2024 403(b) Retirement Plan

Saratoga Hospital offers eligible employees a 403(b) Retirement Plan, which has been designed to help its participants save for a more secure financial future.

Employee Contributions: Employees who qualify for participation are automatically enrolled in the 403(b) at 2% of their gross compensation on a pre-tax basis, within 1-2 pay periods following their date of hire.  Employees have the option to continue the automatic designation of pre-tax contributions, or may elect to make Roth contributions on a post-tax basis.  Contributions are made through payroll deductions as a percentage of compensation, up to the maximum allowable dollar amount each year.*

Changes to contribution rates or investment allocations (among other things) may be made by logging in to the participant's account, or by calling the Plan's Record-keeper, Transamerica.  Employees not wishing to contribute to the plan must opt out online or call Transamerica.

Employer Contributions: Saratoga Hospital may make contributions each year on behalf of its eligible 403(b) participants.  Amounts are determined on a discretionary basis and may include two components.  The Matching Contribution is a varying amount which considers an employee's eligible annual compensation, years of qualified service and whether they are making contributions to the plan.  The Non-Elective Contribution is granted at a set percentage of an employee's eligible annual compensation, regardless of whether the participant is actively making contributions.  (Eligibility criteria apply**)

Other Information: For more details, please review the Retirement Plan Highlights and/or the Summary Plan Description.

For inquiries related to the investment options or how to determine an appropriate deferral amount or contribution type based on your personal circumstances, our Retirement Education Consultants from Morgan Stanley are available by calling 518-583-5601.


*The maximum allowable contribution is reviewed annually by the IRS and adjusted as deemed appropriate.  In 2023, the contribution limit is set at $23,000, with employees age 50 or over permitted to make a "catch-up" contribution for an additional $7,500 annually; which is a total of $30,500.  If you contribute to more than one 403(b)/401(k) retirement plan, the sum of your contributions to all of them must remain under the applicable limit. Please check with your tax advisor and/or financial advisor about how the limits apply to you. 

**Eligible employees must work a minimum of 975 hours during the plan year to receive either/both the Employer Matching and Non-Elective Contribution(s). Only calendar years in which the employee worked at least 975 hours will count as qualified years of service.


Recordkeeper Information

Plan Information