All employees may begin contributing to the LG Health Retirement Income Account (RIA) immediately upon hire. If you do not elect otherwise, 6% of your eligible pay will be deducted from your paycheck and deposited into your RIA as a pre-tax contribution after 45 days of employment with LG Health. You have the option to start, stop, increase or decrease your contribution percentage or decline participation in the Retirement Income Account at any time by logging on to lghealthretire.org.
*Applicable to employees hired at least six months prior.
In addition to your own contributions, LG Health will make pre-tax employer contributions to your RIA.
Beginning with your first paycheck, LG Health will contribute 2% of your eligible bi-weekly compensation (whether you are actively contributing or not) as an Employer Basic Contribution*. LG Health will also match your contributions, $.50 on every $1 you contribute, up to 6% of your compensation (you must be actively contributing to receive the Employer Matching Contribution).
*May differ per hiring entity.
You must complete three years of service, working 1,000 hours or more in each calendar year, to become 100% vested in the LG Health Employer Basic and Matching Contributions. You are always 100% vested in your own contributions.
Employees may contribute the lesser of 75% of eligible compensation, or $19,500 in 2020. Employees age 50 or older may contribute an additional $6,000. Employee contributions may be pre-tax or Roth (after tax); all employer contributions will be deposited pre-tax. Numerous investment options are available, including mutual funds and Vanguard Target Retirement Funds. Loans and hardship withdrawals are available if certain conditions are met.
To start, stop, increase or decrease contributions to your Retirement Income Account, log onto Prudential’s website lghealthretire.org or call Prudential Retirement toll-free at 1-844-544-7381.
The Prudential Retirement call center has expanded weekday hours and will also be available on weekends, making it even more convenient for LG Health employees. The hours are as follows:
Whatever your retirement goals, Prudential has the people, guidance and investments to help you find your way. To schedule a one-on-one appointment with Mike Phyillaier, our on-site Prudential Counselor, call 1-844-544-7381 and select option 2, Monday to Friday, 8:00 am to 9:00 pm EST or submit your request online.
Unable to meet in person? Get help when and where you need it! Call 1-844-544-7381 (not internal number, dial all numbers) for an over-the-phone consultation. Prudential customer service representatives are available to take your call M-F 8a-10p, Sat 10a-7p and Sun 11a-4p.
Did you know Lancaster General Health is a 501(c)(3) organization? That could benefit you if you are a patient-facing or patient care employee who has outstanding student loan debt. Why? Because you may qualify for the Federal Student Loan Forgiveness program.
To learn more, visit the Federal Student Aid website, which also offers federal refinancing, student loan consolidation, and income driven repayment plans. To discuss this important issue in person, set up an appointment with our dedicated retirement counselor, Mike Phyillaier. Call 844-LGH-RET1 (844-544-7381) and select Option 2 or email Michael.Phyillaier@prudential.com to set up an appointment.
Not all employees are eligible for this retirement benefit. Eligibility in most situations means a date of hire prior to January 1, 2011, by one of the following employers covered under the plan:
Pension Plan details are available on lghealthretire.org where you can access a summary of your retirement account(s). You can Request a Pension Estimate using the estimator tool on the lghealthretire.org site. Use this tool to see the various options available to calculate your pension benefit. Whether you’re just starting to think about retirement, or you have a retirement date in mind, this tool can help you in your journey to a successful retirement.
Whatever your retirement goals, Prudential has the people, guidance and investments to help you find your way. To schedule a one-on-one appointment with Mike Phyillaier, our on-site Prudential counselor, call 1-844-544-7381 and select option 2, Monday to Friday, 8:00 a.m. – 9 p.m. EST or submit your request online.