All associates are automatically enrolled in The Nemours Foundation Section 403(b) Plan with a contribution rate of 4%. This is a tax-deferred savings plan that provides employee payroll contributions and employer contributions to eligible associates. Associate contributions begin on the first paycheck following 30 days of employment and are automatically invested in a default investment. Associates may opt out or 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 less than 50. Associates who are age 50 or older may contribute up to $30,000. Your contributions are always 100% vested. For eligible associates, the plan provides a 50% employer matching contribution up to 4% of eligible pay (maximum match of 2% of eligible pay), as well as a service-based employer contribution (ranging from 3% to 8% of eligible pay) made quarterly upon the completion of at least 250 hours of service per quarter. Casual and part-time associates must complete at least 1,000 hours of service before being eligible for employer contributions.

Associates who are not eligible for employer contributions may make voluntary payroll contributions to the 403(b) plan with traditional pretax or Roth after-tax contributions.

Nemours Matching Contribution

Eligible associates will receive a Nemours match 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. Beginning Jan. 1, 2022, the Nemours matching contributions for new hires are 100% vested after three years of service. Matching contributions for associates hired prior to Jan. 1, 2022, are 100% vested.

Note: Casual and part-time associates will be eligible for Nemours matching and quarterly base contributions after one year of service. A year of service is earned after you work at least 1,000 hours within 12 months of your date of hire or you work at least 1,000 hours in any calendar year beginning after your date of hire.

Nemours Base Contribution

A service-based Nemours contribution is made each quarter to eligible associates with at least 250 hours of service for the quarter. The quarterly base Nemours contributions are calculated by taking your earnings paid during the quarter times a percentage based on your years of service provided in the table below. Quarterly base contributions become 100% vested after three years of service, as defined by the plan.

403(b) Contribution Example

Let’s say you are an eligible associate with two years of service and you have at least 250 hours of service for the quarter. Your annual compensation is $50,000 and you contribute 4% of your compensation to the 403(b) Plan. The example below shows an annualized calculation of all plan contributions:

4% x $50,000 = $2,000 (Your Contribution)

50% x $2,000 = $1,000 (Nemours Matching Contribution)

3% x $50,000 = $1,500 (Nemours Base Contribution)

Total of Your and Nemours Contribution = $4,500

The 457(b) Retirement Savings Plan is a supplemental tax-deferred savings plan available to Nemours associates whose annual base salary is $150,000 or more. This plan offers another way to save for retirement, in addition to saving through the 403(b) plan. Contributions are permitted up to the IRS limits which are indexed and may change from year to year. The 2023 limit is $22,500.

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 employer 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 less than 50. 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 pretax or Roth after-tax contributions.  Your contributions are always 100% vested. 

CHA Matching Contribution

CHA provides an employer 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.

Note: Casual and part-time associates will be eligible for CHA matching and quarterly base contributions after one year of service. A year of service is earned after you work at least 1,000 hours within 12 months of your date of hire or you work at least 1,000 hours in any calendar year beginning after your date of hire.

CHA Quarterly Base Contribution

A service-based CHA contribution is made quarterly to eligible associates with at least 250 hours of service for the quarter.  The quarterly base 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 base contributions are always 100% vested.

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.