Retirement Benefits
Retirement Plan Overview — UM Health-West
403(b) Plan (Defined Contribution)
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- Eligibility: Available to all newly hired team members.
- Employees are eligible to contribute to their Metro 403(b) starting with their first UM Health-West paycheck. Employees with a 0.5-1.0 FTE status (i.e., scheduled to work 20+ hours per week) at their time of hire will be automatically enrolled with a 3% pre-tax pay deferral invested according to the plan’s default settings. Employees below a 0.5 FTE or Resource are not auto enrolled but can contribute by setting up their contributions online with Principal.
- Tax benefits: Pre-tax and Roth (post-tax) contributions allowed.
- Withdrawals: Allowed after age 59½ or upon employment termination. Team members must allow 60 days following separation of employment for withdrawals or rollovers. This is necessary for final pay checks and data transfers. Hardship withdrawals are available if IRS criteria are met.
- Loans: Loans are permitted under plan provisions. Contact Principal to initiate. Maximum of two (2) loans at any time.
- Support: Financial Advisors are available by appointment monthly to assist with Retirement planning. To schedule, visit UM Health-West Retirement Resources*UM Health-West Human Resources – Retirement (*Team member login credentials required to view)
Contributions
Type |
Details |
Team Member |
Elective deferrals each pay period (subject to annual IRS limits) |
Employer Match |
50% match on first 4% of your contribution per pay period for team members with a .5 FTE or greater. Team members with FTE <.5 who work at least 1000 hours in the plan year, will receive a “true up” contribution, equal to the match which would’ve received for the plan year. True up contributions are made in the following plan year (ex. 2025 true up contribution to be made in ~late Summer 2026). |
Discretionary Employer Contribution |
Up to 2% discretionary contribution made to those eligible based on operational performance for the plan year. Discretionary contributions are not guaranteed. If approved, contribution to be made in late Summer of the year following completion of the plan year. |
Vesting
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- Immediate: Team member contributions and per pay period matching contributions
- After 3 years: Discretionary contribution (requires 1,000+ hours per year for three (3) years)
Defined Benefit (DB) Pension Plan *Frozen
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- Eligibility: Hired by UM Health-West before 2007 with no break in service.
- Employer contributions: Based on prior year’s earnings and hours.
- Vesting: After 5 years with 1,000+ hours/year
Beneficiaries
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- Review and update anytime due to life changes (marriage, divorce, children).
- Update via retirement vendor site or customer service.
📞 Contacts & Resources
Type |
Contact Info |
Principal |
800-547-7754 · principal.com |
Rockefeller/Axiom Wealth |
616-305-2978 · EMAIL: Axiom401k@RockCo.com |
U-M Health Insider Retirement Information |
Retirement Resources*UM Health-West Human Resources – Retirement
*Team member login credentials required to view |
