Each Nov. 30, an employee’s Cash Account Pension Plan account balance is updated by an annual pay credit, plus an interest credit, which is entirely funded by Yale New Haven Hospital. The annual interest rate credited as of Nov. 30, 2018, was 3.8 percent. As of Dec. 1, 2018, the interest rate will continue to be 3.8 percent for the coming plan year.
For 2019, the Internal Revenue Service has announced that the annual maximum amounts employees can contribute to their 403(b) plan, also known as a tax-sheltered annuity, are: employees under age 50, up to $19,000 per year; employees 50 and older, up to $25,000. The hospital matches up to a maximum of 3 percent of the employee’s first 5 percent contribution of base pay.
IRS rule changes implemented earlier this year will have a small impact on employees who pay for YNHHS worksite parking through payroll deduction. This will be reflected in the first paycheck of 2019.
Employee and Family Resources (EFR) will hold Mindful Solutions, a free, six-week course for employees, 2-3 pm Wednesdays, Jan. 9 – Feb. 13 at the York Street Campus, NP4, room 101B. Classes will cover techniques to become more aware of the present moment and tap into a peaceful state amidst the chaos of a hectic life. To register, contact Bud Wassell, 203-688-2280, or [email protected].
