Sponsored Content provided by Jason Wheeler - CEO, Pathfinder Wealth Consulting
This article was contributed by Wealth Advisor John Zachary.
There has been a lot of talk about how the Novant purchase of New Hanover Regional Medical Center (NHRMC) will affect our community. However, what has not been as widely discussed is how the purchase will affect one of the hospital’s greatest assets: its employees. There are several important employee benefit changes that came with the sale, specifically regarding retirement benefits. If you are a current employee of the hospital, this article is for you.
One of the most notable changes with the new benefit structure is the freeze of the defined benefit pension plan. This plan will be replaced by a matching contribution of 6% to the 403(b) retirement savings plan. There are stark differences in these two retirement benefits.