There are two types of retirement accounts offered based on where you work.
- Team Members working for a non-profit entity (i.e., Carle Foundation Hospital, Carle Hoopeston Regional Health Center, Carle Richland Memorial Hospital, Carle Physician Group, Carle BroMenn Medical Center, Carle Eureka Hospital and Carle West Physician Group) are in the 403(b) plan;
- Those who work for a for-profit entity (i.e., Health Alliance, First Carolina Care and Stratum Med) are in the 401(k) plan.
Both are administered by EPIC Retirement Plan Services and Busey Wealth Management. Here's how to maximize your retirement savings benefit.
YOUR CONTRIBUTION
New team members and rehires are automatically enrolled after 30 days of employment at a pre-tax contribution rate of 3% per paycheck. You can opt out of auto-enrollment and choose a different contribution rate at any time.
- To help you save, if you're auto-enrolled, your contribution amount will automatically increase by 1% each July until you make a change or reach 6 percent.
- Contributions can be made in whole percentages between 1 and 95 percent per pay period, subject to IRS limits.
- If you're 50 or older and make the maximum allowable contribution to your Plan, you're entitled to contribute an additional "catch-up contribution."
EMPLOYER 3% MATCH
After one year of employment in which you have worked 500 hours and age 21 or older, Carle Health may match up to 3 percent of your eligible compensation if you're contributing. Matching begins on January 1 or July 1 upon meeting the requirements.
ANNUAL DISCRETIONARY CONTRIBUTION
After two years of employment in which you have worked 500 hours and age 21 or older, Carle Health may provide a discretionary contribution up to 5% of your previous year's eligible compensation to your retirement account each year. You need to have been actively working on December 31 of the plan year and worked at least 500 hours to maintain eligibility. Team members age 62 that retire prior to December 31 of the plan year are still eligible to receive the annual contribution regardless of the hours they have worked (must have been 62 or older prior to the last day of employment). Contribution dollars are deposited after the first quarter of the calendar year for the previous year.
ROLLOVERS
Contact Busey Wealth Management at RetirementPlans@busey.com or (217) 365-4874 to get help will rolling over your previous accounts from an eligible retirement plan to the Carle Health retirement plan.
Don't miss out on free money. Take advantage of your employer match and the power of compounding over time. As you can see, the longer you have to invest, the greater the potential benefits of compounded earnings.
| EARNING FOR YOUR FUTURE | |||
|---|---|---|---|
| MONTHLY SAVINGS | YEARS | TOTAL* | |
| $265 | 10 | $43,428 | |
| $265 | 20 | $122,442 | |
| $265 | 30 | $266197 | |
| $265 | 40 | $527,745 | |
*A $250 monthly savings equates to 5 percent Employee deferral with a 3 percent employer matching for person with annual salary of $43,000. This chart is hypothetical and for illustrative purposes only. The example assumes a 6 percent annual rate of return.
HOW TO ENROLL IN YOUR RETIREMENT PLAN
- Log in to www.go-retire.com/carle. The first time you log in your default User ID is your full Social Security Number without dashes and your password is your date of birth (MMDDYYYY).
- You'll be prompted to create a unique Username and Password, set up security features and verify your personal information.
- After you complete your account setup, and enrollment wizard will guide you through the three enrollment decisions: contributions, investments and beneficiaries.
- Carle Health's plan permits both pre-tax and Roth contributions, but will automatically set you up to contribute 3% pre-tax with an auto-increase of 1% every July until you reach 6%. You can choose to opt-out of the automatic enrollment and enter your preferred contribution rate and/or automatic increase increments.
- Carle Health's pre-selected investment is called a target date fund. It automatically and gradually becomes less aggressive as you approach the year in the fund name. If you'd like to explore alternatives to the target date fund after enrolling, you can use the SmartPlan tool under the Resource Center to assess your risk, view suggested investments or access both model portfolios and custom investment choices.
- The final step in enrolling is to designate your beneficiaries.
TAKE CONTROL OF YOUR CONTRIBUTIONS
The best way to reduce investment risk is to diversify your portfolio and create an asset allocation that's right for you. You can work with a Participant Advisor from Busey Wealth Management to learn about the different funds available or even structure a portfolio based on your current age (target-date fund) or risk tolerance.
After the first contribution is made, you'll receive quarterly statements showing your account balance, contributions and earnings during the reporting period. Account access is available 24/7 at go-retire.com/carle.
If you don't choose investments on your own, a default option will be chosen based on your birth year and expected retirement date.
Money may be withdrawn from your account in the event of death, termination of employment or upon age 59½. In some special cases, you may also qualify for a distribution due to a financial hardship. Loans are available in the plans so you can borrow from your account and make payments back through after-tax payroll deduction. To determine loan eligibility, access Loan Modeling via your account at www.go-retire.com/carle or by calling EPIC Retirement Plan Services at (800) 716-3742. You can also contact HR Benefits.
RETIREMENT TOOLBOX
You have three resources to learn more about how to invest your money, see how your investments are performing or change your mix.
- One-on-one Meeting - Call Busey Wealth Management at (217) 365-4874 or email RetirementPlans@busey.com to set up an in-person or virtual appointment with a credentialed retirement advisor.
- Online via Desktop - Log into the EPIC Retirement Plan Services website to check your account balance, review the fund performance change your investment options and more. You'll also find the My Retirement Goal and SmartPlan tools to measure your retirement preparedness, model various adjustments to see how changes can improve your outcome and review your risk profile to choose investments and contribution amounts that are right for you.
- Mobile App - Your Carle Health retirement plans are accessible anytime, anywhere via your smartphone or tablet. Simply download the Go-Retire app to quickly and easily access your Carle Health retirement account.