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.
Employer Assisted Housing
In a collaborative effort with the Columbus Housing Partnership, Nationwide Children’s will provide financial assistance to eligible employees who purchase a home or condominium within Franklin County. An amount of $3,000 will be provided to eligible employees to use toward purchasing or rehabbing a house or condominium. Eligibility requirements apply.
Public Service Loan Forgiveness (PSLF)
As a nonprofit organization, Nationwide Children’s Hospital employees may be able to receive federal student loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program. Certain qualifications may be required. If your application is approved, PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more about the PSLF Program and the qualifications.
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.