Retirement Benefits
At Inova, we want to make sure that when you retire you have the best possible advantages to reward your years of service and commitment to Inova. We offer three retirement plans.
Cash Balance Retirement Plan
For each year in which you work 1000 hours, Inova credits your account with an amount equal to 3 percent of your eligible earnings. Your account also receives fixed interest credits annually based on U.S. Treasury bill rates that are established each year. You become vested under the Cash Balance Retirement Plan after five years of service. If you terminate from Inova and are vested, you have the option of receiving a lump sum payment or a monthly benefit for life. Employees of the Cameron Glen and Commonwealth Care Nursing Homes and stand-alone rehabilitation centers are not eligible for this plan.
403(b) Plan
You are eligible to participate in the 403(b) Plan upon your date of hire or at any time thereafter. You may contribute up to 80 percent of eligible earnings on a pre-tax basis or up to a maximum of $15,500 in 2007 (combined with your 401(k) contributions), whichever is less. This plan provides immediate vesting and the opportunity to apply for loans and hardship withdrawals.
401(k) Savings Plan
You are eligible to participate in the 401(k) Plan upon your date of hire or at any time thereafter. You may contribute up to 80 percent of your eligible earnings on a pre-tax basis or up to a maximum of $15,500 in 2007 (combined with your 403(b) contributions), whichever is less. After one year of employment, Inova matches part of your contribution - 100 percent of the first two percent you contribute, and 50 percent of the next two percent, for a maximum match of three percent when you contribute four or more percent of your earnings. You are 100 percent vested immediately in your own contributions and vested in Inova's matching contributions after three years of service. This plan also provides the opportunity to apply for loans and hardship withdrawals.
Inova Loudoun Hospital employees and interested Applicants please visit the specific Inova Loudoun Hospital Retirement Plans.
