USA Health Care Authority
457(b) Deferred Compensation-Matching Retirement Plan/401(a) Combination Plan
The USA Health Care Authority provides a deferred compensation plan which enables employees to use pre-tax income to contribute to their retirement. Participation is voluntary. The plan currently matches employee contributions dollar for dollar up to 5% of salary. These plans allow eligible employees to invest in fixed and variable annuities and mutual funds in tax-deferred accounts. The employer matched funds are invested in the 401(a) Combination Plan.
Eligible employees will be fully vested in the employer matching contributions when completing 3 years of service. A year of service for vesting purposes, as a vesting computation period (Plan Year), is when an employee completes 1,000 hours of service (the 3 years of service need not be consecutive).
Employees may reduce their state and federal taxable income by contributing up to $23,000 ($30,500 if over age 50) annually.
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