Children’s Health Alliance (CHA) associates are eligible to participate in the Pediatric Medical Services of Florida, Inc. 401(k) Plan. This is a tax-deferred savings plan that provides CHA contributions. Payroll contributions may begin as soon as administratively possible following your enrollment election. A default investment is provided if you do not select your own investment allocation.
Associates may change their contribution percentage or investment election at any time. Associates may contribute up to the IRS limits. For 2023, the annual contribution limit is $22,500 for any associates under 50 years of age. Associates who are age 50 or older may contribute up to $30,000.
Associates may make voluntary payroll contributions to the 401(k) plan with traditional pre-tax or Roth after-tax contributions. Your contributions are always 100% vested.
CHA Matching Contribution
CHA provides a matching contribution each pay period equal to $0.50 on each dollar you contribute on contributions up to 4% of eligible pay, up to a maximum match of 2% of eligible pay. CHA matching contributions are always 100% vested.
CHA Quarterly Service-Based Contribution
A service-based CHA contribution is made quarterly to eligible associates for any quarter that you receive pay for at least 250 hours of work, based on the paycheck dates during the quarter. The quarterly service-based CHA contributions are calculated by taking your earnings paid during the quarter times a percentage based on your years of service provided in the table. Quarterly service-based contributions are always 100% vested.
|Years of Service||Service-Based Contribution|
Annual CHA Safe Harbor Contribution
In addition to the quarterly base contribution, all CHA associates receive an annual contribution equal to 3% of your annual pay. The annual safe harbor CHA contributions are always 100% vested.