Teammates

Retirement

In This Section:


Your Retirement Plans

401(k) Retirement Plan

Allows teammates to save and invest a portion of their paycheck 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 Federal and state income taxes on pretax savings, as well as investment earnings, are deferred until the dollars are withdrawn at retirement. Atrium Health also makes contributions to the 401(k) plan.

Learn more about the 401(k) Retirement Plan.

Health Savings Account (HSA)

Includes contributions from both teammates and Atrium Health. Funds from the HSA are used to pay for eligible healthcare expenses. This includes prescription medications, vision and dental expenses, office visits, deductibles and co-insurance. HSA contributions and earnings are not taxed when the dollars are deposited or when the teammate takes them out for healthcare-related expenses. Teammates can invest money in their HSA, similar to the 401(k) plan, once the account balance reaches $1,000.

Learn more about the Health Savings Account.

ADVANTAGE Retirement Plan

Works similarly to the 401(k) plan in that savings and earnings grow tax-free until dollars are withdrawn at retirement.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.

Learn more about the ADVANTAGE Retirement Plan.

 

Contributions

Atrium Health will help you fund your retirement by contributing dollars to your 401(k) and HSA accounts.

Teammate: 401(k) Plan HSA ADVANTAGE
Pretax Up to 75% of eligible compensation
($19,500 max in 2020)
$3,550 Single | $7,100 Family
(Includes teammate and Atrium Health contribution)
Up to 100% of eligible compensation
($19,500 max in 2020)
Roth / After-tax Yes  Yes No
Catch-Up $6,500 (at age 50 for 2020) $1,000 (at age 55 for 2020) $6,500 (at age 50 for 2020)
Earnings Not taxed until distribution Not taxed if used for qualified health expenses Not taxed until distribution
       
Atrium Health: 401(k) Plan HSA ADVANTAGE
Total Atrium
Health 401(k)
Contribution
7% – 8%
Basic: 2% of eligible pay
Matching: Up to 4%
Performance-Based: 1 - 2% based on
performance and teammate years of service
LiveWELL Incentive up to:
$750 Teammate Only
$1,500 Family
No Atrium Health contribution
Vesting Basic: 100% after 3 years
Matching: Immediate 100%
Performance-Based: Immediate 100%
Immediate 100% Immediate 100%

 

401(k) Plan

Eligibility

Teammates who are at least 18 years of age and work in positions classified with at least 16 hours per week are eligible to participate in the 401(k) plan after three months of service. PRNs are eligible to receive Annual, Basic and Performance-Based contributions.

Key Points About the 401(k) Plan

  • You can contribute both pretax and post-tax dollars into your 401(k) up to 75% of your pay or the IRS contribution maximum ($19,500 in 2020)
  • Your 401(k) account is portable; if you leave Atrium Health, you can take your account with you
  • Account investment growth is tax-free until you withdraw funds during retirement
  • Atrium Health provides a contribution match and employer contribution 

How Does the 401(k) Plan Work?

Contributions: Teammates have the potential to save 13 - 14% in Atrium Health contributions.

401(k) Contributions Contributions Your Contribution Atrium and Your Contribution
Basic 2%
(regardless of whether you save through the plan)
0% 2%
Performance-Based 1 to 2%    
(based on years of service and regardless of whether you save through the plan
0% 1%
Match 4% 6% 10%
Total Annual Contribution 7-8% 6% or more 13-14%

Basic

  • Each year Atrium Health will contribute 2% of your pay to your account, regardless of whether you save through the plan
  • Contribution made annually

Matching: (Teammates have the potential to receive up to 4%)

  • Total maximum match is 4%. In order to receive the full 4% match, you must save 6% of your pay through the plan
  • When you save through the plan, Atrium Health will match 75% of the first 4% that you save and 50% of the next 2% of pay that you save, making the total maximum match 4% of your pay

Performance-Based: (Teammates have the potential to receive 1-2%)

  • This contribution is based on system performance, similar to the Atrium Health Performance Plus Incentive program
  • When Atrium Health meets certain performance targets, your account can receive an additional contribution, based on your service as shown below
  • Contribution made annually
If you have Based on System Performance, your account receives:
Less than 10 yrs 1% of pay contribution
10-19 yrs 1.5% of pay contribution
20 or more yrs 2% of pay contribution

Eligibility for Basic and Performance-Based contributions: You must complete 1,000 hours of service in a designated 12-month period to meet eligibility for Basic and Performance-Based contributions. You will become a participant on the last day of the month during which the 12-month period is completed. To receive Basic or Performance-Based contributions for a calendar year, you must complete 1,000 hours of service and terminate employment on or after normal retirement date or because of death or permanent disability.

 

Health Savings Account (HSA)

Eligibility

Teammates who are eligible for the LiveWELL Health Plan - Health Savings Plan can establish their Health Savings Account (HSA) account on the first of the month following 30 days of employment.

The HSA is yours to save for current and future healthcare-related expenses, such as your deductible, co-insurance or prescription drugs. This account is set up in your name and funded by Atrium Health and you.

HSAs share similar characteristics to retirement plans in that:

  • Contributions can be made on a pretax and after-tax basis
  • Account balances can be invested
  • Contributions grow tax-free, year after year
  • Account balance is portable, you take it when you leave Atrium Health
  • HSA withdrawals are not taxed when used for medical expenses or premiums
  • Immediate 100% complete ownership

The maximum IRS contribution for the year includes the sum of all teammate and employer contributions, including incentives.

*Maximum Contribution
Teammate-Only $3,550
Family Plan $7,100

*Teammates age 55 or older are allowed an additional “catch-up” contribution of $1,000.

The maximum IRS contribution for the year includes the sum of all teammate and employer contributions, including incentives.

 

ADVANTAGE Retirement Plan

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 Atrium Health Contribution
Up to 100% of eligible compensation ($19,500 max in 2020) No Contribution
Up to $6,500 in catch-up contributions (at age 50 for 2020)

Eligibility

Teammates who are at least 18 years of age are eligible to participate in the ADVANTAGE plan upon hire. This plan is available to our PRN teammates who are not eligible to contribute to the 401(k) Retirement Savings plan.


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