tax) contributions, after-tax contributions are fully taxed (Federal and State) before they are invested in your plan. Then the contributions you later withdraw are not subject to any further taxation. However, earnings on your after-tax contributions may be subject to taxation depending upon whether certain conditions* are satisfied at the time of withdrawal.

*Generally, a Roth account distribution is a qualified distribution and not subject to federal income tax if: 1) the Roth account has been in existence for a 5-year period (the 5-year period begins January 1 of the year a participant first makes Roth contributions), and 2) a participant is age 59½, or has died or becomes disabled under IRC Section 72(m)(7). Distributions made prior to these requirements being met are nonqualified distributions, and earnings are taxable.

Defined contribution plan
A retirement savings plan established by Nationwide Children's Hospital to provide employer retirement contributions and matching contributions.

403(b) plan
You can make payroll contributions up to the maximum IRS amounts.

As a perk, Nationwide Children's Hospital will also provide a match to the contributions you make, which will be added to your defined contribution plan (for details, review the defined contribution plan section).

Defined contribution plan
If you are employed for fewer than 5 years of benefit service (benefit service requires 1,000 hours of service), Nationwide Children's Hospital will make an employer retirement contribution as follows: 4% of your salary up to the Social Security wage base and 8% of your salary above the Social Security wage base.

If you are employed for more than 5 years of benefit service (benefit service requires 1,000 hours of service), Nationwide Children's Hospital will contribute 5% of your salary up to the Social Security wage base and 10% of your salary above the Social Security wage base.

Nationwide Children's Hospital will match the contributions you make to the 403(b) plan by contributing an amount equal to 50% of the salary deferrals made to the 403(b) plan up to a maximum of 3% of your compensation.

When are Nationwide Children’s Hospital contributions to both the Defined Contribution and the Match Savings plan made?

Nationwide Children’s Hospital contributions are processed 3 times per year and are based upon when an employee reaches 1,000 hours paid in a payroll calendar year.

  • 1st review is based upon hours and compensation paid through June (pay 13). These contributions are deposited mid to late September.
  • 2nd review is based upon hours and compensation paid through September (pay 20 or 21). These contributions are deposited mid to late December.
  • 3rd review is based upon hours and compensation paid through December (pay 26). These contributions are deposited mid to late March of the next year.

To obtain your specific Social Security wage base, contact your HR Service Center at 614-355-4111.

403(b) plan
You are eligible to begin making salary deferrals upon your hire date.

Defined contribution plan
You are eligible to receive the employer retirement contributions and match contributions after being paid for 1,000 hours in payroll calendar year.

403(b) plan
You are eligible to begin making pre-tax salary deferrals upon your hire date.

Defined contribution plan
You are eligible to receive the employer retirement contributions and match contributions after being paid for 1,000 hours in payroll calendar year.

403(b) plan
Your salary deferral contributions are always 100% vested.

Defined contribution plan
5-year graded vesting plan; 20% after 2 years, with full vesting at 5 service years. A service year is based on being paid 1,000 hours in a payroll calendar year.

403(b) plan
Hardship withdrawals and loans are accessible with this plan. Please review your plan's Summary Plan Description (SPD) for further details.

Defined contribution plan
Vested funds are eligible for distribution following separation of service. Please review your plan's Summary Plan Description (SPD) for further details.
If you still have questions, contact your HR Service Center at (614) 355-4111.