Retirement Program Changes as of Jan. 1, 2024

As of Jan. 1, 2024, the Supplemental Retirement Plan became the Supplemental Savings Plan (SSP). Parkland Health made this change so that the name reflects the true purpose of the SSP – to save for the future. Additionally, Parkland introduced a new approach to mandatory savings for employees who start work at Parkland after Dec. 12, 2023.

For full-time employees. The changes do not affect full-time employees working at Parkland Health as of Dec. 12, 2023 (the pay period end date for the last paycheck in 2023). You will continue to participate in the Retirement Income Plan, often known as the “Pension Plan,” with no change unless you move to part-time status or leave Parkland for any reason and then return. At that point, you would participate in the new Mandatory Savings Plan (MSP).
For part-time employees. You will continue to make the same required 7.5% contributions (previously called part-time mandatory contributions in the Supplemental Retirement Plan). Moving forward, these contributions will go into the MSP. If you change to full-time status after Dec. 12, 2023, you will participate in the MSP as a full-time employee and will not be eligible to participate in the Pension Plan.

Read the Overview and FAQs for details.

Retirement Program at a Glance

Plan Name	Full-Time Employees	Part-Time Employees
Retirement Income Plan (for full-time employees hired on or before Dec. 12, 2023)¹	Yes	No
Supplemental Savings Plan	Yes	Yes
Mandatory Savings Plan¹	No	Yes

¹Parkland Health and its employees do not contribute to Social Security. Instead, they make other contributions as shown above.

Retirement Income Plan: Mandatory for Full-Time Employees Hired on or Before Dec. 12, 2023

Full-time employees contribute to the Retirement Income Plan — also referred to as the Pension Plan — instead of participating in Social Security. If you stop working at Parkland after Dec. 12, 2023, and return or change to part-time status, you will no longer be eligible to participate in the Pension Plan. You will contribute to the Mandatory Savings Plan instead.

: Your contribution amount to the Pension Plan is 6.2% per paycheck, the same percentage contributed by employees who participate in Social Security at other nongovernmental employers.
: As a full-time employee, you are 100% vested in your retirement benefit after 5 years of service (after 7 years of service for House Staff).
: The Pension Plan pays a monthly vested benefit at retirement. You may receive a reduced retirement benefit as early as age 55. You may receive a full retirement benefit at age 65. To see how much you will receive at various ages, model your benefit at MillimanBenefits.com.
: If you leave Parkland with less than 5 years of service, the contributions that you made will be returned to you.
: Up to 180 days prior to your retirement, log on to MillimanBenefits.com. or call 800-995-2608. to set up distribution of your monthly benefit from the Retirement Income Plan.

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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 HIRED ON OR AFTER JAN. 1, 2022: Parkland automatically enrolled you in the Supplemental Savings Plan at 2% of pay before-tax. The auto enroll amount started 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.

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, part-time mandatory contributions 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	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 the Mandatory Savings Plan for part-time employees) 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. 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.

Mandatory Savings Plan Contributions for Part-Time Employees

All part-time employees are required to contribute 7.5% of total pay on a before-tax basis instead of contributing to Social Security. On or before Dec. 12, 2023, these contributions were known as part-time mandatory contributions. After Dec. 12, 2023, these contributions are being made to the Mandatory Savings Plan. Any part-time mandatory contributions made on or before Dec. 12, 2023, will remain in the Supplemental Savings Plan until your employment stops.

Parkland does not match your MSP contributions. For part-time-with-benefits employees, Parkland will match up to 6% of contributions to the SSP on amounts saved above the mandatory 7.5% contribution.

For MSP contributions and other contributions to the SSP, pay includes your before-tax contributions to the SSP. You may choose to contribute additional amounts to the SSP, subject to annual IRS limits, as explained in the FAQ below.

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.

If you set up your account prior to June 18, 2020, we recommend that you activate this feature to keep your account secure.

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 hired on or after Jan. 1, 2022, 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 and make your investment elections.
: Name your beneficiaries in both the Retirement Income Plan and the Supplemental Savings Plan. You will name separate beneficiaries for the two plans from the Profile Icon in the upper right corner of the website. The beneficiaries you name for the SSP 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.

Retirement Program