Cash Balance Retirement Plan
Once you complete 12 months of employment during which you work at least 1,000 hours, you are eligible to participate in the CHS Cash Balance Retirement Plan. Once you are eligible, CHS will contribute 2% of your pay into an account in your name each year. This contribution is designed to provide you with a basic level of retirement income.
You may also contribute up to 25% of your pay to the plan. If you do, CHS will contribute a dollar for every dollar you contribute, up to a maximum of 3% of your pay.
Your contributions are taken from each paycheck before taxes are withheld – which means you don’t pay taxes on plan contributions until you receive them as a payment from your account. All contributions earn interest, which is also tax deferred. You earn ownership – called vesting – of CHS contributions over time, as defined by the plan’s vesting schedule.
If you are a regular full-time or part-time employee, you can supplement any other retirement plans or savings by participating in tax-sheltered annuities (TSAs) through CHS as early as your date of hire. TSA, contributions will be taken from each paycheck throughout the year before taxes are withheld – so you save on taxes. TSA accounts earn interest, which is also tax deferred. You choose how to invest your account from the program’s investment options.
If you are a senior licensed/certified healthcare professional, CHS will provide up to $1,000 for each nationally recognized certification you receive.
Holiday Premium Pay
If you work on New Year’s Day, President’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, or Christmas Day, you will be paid at 11/2 times your regular rate of pay for any hours you work during the 29-hour period beginning at 7:00 p.m. on the eve of the holiday through midnight of the holiday.
Employee Suggestion Program
If you make a suggestion that results in a cost savings for CHS, you will receive an award of up to 10% of the savings, to a maximum award of $5,000.