Every day, you commit yourself to caring for the health of our patients and their families — and through that commitment you strengthen the communities we serve. We want you to feel the same pride for your own financial well-being as you have for the quality care you deliver and the support you provide to others.
Our partnership with Empower Retirement Plan Services has been designed to make retirement planning more convenient for you by streamlining your retirement plan benefits, with a dedicated phone number, website and committed retirement team at your service.
You can manage your CHS Retirement accounts online 24/7.
For questions about your CHS Retirement accounts, contact Empower Retirement Services at 866-CHS-0970 (866-247-0970). Representatives are available weekdays between 8 a.m. and 10 p.m. Eastern Time to assist you.
|401(k) Fact Sheet – The Basics||Financial Health Classes|
|Access Your Retirement Plans||Retirement Plans Summary|
|Financial Health and Virtual Tools Opportunities||Retirement Plan Transition Fact Sheet|
CHS offers three ways for teammates to save for their retirement:
401(k) Retirement Savings Plan
Allows teammates to save and invest a portion of their paychecks on a pretax or ROTH after-tax basis.
Health Savings Account (HSA)
Includes contributions from both you and CHS. Funds from your HSA may be used to pay for your eligible healthcare and prescription expenses before and during retirement.
ADVANTAGE Retirement Plan
Works similarly to the 401(k) plan in that savings and earnings grow tax-free until dollars are withdrawn at retirement.
Allows teammates to save and invest a portion of their paychecks on a pretax or ROTH after-tax basis. Federal and state income taxes on pretax savings, as well as investment earnings, are deferred until the dollars are withdrawn at retirement. Teammates who are age 50 or older can make catch-up contributions.
Teammates who are at least 18 years of age and work at least 16 hours per week are eligible to participate in the 401(k) plan after three months of service.
CHS makes contributions to the 401(k) plan. Teammates have the potential to receive 7-8% in CHS contributions. Here’s how:
Performance-Based (Teammates have the potential to receive 1-2%)
|If you have:||Based on System performance, your account receives:|
|Less than 10 years||1% of pay contribution|
|10-19 years||1.5% of pay contribution|
|20 or more years||2% of pay contribution|
Teammates may contribute up to 75% of their eligible compensation ($18,000 IRS limit in 2017). Teammates age 50 and older may contribute up to $6,000 in catch-up contributions in addition to the $18,000 IRS limit.
Basic and Performance-Based Details:
Works similarly to the 401(k) plan in that savings and earnings grow tax-free until dollars are withdrawn at retirement. The ADVANTAGE plan should be utilized as an additional pretax retirement plan to supplement the 401(k) plan.
|Teammate Contribution||CHS Contribution|
*Up to 75% of eligible compensation
|No CHS Contribution|
|*Up to $6,000 in catch-up contributions (at age 50 for 2017)||No CHS Contribution|
Learn more about the ADVANTAGE Plan by reviewing the CHS Retirement Plans Summary.
All teammates will transition to one retirement savings plan effective January 1, 2018. CHS will offer three ways for teammates to save for their retirement – the CHS 401(k) ADVANTAGE Plans, and Health Savings Account (HSA) Plans.
In addition, the CHS Pension Plan will freeze effective December 31, 2017, and CHS will stop making additional contributions to the Plan. Instead, teammates who were CHS Pension Plan participants will receive higher contributions to their CHS 401(k) Plan account.To learn more, review the Retirement Plan Transition Fact Sheet and Frequently Asked Questions.