Retirement pre 2012
Our Retirement plans, administered by Fidelity, help you save for your future.
The plan you participate in depends on your hire date. This page provides information for associates who were hired prior to January 1, 2012.
There is a separate page for associates hired on or after January 1, 2012, or are part of a newly-eligible participating group.
If you are a participant in the Employees’ Retirement Plan of MedCentral Health System, you can access your benefits either online at ohpension.com or by calling the OhioHealth Pension Resource Center at (844) 340.4801.
Your Retirement benefit consists of two parts:
- OhioHealth Cash Balance Retirement Plan, provided at no cost to you
- Retirement Savings Plan 403(b)/401(k), a tax-deferred way for you to save for retirement and reduce your current taxes, while receiving additional matching contributions from OhioHealth
OhioHealth Cash Balance Retirement Plan
This part of your Retirement benefit is paid for by OhioHealth, at no cost to you. Like a savings account, it grows steadily each year through OhioHealth contributions and earned interest.
Your participation in the Cash Balance Retirement Plan starts automatically on January 1 after you meet the following requirements:
- You started to work for a participating OhioHealth entity prior to January 1, 2012;
- You are at least age 20½; and
- You have completed at least six months of service.
| Your Cash Balance Retirement Plan account |
When you become eligible for participation, a Cash Balance Retirement Plan account is set up for you.
| OhioHealth saves on your behalf |
OhioHealth makes contributions to your account for each calendar year for which you are paid for 1,000 or more hours. Contributions are a percentage of your pay based on your age and your years of service, as of December 31 each year.
| Earn interest |
Your account grows through annual interest credits. The annual interest rate changes each year and is based on the five-year Treasury bill rate.
| Account ownership (“vesting”) |
You complete a claim form (available to download below) and send it with a copy of your receipt(s) to the plan administrator. You are reimbursed from your FSA with direct deposit to your checking or savings account (not by check).
| Accessing your account |
You can access the funds in your account once you become vested (own your account).
If you were hired before January 1, 2003: You are eligible to withdraw the funds from your account before your normal or early retirement date upon termination of employment with OhioHealth. You must make a written election within 180 days after your employment ends to withdraw funds from your account. Otherwise, your account will be paid at your early or normal retirement date. To make your election, contact the Pension Resource Center at 1 (844) 340.4801 or ohpension.com before the 180-day period ends.
If you were hired after January 1, 2003: You are eligible to withdraw the funds from your account at your early retirement date (when your age plus years of service = 70).
Account balances of $20,000 or less are eligible to be withdrawn at any time after employment ends.
Retirement Savings Plan 403(b)/401(k)
This part of your Retirement benefit is a tax-deferred way for you to save for retirement and reduce your current taxes, while receiving additional matching contributions from OhioHealth.
You are eligible to begin contributions to the Retirement Savings Plan on your hire date, and eligible for matching contributions from OhioHealth once you start making contributions.
| Your contributions |
When you begin contributions, a Retirement Savings Plan account is set up for you. You choose how much to save through payroll deductions, starting from 1% of your annual pay.
| Roth contributions |
You can also save using after-tax Roth contributions — and they are eligible for the OhioHealth matching contribution, just like your before-tax contributions. When you withdraw this money from your account after age 59½, your Roth contributions and any earnings on that money are not subject to income taxes.
| OhioHealth helps you save |
OhioHealth will make a matching contribution equal to 50¢ for every $1 you contribute, up to:
| Invest to grow |
You have a variety of options for investing your and OhioHealth’s contributions to grow your account. Find out more on the Fidelity website.
| Matching Contribution ownership (“vesting”) |
You become vested in (own) your matching contribution if you received a matching contribution for 2017 or prior years. Otherwise, you become vested in your matching contribution after completing three calendar years of service for which you are paid for 1,000 or more hours.
Planning for retirement?
Getting Ready to Retire Education sessions support your retirement planning process and help make your transition into retirement a successful one. This program is held throughout the year for our associates who have reached retirement age/eligibility. In the session, you will learn about:
- The process of retiring at OhioHealth
- Your payment options under the OhioHealth Retirement plans
- How and when to file for your Social Security benefits
- Your investments before and after retirement
A schedule of sessions can be found on the Benefits page on eSource under Retirement.
How to make the most of this benefit
- Use Fidelity’s calculators to help decide how much to save for your future
- Change your contributions at any time on the Fidelity website
- Research or change your investment options for your Retirement Savings Plan account
- Schedule a one-on-one consultation with a Fidelity Retirement Planner either in person or over the phone