403(b) Plan

Plan Highlights

• You can make contributions on a pre-tax or Roth basis from 1% up to 85% of your compensation
  • Pre-tax contributions are deducted from your paycheck and no taxes are taken from it
  • Roth contributions are deducted from your paycheck and taxes are taken from it
• You can contribute up to the IRS maximum annual limit of $22,500 for 2023. For those who are over age 50, an additional $7,500 contribution can be made.
• You can contribute to the plan immediately upon hire and may enroll at any time during the year by contacting Empower either online, via APP or by phone
• Upon achieving 1 year of service and 1,000 hours worked, CHOC will match associate contributions based on completed years of service, as follows:
  • 1 – 5 years of service: 50% match on the first 4% of base pay
  • 6 – 9 years of service: 100% match on the first 3% of base pay
  • 10+ years of service: 200% match on the first 3% of base pay
• Matching contribution is made in each bi-weekly paycheck
• Employee contributions are immediately vested
• Employer match is immediately vested
• Contributions can be increased or decreased at any time
• Visit mychocretirement.com or call 833-CHOC-403 (833-246-2403) to enroll, make percentage changes, or make investment changes