Retirement Program

For employees hired after Dec. 12, 2023

Full-time and part-time employees can save on a mandatory and voluntary basis. For mandatory savings, you contribute to the Mandatory Savings Plan. For voluntary savings, you may contribute to the Supplemental Savings Plan.

Retirement Program at a Glance

As an employee hired at Parkland Health after Dec. 12, 2023, you may save on a voluntary and mandatory basis in the Parkland retirement benefits program based on your employment status as indicated in the chart below.

Plan Name	Full-Time Employees	Part-Time Employees
Mandatory Savings Plan¹	Yes	Yes
Supplemental Savings Plan	Yes	Yes

¹Parkland Health and its employees do not contribute to Social Security. Instead, they make required contributions to the Mandatory Savings Plan based on employment status.

Mandatory Savings Plan for Employees Hired After Dec. 12, 2023

Parkland employees hired after Dec. 12, 2023, are required to contribute a percentage of pay to the Mandatory Savings Plan (MSP) instead of contributing to Social Security. The amount you contribute is determined based on your employment status.

Full-Time Employees

Full-time employees automatically contribute 6.2% of base pay to the MSP, which is the same amount nongovernmental employees pay for Social Security.
Parkland will make contributions to the MSP for full-time employees, starting at 2% per year for each of the first five years of employment (see chart below). If you change to part-time status, Parkland will no longer make a contribution to the MSP for you.
As a full-time employee, you are 100% vested in Parkland’s contributions to the MSP after 5 years of service, including House Staff. Note that vesting for Parkland’s contributions to the Mandatory Savings Plan is different from vesting for Parkland’s contributions to the Supplemental Savings Plan (SSP), the voluntary savings plan described further down on this page. You are 0% vested if you have 0-4 years of vesting service in the MSP. You are 100% vested after 5 or more years of vesting service in the MSP.

Years of Full-Time Employment Under the MSP	Parkland MSP Contributions
0-5 years	2%
6-9 years	4%
10+ years	6.2%

Part-Time Employees

Part-time employees automatically contribute 7.5% of base pay to the MSP with no additional MSP contribution from Parkland. For part-time-with-benefits employees, Parkland will match up to 6% of your contributions to the SSP on amounts saved above the mandatory 7.5% contribution.

Important Things To Know About the MSP

: You are always 100% vested in the contributions that you make. If you leave Parkland with less than 5 years of service, the contributions that you made (adjusted with any investment earnings) will be returned to you.
: You will direct the investment of your MSP contributions. The investment elections you make for your SSP account will apply to your MSP contributions (as well as Parkland’s contributions if you are a full-time employee).
: The beneficiaries that you name for your SSP account will also apply to your MSP contributions. If you are not contributing to the SSP, you will need to name a beneficiary for your MSP contributions.
: When you leave Parkland, you may roll over any vested portion of your MSP contributions to an Individual Retirement Account (IRA) or another qualified retirement plan that accepts rollovers. As a terminated employee, you may receive your distribution immediately and do not need to wait until your retirement date.

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Supplemental Savings Plan: Voluntary for All Employees

Save from 1% to 75% of your pay in the Supplemental Savings Plan (SSP) through payroll deductions. Pay does not include bonuses, overtime pay, severance pay and differential. You may save on a combined before-tax, Roth after-tax or after-tax basis. You can elect to increase or decrease the amount you save in the SSP at any time.

Before-tax contributions lower your current taxable income. Pay no taxes on this money or the earnings until you withdraw your before-tax account.
Roth after-tax contributions are deducted from your paycheck after federal income taxes are withheld. Your earnings grow tax deferred. You will not have to pay taxes on these earnings if your withdrawal is a qualified distribution (after you reach age 59½ and after your first Roth after-tax contribution has been in the SSP for five years).
After-tax contributions are deducted from your paycheck after federal income taxes are withheld. Earnings are taxable when you withdraw money from this account.

Before-tax and Roth after-tax contributions are subject to annual dollar limits set by the Internal Revenue Service (IRS). For 2024 IRS limits, see the FAQs below. For tips on how to maximize your savings in the SSP, see the Retirement section on the FAQs page.

ATTENTION ALL FULL-TIME EMPLOYEES: Parkland automatically enrolls you in the Supplemental Savings Plan at 2% of pay before-tax. The auto enroll amount starts on the first pay date after 45 days of employment unless you changed the amount at MillimanBenefits.com or through the Milliman Benefits Service Center at 800-995-2608. You may choose to contribute additional amounts to the SSP, subject to annual IRS limits, as explained in the FAQ below.

Parkland Helps You Save Through Matching Contributions

For full-time and part-time-with-benefits employees, Parkland matches your contributions (before-tax, Roth after-tax or after-tax contributions) $1 for $1, up to 6% of pay, after one year of service. You own (meaning you are 100% vested in) your contributions (before-tax, Roth after-tax, after-tax, rollover and Mandatory Savings Plan contributions made by part-time employees) immediately. You become vested in the Parkland matching contributions to the Supplemental Savings Plan as shown in the chart. Parkland does not match contributions made by part-time employees to the Mandatory Savings Plan.

Years of Vesting Service in the SSP	Vested Percentage
Less than 2	0%
2	20%
3	40%
4	60%
5	80%
6 or more	100%

When You Stop Working at Parkland

Thinking about retirement? Take a look at the Retirement Offboarding Overview that outlines the key steps you’ll need to take to ensure a smooth transition to retirement.

When you stop working at Parkland, you may leave your money in the Supplemental Savings Plan and Mandatory Savings Plan or request a lump-sum payment of your account. You may also be eligible for partial or installment payments. Starting at age 73, you must begin taking required minimum distributions from your account. You may also roll over your balances in the SSP and MSP to an IRA or another qualified retirement plan that accepts rollovers. For details, go to MillimanBenefits.com or see the applicable Summary Plan Description in the Legal Notices section.

Allstate Health Solutions (formerly VelaPoint Insurance) is a program that gives future Parkland retirees a resource to purchase benefits outside of Parkland. Visit parklandretire.allstatehealth.com to get competitive quotes for health, dental and vision, supplemental insurance (critical illness and accident insurance), home and auto, and life insurance. Questions? Call 855-909-0181 to speak with a designated Parkland retiree specialist.

When you leave Parkland, you can continue to stay connected to your retired Parkland friends by joining the Parkland Retiree Organization (PRO). You’ll be able to stay informed about retiree benefits and learn how you can volunteer and support the hospital. Learn more about how to join PRO.

Old Asian Retired Man Using Mobile Phone

Register Your Account at MillimanBenefits.com

Registering your account at MillimanBenefits.com is the No. 1 step you can take to protect your retirement savings. That’s because when you register, the system automatically applies Withdrawal Lock, a security feature that “locks down” your account to prevent unauthorized withdrawals. You’ll get a special code in the mail, which you’ll need to unlock your account when you’re ready to withdraw funds. Keep this code in a safe place! If you lose the code, you’ll experience delays when trying to withdraw your money. To register your account, select “Register” and follow the prompts.

Frequently Asked Questions (FAQs)

I can save more in Parkland’s Supplemental Savings Plan (SSP) than I could in the plan of my former employer. Why is that?

The SSP is made up of both 403(b) and 457(b) contributions. Therefore, you have the ability to save double what you can in nongovernmental plans. The IRS sets limits on saving on a combined before-tax and Roth after-tax basis in 403(b) and 457(b) plans each year. You can save up to the following amounts.

403(b) contributions

2024: $23,000 ($30,500 if you will be age 50 or older in 2024)

457(b) contributions

2024: $23,000 ($30,500 if you will be age 50 or older in 2024)

Total SSP contributions

2024: $46,000 ($61,000 if you will be age 50 or older in 2024)

The above limits are not specific to the SSP and include any contributions that you may have made to other employer’s plans during the year. You’ll find more details on the limits here.

See the FAQs (look for the first question under retirement) to learn more about maximizing your contributions.

May I take any money out of the Supplemental Savings Plan while I am working?

Yes. You have two ways to take money out of the Supplemental Savings Plan while you are working – loans and in-service withdrawals. Learn more by visiting the FAQs page and going to the Retirement section.

Get Started

Contact Milliman for help. Log in to MillimanBenefits.com to:

: Enroll in the Supplemental Savings Plan (SSP). You may join the SSP immediately upon hire. To enroll, log on to the website or call the Milliman Benefits Service Center. You may also use the mobile app, Milliman Mobile Benefits. From the website, you can also:

Change the amount you are contributing to the SSP. Note that full-time employees are automatically enrolled at 2% before-tax. The auto enroll amount will start on the first pay date after 45 days of employment. You may change your auto enroll amount at any time.

Learn about investment options in the SSP, including the MSP, and make your investment elections.
: Name your beneficiaries in the Supplemental Savings Plan. You will name your beneficiaries for your retirement benefits from the Profile Icon in the upper right corner of the website. The beneficiaries you name for your SSP account will also be your beneficiaries for the MSP.

Need Help?

Access Milliman’s financial wellness site. You’ll gain general financial wellness knowledge about topics such as budgeting, rolling over money from another employer, finding an investment advisor and much more.
Call 800-995-2608. You may speak to a Milliman Benefits Service Center representative Monday through Friday from 7 a.m. to 7 p.m. Central time.
Meet one on one with the Milliman@Parkland representative, available on Mondays, Tuesdays and Wednesdays. To make your appointment, go to milliman3.fullslate.com.

For Employees Hired on or Before Dec. 12, 2023

You will participate in the Retirement Income Plan (full-time employees) along with the Supplemental Savings Plan (full-time and part-time employees) and the Mandatory Savings Plan (part-time employees).

For Employees Hired After Dec. 12, 2023

For mandatory savings, you contribute to the Mandatory Savings Plan. For voluntary savings, you can contribute to the Supplemental Savings Plan.