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.
Pre-tax 403(b) plan
A voluntary retirement savings plan allowing Nationwide Children's Hospital employees to save through pretax 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 Pediatric Academic Association, Inc. to provide additional benefits.
403(b) plan
You can make payroll contributions up to the maximum IRS amounts.
Defined contribution plan
The Pediatric Academic Association, Inc. will contribute an amount equal to 10% of your eligible salary on an annual basis. Contribution limit is based upon annual IRS compensation limit.
When are Nationwide Children’s Hospital contributions to the Defined Contribution 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 will be eligible to receive the PAA contributions after 1,000 hours are paid in a 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 upon being paid 1,000 hours in a payroll calendar year.
403(b) plan
Hardship 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 SPD for further details.