The notion that a person could retire from their job and live comfortably off a pension is a mostly outdated notion. But it’s a reality for employees of Northside Hospital!
Northside Hospital offers valuable benefits that help employees plan for a comfortable tomorrow, but the most significant differentiator for Northside is the pension plan.
Northside is the ONLY hospital in the region offering a traditional lifetime pension plan benefit. The pension benefit:
- It starts on day one and builds a guaranteed income stream for retirement.
- It costs employees nothing, participation is automatic (requires no action from the employee), and the benefit continues to grow if the employee works at Northside at least 1,000 hours yearly.
- With the uncertain future of Social Security and volatility in financial markets, this becomes even more valuable than ever.
Even when retirement is a long way off, Northside provides other financial benefits that contribute to financial security – now and in the future:
- Northside’s Student Loan Repayment Opportunity benefit provides a monthly reimbursement of up to a lifetime maximum of $10,000, freeing up income that can begin growing in an employee’s 403(b) account.
- Tuition Reimbursement is another financial support benefit that helps employees grow their careers through education while limiting their out-of-pocket costs.
Recent Northside retiree, Greg Johnson, is an excellent example of the value of Northside’s pension plan. Greg states, “As is the case with many retirees, we didn’t have to reduce our standard of living when I retired – primarily because of the Northside pension plan. If we didn’t have my Northside pension benefits, we would be pulling funds from our retirement savings. In fact, my pension benefit meant I actually got a raise when I retired.”
Greg Johnson makes the most of his time after a career with Northside. “We’ve traveled and visited our grandchildren. I love fishing, and I’m buying a new boat, so I can go bass fishing with my grandchildren. We also have time to spend supporting various ministries at my church. It’s wonderful to be able to focus on enjoying our free time without financial worries.”
Retiring without financial worries opens a world of rewarding possibilities filled with traveling or spending more time with family and friends, volunteering for a favorite cause, or just relaxing and catching up on hobbies.
Another example is Sherrie Kuhns, who started at Northside a year after the hospital opened and is now retired and enjoying the fruits of her pension plan. “I was really happy and amazed at how much I received in retirement from Northside! We were able to sell our house, buy a new house and retire comfortably.” At her new house, Sherri enjoys time spent gardening. And the best part, according to Sherrie? “I get to sleep in as late as I want.”
Here are some of the details of Northside Hospital’s pension plan:
- Northside fully pays for the plan; employees contribute $0. Employees’ pension benefit begins growing on day one from hire, with automatic enrollment after age 21 and one year of service. Employees are fully vested after five years of service (1,000 hours or more worked in a year).
- Once vested, retirement benefits can begin early as age 55, with full retirement benefits at age 65; survivor benefit options are available if the Northside retiree were to pass away.
- When combined, Northside’s 403(b) savings plan match and pension plan provide 3 to 4 times the value of the average retirement benefits offered by other regional health systems.
Northside Hospital’s fully funded pension plan provides employees with financial security rarely found with other employers. When you combine the pension with Northside’s 403(b) retirement plan (with employer match), your future looks brighter than ever. Search now for an opportunity that matches your interest and qualifications!
