All employees must enroll in the direct deposit program which enables an employee to electronically deposit their paycheck into a bank account(s) of their choice. A maximum of three banks and four accounts is permitted.
Series EE savings bonds are available through payroll deduction.
Employee Assisted Housing
Nationwide Children’s Hospital provides financial assistance for first-time home buyers to purchase a home within Franklin County. This is a collaborative effort between NCH and the Columbus Housing Partnership (CHP).
Employees become participants in the defined contribution pension plan upon hire. From hire to five years of service, Children’s contributes 4% of pay to investments that the employee designates. After five years, Children’s increases the contribution to 5% of pay. The full cost of the plan is paid by Nationwide Children’s Hospital. A vested service year is earned if an employee is paid 1000 hours in a year. Vesting is a five year graded schedule – 20% after two service years, 40% after three service years, 60% after four service years, and 100% vested after five service years.
Tax-Deferred Annuities (TDA)
Specialized retirement savings programs are available which permit employees to defer a portion of their income from current tax liability. Tax-deferred annuities are portable investments in which earnings can provide additional sources of post-retirement income independent of other retirement benefits. All employees may enroll in a TDA program.
Hospital Match Savings Program
Employees enrolled in a TDA program are eligible to receive a Hospital match on a 50% basis with a maximum Hospital contribution of 1.5% of the employee’s gross earnings. Vesting and eligibility is the same as the pension plan noted above.