Retirement Planning

When it comes to planning and saving for retirement, every dollar helps! All employees are eligible to save money in the Retirement Savings Plan*, which is a great way to help prepare for the future.

You are eligible to participate in the Retirement Savings Plan on your first day of employment. Go to the Benefits Application in Workday or go to the Fidelity website, NetBenefits, to enroll.

Watch this video for a quick introduction to or reminder about our Retirement Plan,

Once enrolled, you can contribute a portion of each paycheck to the plan, giving your money more opportunity to grow in your retirement savings account than in a regular bank account. 

Contributions to your Retirement Savings Plan account are taxed differently than your regular income. You can contribute to your account in two ways: 

  • Pre-tax contributions come out of your paycheck before taxes are applied, which reduces your taxable income now. You’ll pay taxes on the money when you receive a distribution after you retire (or access the funds in your account).
  • Roth contributions** are taxed now, but your earnings are tax-free when taken as a qualified withdrawal.

You can change your contribution amount and type anytime during the year on the NetBenefits.

** A distribution from a Roth 401(k) is federally tax free and penalty free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability or death.

Memorial Hermann matches up to 6% of your pay (or up to 3% if you are eligible for the Memorial Hermann Pension Plan) each pay period that you participate. That means you’ll need to contribute 6% (or 3%) to get the full match.

When you become vested in your account balance (i.e., you have full ownership) is based on your hire date: 

  • If you were hired before January 1, 2015
    • You are 100% vested in your contributions and the employer match. 
  • If you are hired on or after January 1, 2015
    • You are 100% vested in your contributions and will become 100% vested in the employer match after three years of service (1,000 hours in each calendar year). 
  • If you are rehired
    • You are 100% vested if your original hire date was prior to January 1, 2015.

The plan offers you multiple investment options to help meet your savings goals and risk tolerance. You choose how to invest your balance and you can change your allocations anytime during the year.

Visit NetBenefits to choose your investment allocation and for information on all the options available to you. You can change your investment allocation anytime during the year.

Here are some of the features of your Retirement Savings Plan:

Use these NetBenefits® online tools:

  • The Planning Summary* can help you create an investment strategy and plan for future expenses.
  • The Library takes you to a tremendous collection of tips and resources by financial topic area.
  • Valuable calculators and tools help take the guesswork out of saving for retirement. 

Download the NetBenefits mobile app for on-the-go access:

Automatically increase your contribution

The Auto Increase Program is an optional program that automatically increases your contribution rate each year by a percentage you select. Visit NetBenefits to sign up to automatically increase your contribution and save more each year. 

Get help from the experts 

  • If you have any general questions about how to enroll, roll over an account from a previous employer, change investments, etc., call the Fidelity Retirement Service Center at 800.343.0860, Monday through Friday, 7:30 a.m. to 11:00 p.m. CST. 
  • Visit investor center representatives** at multiple retail locations across the Greater Houston Area for professional investment and retirement planning support.
  • Call 866.811.6041 for Personalized Planning & Advice. *** This is a fee-based service to help you get and stay on course toward your retirement goals. 

*IMPORTANT: The projections or other information generated by the Planning Summary Retirement Analysis regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Your results may vary with each use and over time. 

**Investor Center products and services are offered beyond those of your employer-sponsored retirement plan.

***Fidelity® Personalized Planning & Advice at Work is a service of Fidelity Personal and Workplace Advisors LLC and Strategic Advisers LLC. Both are registered investment advisers, are Fidelity Investments companies and may be referred to as “Fidelity,” “we,” or “our” within. For more information, refer to the Terms and Conditions of the Program. When used herein, Fidelity Personalized Planning & Advice refers exclusively to Fidelity Personalized Planning & Advice at Work. This service provides advisory services for a fee.

The Financial Wellness Guide from Memorial Hermann Can Help!

Take advantage of this easy-to-use Financial Wellness Guide. It’s a gateway to the exceptional tools and resources available from Fidelity Investments.

* The 403(b)/401(k) accounts, both serviced by Fidelity Investments, offer the same investment options, tax treatment and distributions. Federal regulations determine which type of plan receives the contributions and employer match. The 403(b) is for employees who work for the tax-exempt entities of Memorial Hermann, while the 401(k) is offered to employees who work for the taxable entities of the System. If you are not sure which one you are eligible for, please call HR Shared Services at 713.456.MHHR (6447).

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