401(k) Retirement Plan – Salem Health Hospitals & Clinics

Saving for retirement is easy when you participate in the 401(k) Retirement Plan.

On Campus Financial Meetings

Building B – Basement Room B
2nd and 4th Wednesday of each month
(8 AM – 5 PM)

Scan or Click to
Sign Up Now

How the 401(k) Retirement Plan Works

The IRS limits the maximum amount you can contribute to your 401(k). For 2025, that limit has been increased to $23,500 up through age 49, or $31,000 if age 50+. You can start, stop, or change your contribution amount once per pay period.

Salem Health provides two types of contributions for enrolled participants:

Matching contribution – qualify after one Year of Eligible Service and begin receiving contributions the first pay period after completing one Year of Eligible Service
Experience contribution – for eligible participating employees (those who contribute 1% or more of salary), Salem Health will make an additional contribution based on your Years of Service in a benefit eligible position the pay period following that achievement.

Special rules apply if you have periods of broken service during your Year of Benefit Service.

Matching Contributions

Matching contributions
Your contribution	Salem Health contribution	Vesting
1% of pay	1% of pay	Always 100% vested
2% of pay	2% of pay	Always 100% vested
3% of pay	3% of pay	Always 100% vested
4% of pay	3.5% of pay	Always 100% vested
5% or more of pay	4% of pay	Always 100% vested

Experience Contributions

Employees who have completed one year of service in a benefits-eligible position become eligible for experience contributions when eligible to participate in the 401(k) plan.

Your years of Benefit Service	Salem Health will contribute
1-4 years	1.5% of pay
5 -9 years	2.5% of pay
10 -14 years	3.5% of pay
15 years or more	4.5% of pay

Vesting
20% per year for 5 years

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