Retirement Savings Plan

Retirement Plan

The 401(k) tax-qualified retirement plan makes it easy for you to invest for your future:

  • Convenient, automatic contributions by salary reduction
  • Pre-tax contributions, which reduce current income taxes
  • Post-tax Roth contributions
  • Employer matching contribution (for those eligible)
  • Tax-deferred growth of earnings and interest
  • No initial sales charge
  • Mutual funds, managed by well-known investment management firms, and a fixed-interest option
  • Contributions invested as you choose among available investment options
  • Multiple payout options at retirement or separation of service


You are immediately eligible to participate in the plan. You are eligible to receive Employer Matching Contributions upon completion of 12 months of service and 1,000 hours. You must be in a .5 FTE status or greater to receive the matching contribution. (PRN employees are not eligible to receive the matching contribution.)


You will become vested in the Matching Contributions Mission Health makes to your account as follows:

Years of Service 1 2 3
Vested 0% 0% 100%

In order to be credited with a year of service, you must have at least 1,000 hours in the calendar year.

Employees who were employed by Mission Health System (MHS) or Asheville Specialty Hospital (ASH) as of January 31, 2019, and continued employment after HCA Healthcare’s purchase of Mission Health on February 1, 2019, were given credit for their prior MHS and/or ASH vested years of service.

Employees who were previously employed with HCA Healthcare will receive credit in the HCA Mission 401(k) for prior HCA Healthcare vested years of service. However, credit will not be applied if the employee did not have a vested interest in the HCA 401(k) plan and had a break in service of 5 or more years.

2019 Employer Matching Contribution Formula:

50% up to 6% of salary deferrals (3% total match)

If you are an MHS or ASH employee under the grandfathered Mission Years of Service match formula*, you will continue under that formula unless you separate from service for more than 12 months. If you are rehired after having been separated for more than 12 months, you will be rehired into the Plan’s current 50% of 6% match formula.

*Criteria for former MHS employees to have been in the grandfathered Years of Service match formula:

  • Mission Hospital or Mission Medical Associates (MMA) employees who were employed by Mission Hospital or MMA as of December 31, 2013, were employed at Mission Hospital or MMA on January 1, 2015 and have not terminated employment on or after January 1, 2014;
  • If terminated employment after January 1, 2017, were rehired in the system within 12 months of their termination date.
 Completed VESTED Years of Service
1 – 4 100% of match-eligible salary deferrals up to 4% of compensation
5 – 9 100% of match-eligible salary deferrals up to 5% of compensation
10 or more 100% of match-eligible salary deferrals up to 6% of compensation


Pension Plan Limitations for 2020

Retirement Plan Limits 2020
Elective contribution limit for 401(k), 403(b), and most 457 plans $19,500
Catch-up contribution limit for 401(k), 403(b), and most 457 plans (employees over the age of 50) $6,500
Defined contribution limit under Section 415(c)(1)(A) $57,000
Annual compensation limit under Sections 401(a), 404(1), 408(k)(3)(C), and 408(k)(6)(D)(ii) $285,000
Annual compensation limit for highly compensated employees $130,000

Retirement Plan Auto-Enrollment

To help you save for retirement, your plan has an automatic enrollment feature. All new hires and rehires will be automatically enrolled in the Retirement Plan. Unless you elect otherwise by choosing a different percentage, a specific dollar amount or ‘opting-out’ entirely, shortly after your 90th day of employment, 2% of your base pay will be deducted from your paycheck before taxes and contributed to your retirement account.

As a new or rehired employee, you will receive a Welcome Kit from Transamerica. The kit contains information about the retirement plan, the auto-enrollment feature, the default fund and available fund offerings. It also explains how to make contribution deferral changes or to opt-out of the auto-enrollment, as well as providing other valuable plan and resource information. Be sure to read the kit entirely in order to fully understand the plan and its features.

Naming a Beneficiary is Important

It is important that you designate a beneficiary for your retirement account so that your assets may be distributed according to your wishes upon your death. Equally important is to remember to update your beneficiary as warranted by evolving life circumstances – marriage, divorce, children, grandchildren, etc. To make your initial designation or to update your designation, simply visit Transamerica online at

Access Your Transamerica Accounts

Get step-by-step instructions for internet and phone.

Go online to or call (800) 755-5801 toll-free to obtain account information.

For information regarding Transamerica’s PortfolioXpress which helps you personalize your strategy or for information about having Transamerica manage your account, click here to be directed to the Transamerica website.

(Visited 6,220 times, 1 visits today)