Denver Health offers two retirement savings plans administered by Fidelity Investments.
The Denver Health Retirement Plan consists of two parts:
- 401(a) plan for all Social Security replacement contributions and contributions made by Denver Health
- 457(b) plan for your employee voluntary contributions
401(A) DEFINED CONTRIBUTION PLAN AND TRUST
Social Security Replacement Plan
This is a mandatory defined plan that cannot be modified, in which you are automatically vested. Denver Health employees have a special retirement plan available that most employers are not able to offer.
While working for Denver Health, all employees contribute 6.2% of each paycheck (up to IRS limits) to an individual 401(a) plan instead of paying into Social Security. In addition, Denver Health contributes a total of 3% (up to Social Security limits) of each paycheck on the employee’s behalf.
401(A) ENHANCED RETIREMENT PROVISION
Employees who are 0.50 FTE and above are eligible for the additional 3% contribution to the Social Security Replacement Plan. Denver Health contributes an additional 3% (up to IRS limits) on behalf of all benefit-eligible employees, except Denver Employees Retirement Program (DERP) participants. These contributions are 100% vested after three years of employment with Denver Health.
457(B) EMPLOYER MATCH CONTRIBUTION
Denver Health offers a dollar-for-dollar match to help encourage you to actively save for retirement. Denver Health will also contribute a dollar to your 401(a) account, up to 3.5% of eligible pay, for every dollar you contribute in the 457(b) for employees who are 0.50 FTE and above, except DERP participants.
Employees can meet with a Denver Health Fidelity representative for a one-on-one meeting to discuss your Fidelity retirement plan. Meetings require an appointment.
Please call 800-642-7131 to schedule an appointment or visit
fidelity.com/schedule.
457(B) Deferred Contribution Plan
Voluntary Retirement Savings Plan
Denver Health offers this voluntary retirement plan that allows employees to invest more pre-tax or after-tax (Roth) dollars. Denver Health will match dollar-for-dollar up to 3.5% of the employee’s eligible salary.* All employees are auto-enrolled in this plan with contributions set at 3.5%. It may take up to two pay cycles for the auto-enrollment process to activate and for any modifications to take effect.
Denver Health’s matching contribution is subject to the three-year vesting schedule. Other percentage limits of compensation will apply.
Fidelity Investments is Denver Health’s retirement plan vendor. A variety of Fidelity options are available to meet your investment needs. Employees can direct their investments either online at netbenefits.com/denverhealth or through Fidelity’s call center at 800-343-0860.
401(a) Plan, Employee and Denver Health Social Security Replacement
How Does the 401(a) Impact Social Security?
The exact impact of Denver Health providing a Social Security Replacement Benefit will vary based on how long you work at Denver Health and how long you have paid into Social Security at other employers. You may have reduced Social Security benefits during retirement, but your 401(a) contributions replace these and offer more flexibility, options and control over your account.
- Your Social Security replacement benefit is separate from any Federal Social Security benefit you may have earned through previous employers.
- To learn more about the Windfall Elimination Provision (WEP), click on the link below.