NC Hospital Adds Match to 403(b)

October 4, 2011 (PLANSPONSOR.com) - The Wilkes Regional Medical Center (WRMC) hospital operating board voted unanimously to change the retirement benefit package for employees to include a match by the hospital.

According to the Wilkes County (North Carolina) Journal-Patriot, beginning January 1, 2012, the hospital will modify its 403(b) retirement plan to include a 50% match by the hospital of employee contributions to the plan of up to 4% of their income. There is currently no provision for a hospital match in the WRMC retirement package.  

The hospital will freeze the current defined benefit pension plan for employees effective December 31, 2011.  

The news report said the board further approved an additional contribution for employees whose years of service and age are equal to or greater than 65.  

“Hospitals and companies around the country are converting their defined benefit pension plans to participatory plans whereby the employee takes more ownership of their retirement plan,” said Gene Faile, Wilkes Regional’s chief executive officer.

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