Retirement Benefits
Inova helps you plan for the future and offers the following retirement plans.
Cash Balance Retirement Plan
For each year in which you work 1,000 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 rates that are established
each year. You become vested under the Plan after three 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. Certain employees of the Cameron
Glen and Commonwealth Care Nursing Homes and stand-alone rehabilitation centers
are not eligible for this Plan.
401(k) Savings Plan
Employees are eligible to participate in the 401(k) Plan upon date of hire
or at any time thereafter. You may contribute up to 50 percent of your eligible
earnings on a pre-tax basis or up to a maximum of $16,500 (plus any catch-up
contributions) in 2009 (combined with your 403(b) contributions), whichever
is less. 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. The Plan also
provides for loans and hardship withdrawals.
403(b) Plan
Employees are eligible to participate in the 403(b) Plan upon 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 the maximum limits described for the 401(k) Plan.
This Plan does not provide any employer matching contribution.
