Get Mercy Myretirement Program

A 401(k) Plan is a defined contribution plan that is a cash or deferred arrangement. Employees can elect to defer receiving a portion of their salary which is instead contributed on their behalf, before taxes, to the 401(k) plan. Sometimes the employer may match these contributions.

Mercy Health offers ENSEMBLE RETIREMENT SAVINGS PLAN 401(K) through Fidelity. Their plan covers 2,412 employees.

With a 401(k), an employee sets a percentage of their income to be automatically taken out of each paycheck and invested in their account. Participants can choose how to allocate their funds among the investment choices offered by the plan, which usually include a variety of mutual funds.

Most hospitals offer 401(k) plans as an employee benefit for their nurses and other healthcare workers. With the increasing costs of managing pension plans, most employers are moving from pension plans to 401(k) plans. You can join the 401(k) plan, and contribute up to the IRS contribution limit.

Who is my 401(k) plan administrator? Your 401(k) plan administrator is typically the employer that sponsors your retirement savings account. The name of this individual or organization will be listed on your retirement account statements.

With a traditional 401(k), you fund your account with pre-tax dollars. Because your contributions are withdrawn from your paycheck before you've paid any taxes, your taxable income will be lower.

Key Takeaways. A 401(k) is a retirement plan to which employees can contribute; employers may also make matching contributions. With a pension plan, employers fund and guarantee a specific retirement benefit for each employee and assume the risk of the financial obligation.

You can contribute from 1 to 75% of your pay to the Plan on a pre-tax basis, a Roth basis or a combination of both. In addition, you can automatically increase your retirement savings plan contributions each year through the Annual Increase Program.

Definitions of retirement savings plan. a plan for setting aside money to be spent after retirement. synonyms: pension account, pension plan, retirement account, retirement plan, retirement program, retirement savings account.