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IMPORTANT: If you do not elect your benefits during the annual Open Enrollment period or within 31 days of your date of hire, you will not have Roper St. Francis Healthcare health plan coverage until the next year unless you have a qualified life event as defined by the IRS.
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Roper St. Francis Healthcare Retirement Plan
Whether your retirement is five or 50 years away, the Roper St. Francis Healthcare 403(b) retirement plan is a valuable teammate benefit and one of the most powerful ways to enhance your long-term financial well-being. We encourage you to invest in yourself and your future by participating in this plan through Transamerica.
Transamerica is a full-service retirement plan provider who has focused on one thing for more than 75 years: helping millions of people like you save and invest wisely for and throughout their retirement. Whether you’re joining a retirement plan for the first time, are already participating in the plan or will soon be approaching retirement, Transamerica will be with you every step of the way.
How Do I Contact Transamerica?
For general questions about your RSFH Retirement Plan, schedule a Virtual/Online Meeting with a Transamerica Retirement Planning Consultant (RPC) or call your RPC at (205) 577-2789. Your Transamerica RPC can help you answer questions such as the following:
- How much should I be contributing to the plan?
- Considering recent market volatility, do I have the right investment strategy to help me reach my long-term retirement goals?
- What should I do with other retirement accounts I have from previous jobs?
- Am I ‘On Track’ for retirement?
For transactional requests, call Transamerica’s Customer Care Center at 800-755-5801. The Customer Care Center handles requests such as the following:
- loan requests
- contribution changes
How Do I Log-In To My Online Retirement Account?
Go to rsfh.trsretire.com and click the ‘New user? Get Started’ link near the top. On the following page that opens you will be directed to provide your Social Security number, your personal information and a secure email address. A confirmation number will immediately be emailed to that address which you will then need to enter in order to complete the account registration process.
Why Save in the Roper St. Francis Healthcare Retirement Plan?
Your plan offers three key advantages:
- Automatic savings — Your contributions are deducted directly from your pay.
- Pretax contributions — Your contributions are deducted from your pay before federal taxes, which reduces your current taxable income.
- Tax-deferred growth — The money in your account grows free from taxes until you withdraw it. You don’t have to pay taxes each year on your contributions or earnings, so there’s more money in your account to continue compounding.
Who Is Eligible to Participate in the Retirement Plan?
All Roper St. Francis Healthcare teammates are eligible to participate in the Roper St. Francis Healthcare 403(b) plan.
What Is the Contribution Percentage at which New Hires Are Auto-Enrolled in the Retirement Plan?
All newly hire teammates will be automatically enrolled in the Roper St. Francis Healthcare 403(b) plan upon completing 30 days of service at 4% pre-tax contribution rate unless he or she takes action during the first 29 days of service to opt out. (NOTE: Important to emphasize action must be taken in order to opt out.)
Keep in mind that to maximize the RSFH employer matching contribution, the contribution percentage you elect should be at least 6 percent and be contributed each bi-weekly pay period during the year. It is important to evenly distribute your personal contribution over the year to maximize the employer matching contribution.
How Much Can I Contribute to My Retirement Account?
You can contribute up to the maximum allowed by law, though IRS and plan limits may apply. Keep in mind that you can choose to contribute less than the automatic 4%, or not at all.
2020 and 2021 Contribution Limits
- The regular IRS limit on contributions is $19,500.
- if you are at least 50 years old or will be during the year, you can make up to $6,500 in additional “catch-up” contributions to your account.
How Much Should I Contribute to My Retirement Account?
How much you save for retirement depends on your personal situation, but the following scenario demonstrates how different rates of saving will affect your estimated annual income at retirement.
- Your Age: 40
- Your Salary: $40,000
- Your Retirement Age: 65
- Current Retirement Savings: $0
- Investment Style: Aggressive
Want to learn more? You can see your retirement outlook estimate by visiting Transamerica online at rsfh.trsretire.com or by calling 1-800-755-5801.
Maximizing Your RSFH Match
To maximize the RSFH employer matching contribution, the contribution percentage you elect should be at least 6% and be contributed each bi-weekly pay period for the year. It is important to evenly distribute your personal contribution over the year to maximize the employer matching contribution.
The scenario below demonstrates how evenly distributing your contributions will boost your contribution from RSFH.
Teammates A and B each have annual earnings of $20,000/year, and they both plan to personally contribute a total of $800 over the course of the plan year.
- Teammate A:
- Elects personal 403(b) contribution percentage of 4.0 percent
- RSFH matching contribution percentage = 2.0 percent
- The $800 (4 percent of $20,000) is contributed evenly over 26 pay periods during the year for a total RSFH employer match of 2 percent each pay period for a total of $400 (2 percent of $20,000) that plan year.
- Teammate B:
- Elects personal 403(b) contribution percentage of 8.0 percent for the first 13 pay periods in the plan year and nothing for the last 13 pay periods of the plan year
- RSFH employer matching contribution percentage = 3.0 percent for the first 13 pay periods in the plan year and nothing for the last 13 pay periods of the plan year
- The $800 (8 percent of $10,000) is contributed during only the first 13 pay periods of the year which means the RSFH employer match totals only $300 (3 percent of $10,000).
Even though teammates A & B contributed the same amount annually ($800), teammate B received less RSFH employer match because he/she did not make contributions evenly throughout the plan year.
Does Roper St. Francis Healthcare Contribute to My Retirement Account?
If you save in the Retirement Plan, then Roper St. Francis Healthcare may provide a matching contribution on your behalf.
- The match formula is $.50 of each dollar up to the first 6% that you contribute. Another way to look at this is if you contribute 6% of your pay, RSFH will contribute an additional 3%.
Roper St. Francis Healthcare provides matching contributions into teammates’ retirement accounts on a bi-weekly payroll basis.
In addition, Roper St. Francis Healthcare may provide an annual discretionary retirement account contribution for up to 2% of your pay, in a single lump sum deposit, usually in mid- to late April.
What is "Vesting"?
Vesting refers to your “ownership” of your account. You are always 100% vested in your contributions to the Retirement Plan, including any rollover or transfer contributions you have made, plus any earnings on those contributions. You are 100% vested in the employer contributions after three years of service. A year of service is defined as working at least 1,000 hours during the plan year.
Looking for More Ways to Boost Your Retirement Savings?
We all have those little extra things that we spend money on each day, week, month or year. Avoiding those little extras and saving the money in your 403(b) plan can quickly contribute to your future financial security.
Here are just a few examples: *
How Do I Update My Name or Address on My Transamerica Retirement Account?
Any updates to your personal information made through MyHR on Careline are automatically updated to your Transamerica retirement account after one full pay period. You do not need to contact Transamerica directly to update your personal information.
How Often Can I Change My Retirement Contribution Rate?
You can update your 403(b) retirement contribution rate throughout the payroll calendar year in any of the following ways. Please note 403(b) retirement account contribution updates are processed by the end of the next full pay period.
- Log-in at rsfh.trsretire.com; under ‘Manage’ select ‘Contributions’
- Download the Transamerica mobile app; open ‘Manage’ select ‘Contributions’
How Can I Update My Beneficiary Information?
Log-in at rsfh.trsretire.com; under ‘Home’ select ‘Beneficiaries’ to update your primary or contingent beneficiary information. Or, under ‘Home’ select ‘Forms’ and under ‘Beneficiary’ select ‘Beneficiary Designation’ to print a hard copy form to complete and submit to Transamerica at FAX # 1-866-835-8863 or mail to Transamerica at 4333 Edgewood Rd NE, Mail Drop 0001, Cedar Rapids, IA 52499.
Help! I’m Locked Out Of My Online Retirement Account!
Go to rsfh.trsretire.com and click ‘Forgot My Password’ or ‘Forgot My Username’ to reset your log-in credentials online or call Transamerica’s automated password reset service at 1-800-755-5801.
How Do I Change My Investments?
Log-in at rsfh.trsretire.com; under ‘Manage’ select ‘Current Investments’ to update the fund mix currently held in your account or select ‘Future Allocations’ to redirect new contributions as they occur. You may also contact Transamerica’s Customer Care Center at 800-755-5801 for assistance.
I’m Purchasing a Home and My Mortgage Banker Needs My Retirement Plan Info.
Go to rsfh.trsretire.com; you do not need to log-in, click the ‘Resource Center’ tab near the top, then click on the ‘Brighten Your Outlook Plan Guidebook’ icon link in order to download a PDF file of your 403(b) retirement plan summary to provide to your mortgage banker.
I’m Getting Ready to Retire, What Do I Need to Do?
Contact a Transamerica Retirement Planning Consultant at 205-577-2789.
Where Can I Find Information on Taking a Loan Against My Retirement Account or My Existing Loan?
Loan information and applications are managed online. Log-in at rsfh.trsretire.com; under ‘Manage’ select ‘Loans’ to start a new loan application or under ‘Manage’ select ‘Loan Payments’ to update your existing loan payment. All loan payments must be scheduled by the borrower; Roper St Francis Healthcare will not deduct loan payments directly from your paycheck.
When Can I Request a Regular Withdrawal of Funds from My Retirement Account?
Withdrawals are only allowed from your 403(b) retirement account after reaching age 59 ½ or separating employment service from Roper St Francis Healthcare. Withdrawals may also be made from after-tax Roth contribution balances.
Where Can I Find Information on Requirements for a Hardship Withdrawal Request?
Please contact Transamerica’s Customer Care Center at 800-755-5801 for assistance.