Defined Contribution Retirement Plan for Employees of Methodist Hospital, Methodist Hospital Foundation, Methodist Women's Hospital, Methodist Physicians Clinic, MHS Corporate, Nebraska Methodist College, Shared Service Systems - 2018 Contriubution Limits
MHS DEFINED CONTRIBUTION RETIREMENT PLAN For MHS Employees
AND SSS DEFINED CONTRIBUTION RETIREMENT PLAN - 2018 CONTRIBUTION LIMITS
The 2018 contribution limits have changed for the MHS Defined Contribution Retirement Plan (also known as the 403(b) Plan) and the SSS Defined Contribution Retirement Plan (also known as the 401(k) Plan).
The annual contribution limit is $18,500 in 2018.
The annual “catch-up” contribution limit is $6,000 in 2018. You are eligible for this “catch-up” contribution if you will be age 50 or older on December 31, 2018.
The plan maximum for employer matching contributions in 2018 is $5,500.
Be sure to contribute at least 2% of your compensation each paycheck you receive in 2018 so you receive the maximum employer matching contribution you are entitled to! You will not receive an employer matching contribution for any check you do not make an employee contribution from.
If you participate in either of these plans and want to change your election to be effective with your first check in January, you must change your election no later than December 19, 2017, if you are a monthly paid employee or December 26, 2017, if you are a bi-weekly paid employee.
To change your election you may either call the Wells Fargo Retirement Service Center at 1-800-728-3123 or go online at www.wellsfargo.com, select the MHS Defined Contribution Retirement Plan or the SSS Defined Contribution Retirement Plan – on My Dashboard scroll down to My Contributions to make your selection.