Retirement Plan Options


SGMC provides several different options for employees to plan and save for retirement

401(k) with Fidelity Investments

SGMC employees are eligible to participate in the 401(k) Retirement Plan witih Fidelity Investments the first of the month following 30 days of service. Emnployees must also be at least 18 years of age. Employer contributions to your 401(k) with Fidelity Investments begin on the first of the month following 30 days of service if you choose to participate in the plan.

Fidelity provides several different services to SGMC employees, including the following:

  • - Change payroll deduction contribution percentage
  • - Request a loan or hardship withdrawal
  • - Optimize your investment strategy

To access these services, please visit the Fidelity NetBenefits, or you can call Fidelity’s customer service center at 1-800-343-0860.

SGMC makes elective contributions to participating employees’ 401(k) accounts. This match is 50% of your bi-weekly contribution amount, up to a maximum of 2%. Your “vested percentage” of the employer matched amount is what you keep of the employer contributions to your account after the specified years of service. Please use the Vesting Schedule below to determine your vested percentage.

Years of Service Percentage
1 20%
2 40%
3 60%
4 80%
5 100%

457(b) with Fidelity Investments

Employees of SGMC are immediately eligible to participate in the 457(b) Retirement Plan with Fidelity Investments. To participate, an employee must be at least 18 years of age and benefit eligible. For additional plan and enrollment information, please contact the Benefits area in Human Resources.

SGMC Retirement Plan

Defined Benefit:

The South Georgia Medical Center Retirement Plan is a Defined Benefit Plan. This means that all contributions to the plan are at the employer’s expense. Employees do not contribute any funds to this account. (Also known as a Pension)

Frozen:

In 2009, the SGMC Retirement Plan was frozen. This means that participants in the plan are vested for the benefit amount they accrued during employment until 2009, which will be available at Normal Retirement Date (NRD). There are no new or future enrollments in the plan. The early retirement Rules of 87 and 97 still apply.

Normal Retirement Date:

In 2009, the SGMC Retirement Plan was frozen. This means that participants in the plan are vested for the benefit amount they accrued during employment until 2009, which will be available at Normal Retirement Date (NRD). There are no new or future enrollments in the plan. The early retirement Rules of 87 and 97 still apply.

Please see table below:

If your Year of Birth is: Your Social Security Retirement age is:
Prior to 1938 65
1938 to 1954 66
After 1954 67

The Rule of 87:

If your age plus years of service equal 87, and you are between the ages of 60 and 65, you can retire with your vested benefit immediately. You will also be eligible to keep your health and dental insurance at the employee premium rate until your 65th birthday.

The Rule of 97:

If your age plus years of service equal 97 (No age requirement), you can retire with your accrued monthly pension benfit.

Early Retirement:

If you are within 10 years of your normal retirement date and you have completed at least 15 years of service, you can elect early retirement at a reduced benefit amount.

For more information on the South Georgia Medical Center Retirement Plan, please see the official Plan Document.
Documents
Name Size Description
401k Plan Document.pdf (4510367) Money Purchase Retirement Plan Download
Retirement Plan 2015 Restated.pdf (4252869) SGMC Retirement Plan (Restated 2015) Download

Have questions or need help setting up your benefits? Don't hesitate to reach out to us!