In November, Texas Children’s posted the September 30, 2020 Pension Plan deposit into the accounts of eligible employees. The Pension Plan is designed to provide a foundation for your retirement and is fully funded by Texas Children’s. You are automatically enrolled in the plan on April 1 or October 1 once you reach 21 years of age and have worked 1,000 hours or more during the 12 consecutive months after your initial date of hire. Contributions are vested according to the schedule shown here.
To see how much your pension plan has grown, log into your account with Morneau Shepell, our new Pension Plan administrator. As a reminder, please log into your account with the same username and password you have been using at Mercer Benefits Central. If you have not previously registered for online access, you will need to create a new account on this website.
To learn more about Texas Children’s Pension Plan, visit the Retirement section within Financial on our Benefits website or call the Pension Plan support team at 800-752-8230, Monday through Friday from 8 a.m. to 5 p.m.
Texas Children’s 403(b) Savings Plan
The retirement contribution limits for 2021 remains unchanged by the IRS. The maximum amount an employee can contribute to their Texas Children’s 403(b) Savings Plan during 2021 is $19,500. Employees turning age 50 or over can contribute an additional $6,500 during 2021.
Texas Children’s matches 50 percent on the first 6 percent of your deferral contributions per pay period, up to a maximum of $8,700 for 2021. Employer contributions are vested according to the schedule shown here. Remember, you can contribute, pre-tax or Roth after-tax through the 403(b) savings plan. Your contributions to a Roth 403(b) and traditional pre-tax 403(b) cannot exceed the IRS limit. Highly compensated individuals who are not eligible for a Roth IRA may utilize the Roth 403(b) contributions features.
If you are not already enrolled in the 403(b) savings plan or not contributing at least 6 percent, you should consider doing so now. To update your contribution elections or to enroll, please visit Fidelity NetBenefits to access your online account. If you are registering online for the first time, please click on “Register as a new user.”
To learn more about Texas Children’s 403(b) Savings Plan, visit the Retirement section within Financial on our Benefits website or call 800-343-0860 to speak with a Fidelity representative.
Please remember to review and update your beneficiaries. Elections can be made online through Morneau Shepell or Fidelity. Beneficiary elections for your retirement plans are not maintained on our Benefits website.