Financial and Retirement Benefits

Direct Deposit

All employees must enroll in the direct deposit program which enables an employee to electronically deposit their paycheck into a bank or a paycard account of their choice.

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.

Retirement Benefits

Retirement Plan (401a)

Nationwide Children's Hospital’s Defined Contribution Pension Plan is a non-contributory plan.  This means that contributions are made by Nationwide Children's Hospital on your behalf and are invested by you among a variety of investment choices in an account in your name held at Nationwide Retirement Solutions. 

The amount of income you will receive at retirement will be based on the amount of funds contributed, the investment earnings of those funds and the type of payment you choose.

Eligibility

Eligible employees working at least 1,000 hours per payroll calendar-year will automatically be enrolled.

Contributions

Nationwide Children's Hospital will make contributions on behalf of qualifying employees based on their annual salary and years of service.  The hospital contributes 4% of your annual salary to the Defined Contribution Pension Plan for the first 5 vested service years.  After 5 vested service years, the hospital contribution increases to 5% of your annual salary.

Tax-Sheltered Annuities (TSA) / 403b

Specialized retirement savings programs are available which permit employees to defer a portion of their income from current tax liability. Tax-sheltered 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 TSA program.

Match Savings Program 401(a)

Employees enrolled in a TSA/403(b) 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.