Tax Sheltered Annuity 403(b) and 401(a)
Employees are eligible to make payroll contributions to the
Erlanger Employee Savings 403(b) Plan on a pre-tax basis via a tax sheltered
annuity program provided by Metropolitan Life. An employee may begin
contributions immediately upon employment.
The TSA currently offers an employer-paid match 401(a) in the amount of .50 /
$1.00 up to four percent of your income. In other words, Erlanger will provide
up to two percent of your annual salary. You must be 25 years old, worked 12
months and a minimum of 1,000 hours as a regular employee to be eligible. After
meeting these requirements, employees are entered in the 401(a) on the earlier
of January 1 or July 1. Temporary and Relief Pool employees are not eligible for
the employer contributions.
A participant is fully vested after three years of pension service and
becomes eligible to receive the 401(a) employer match once they have exited
their employment. Pension Service is accrued by working a minimum of 1,000 hours
as a regular employee during the pension year, July 1 through June 30.
For more information regarding the 403(b) Plan, please contact the
Metropolitan Life Representative at (423) 778-2565.
Met-Life web site