Defined Benefit Pension Plan
The benefit provided by the pension plan is calculated based on your length of service, highest average salary, and your age at retirement. Enrollment in the plan is automatic after one year of service to Unity and completion of 1,000 hours in that year. Those enrolled are entitled to a pension benefit after earning five years of vesting service (defined as 1,000 or more hours worked in each calendar year). Upon separation of employment, vested employees may collect their full retirement benefit at age 65, or they may collect a reduced benefit as early as age 55.
403(b)/401(k) Retirement Savings Plans
All employees are eligible to participate in either the 403(b) plan (Unity Health System employees) or the 401(k) plan (ACM Medical Laboratory/Apothecary employees). These plans allow you to set aside pre-tax dollars through automatic payroll deductions into a retirement savings program administered by Transamerica. In addition to assisting with saving for retirement, these accounts lower your current taxable income.
Employer Matching Contribution
Unity provides eligible employees a matching contribution on their 403(b) or 401(k) deferrals after completing 1,000 hours in the first year of service. Additionally, employees must work a minimum of 1,000 hours and be employed on the last day of the calendar year in order receive the employer match for any given year. The match, 25% of employee’s deferrals (up to a maximum of 1% of annual salary), is deposited annually into an eligible employee’s Transamerica account after the end of the plan year. Employees are vested in the employer matching contribution after earning three years of vesting service (1,000 or more hours worked in each calendar year).