HCA is proud to offer one of the leading 401(k) plans in the healthcare industry. With your first paycheck in 2018, you’ll see a change that reflects our commitment to continue providing a generous match while rewarding loyalty and encouraging longevity with the company.
- Your facility’s matching contribution to the HCA 401(k) Plan will be made annually instead of every pay period.
- To receive the annual match, you must be: employed by an HCA affiliate on Dec. 31 and have completed at least 1,000 hours of service during that calendar year.
- Your full facility-matching contribution will be deposited to your account in the first quarter of the next year.
- If you leave employment at an HCA affiliate before Dec. 31 or you have not completed 1,000 hours of service during that calendar year, you will not receive the matching contribution.
*If your employment ends as a result of death, disability or retirement (as defined in the Summary Plan Description), you will receive the full match regardless of your separation date or hours worked. Why Are We Making this Change?
- We’re committed to supporting and rewarding employees who continue to work for an HCA affiliate. Even with the change to the annual match, we estimate matching contributions will continue to total approximately half a billion dollars for 2018.
- This change helps us continue to provide a generous match while also rewarding loyalty and encouraging longevity with the company.
What’s Staying the Same?
There are no other changes to the HCA 401(k) Plan! You can still set aside the same amount of savings you’re setting aside today. The match formula and investment funds will not change. The HCA 401(k) Plan continues to be one of the most generous in the healthcare industry.
Four Things to Know Now:
- You should continue to set aside savings at a level that ensures you receive the highest possible match.
- If you become eligible for a new matching level during the year, you will automatically receive the new match percentage for the entire year if you increase your contribution percentage.
- Because the match will be made annually instead of per pay period, you no longer need to spread your deferrals throughout the year to ensure you receive the full match.
- The change may affect your investment earnings. One result of matching your 401(k) contribution in one annual amount instead of on a per-pay-period basis is that your match will not be subject to investment earnings (or losses) for that entire year.