Page 19 - Burke Hospital 2022 Benefits Summary

Retirement Benefits
There are many components to a financially secure retirement, and employees are encouraged to consult with their financial advisor to develop a comprehensive plan that will fit their individual needs. Burke offers Hospital employees a Defined Contribution 403(b) Retirement Plan (a “DC Plan”) using Fidelity Investments.
The DC Plan includes a Safe Harbor contribution of 3%, the ability for employees to defer a portion of their own salary on a tax advantaged basis (both pre-tax and ROTH options available) and a matching contribution of .5% for the first 2% of an employee’s deferral (for a maximum 1% match).
The employee selects and manages their investment in the Fidelity 403(b) DC Plan account. Employees are eligible to set up and begin contributing to their 403(b) account upon hire. The eligibility to receive the Safe Harbor 3% and matching contribution generally begins after 1 year of service if the employee has worked 1,000 hours or more in their first year (or any plan year thereafter).
403(b) Plan IRS Employee Contribution Limits for 2022
$20,500 — if you are under age 50
$27,000 —if you are age 50 or
older (You qualify for this amount if you attain age 50 anytime in 2022)
See additional 403(b) Plan highlights on pages 20 and 21.
2022 Benefits Summary
Hospital 19