Click on any one of the links below to find information on Swedish Covenant Hospital Money Benefits.
1. Incentive-Based Compensation
2. Direct Deposit
3. Retirement Benefits
4. Flexible Spending Accounts
5. Life Insurance
6. Disability Benefits
7. Long-term Care Insurance
8. Answer Financial Insurance Questions
9. Credit Union
10. Banking Services
11. Financial Planning Programs
Incentive-Based Compensation
Swedish Covenant Hospital's compensation program ensures that we are able to attract, retain and motivate high-caliber individuals. Our compensation program allows employees to receive annual increases based upon their initiative, effort and strong work ethic.
Employees have the ability to receive larger salary increases if they excel on their annual performance appraisal. All employees receive a copy of their job description and performance appraisal upon hire. This gives employees the ability to understand the expectations of their job and have a clear understanding of how their performance will be measured. We encourage all employees to sit down frequently with their manager to discuss the performance-review process along with their progress.
Direct Deposit
Swedish Covenant Hospital encourages employees to direct deposit paychecks to checking and or savings account(s) at any bank or savings and loan. Our Payroll department can set up direct deposit to distribute your paychecks into any number of accounts. Direct deposit puts the money in your account(s) quicker and easier than with a traditional paper paychecks. Employees always receive a paystub record of hours worked, differential amounts, taxes, PTO accruals and deductions taken.
Retirement Benefits
Swedish Covenant Hospital is committed to the long-term financial success of our employees. We offer a wide range of financial benefits to help meet the financial needs of our employees. Getting ready for the future today can help make tomorrow easier and more comfortable. No matter your age, it's never too early or late to begin saving for retirement.
Pension
All regularly budgeted employees, ages 25 and older, earn credit toward a pension benefit if you work 1,248 hours or more in a calendar year. Once you have worked 1,248 hours or more for five years, you are vested in your pension benefit. Swedish Covenant Hospital provides a statement to all vested employees, which explains the pension benefit and estimates how it can contribute toward your retirement.
403(b) Retirement Plan
As an employee of Swedish Covenant Hospital, a non-profit organization, you are eligible to participate in a 403(b) Retirement Plan. You may save for retirement by contributing up to 100% of your annual pay, on a pre-tax basis, up to a maximum of $13,000 per year. Employees over the age of 50 can contribute an additional $2,000 beyond the maximum into their 403(b) plan. Consult with one of our financial vendors to determine if you qualify for additional "catch up" options. You may invest your 403(b) money in a variety of investment products. Contact our 403(b) vendors for information about financial planning, investment options and investment strategies.
Swedish Covenant Hospital allows employees to roll unused paid time off (PTO) into their 403(b) plans at 85%, giving you another opportunity to increase your contribution and prepare for your retirement.
Traditional and Roth Individual Retirement Accounts (IRAs)
Contact one of our financial vendors to set up a Traditional or Roth IRA. Traditional IRAs offer tax-deferred growth on your investments along with tax-deductible contributions depending on your level of income. Roth IRAs offer tax-deferred growth on your investments and tax-free earnings if certain conditions are met. Both Traditional and Roth IRAs are good strategies to help you meet your retirement saving goals.
Flexible Spending Accounts
Swedish Covenant Hospital offers the opportunity to participate in several Flexible Spending Accounts (FSAs) - Health Care, Dependent Care and Transit & Parking. Flexible Spending Accounts allow you to set aside money from your paycheck on a pre-tax basis for your uncovered health and dependent care expenses.
Swedish Covenant Hospital is excited to offer our employees the ease and convenience of the FlexConvenience Master Card. The FlexConvenience card makes it easier for employees to receive reimbursement from their Medical and Child Care Flexible Spending Accounts.
Health Care Spending Account
You may direct up to $3,000 per year into this account to reimburse yourself for eligible health care expenses incurred during the plan year that are not paid by any medical, dental or prescription coverage you may have for you or your dependents.
Dependent Care Spending Account
You may direct up to $5,000 per year into this account to reimburse yourself for eligible child care expenses. To be eligible for the spending account, child care expenses must be necessary in order for you or you and your spouse, to work outside the home. The caregiver's tax identification number (Social Security or Employer Identification Number) must be submitted to receive dependent care reimbursement. Claims must be submitted for reimbursement within 90 from the end of the plan year.
Transit and Parking Spending Account
Internal Revenue Code Section 132(f) gives you an opportunity to pay for work-related transit and parking expenses through the convenience of payroll deductions with pre-tax dollars. Work-related parking expenses you incur near your place of work or near the location from which you commute qualify for pre-tax deductions. Any pass, token, fare card, voucher or similar items entitling you to travel on a mass transit service to your place of work (i.e., subway, bus, train), are qualifying pre-tax expenses.
Life Insurance
Basic Life Insurance
Swedish Covenant Hospital provides Group Basic Life Insurance is equal to one and a half times your annual base salary, to a maximum of $300,000. Swedish Covenant Hospital pays this coverage in full. If you become terminally ill, and are expected not to live more than twelve months, you may request up to 50% of your life insurance amount up to $250,000.
Voluntary Permanent Life Insurance
Open enrollment for this benefit is offered in the summer; all new employees are invited to meet with an insurance representative to discuss the life insurance options. This plan builds cash value and provides a death benefit. Guaranteed issue if you apply when first eligible for the program. Coverage is available for your spouse and dependents even if you do not participate. Coverage is portable and can be carried into retirement. Benefits are based on age and smoking status.
Disability Benefits
Short-Term Disability (STD) Insurance
Swedish Covenant Hospital offers Voluntary Group Short-Term Disability Insurance to all full time employees. Group Short-Term Disability Insurance should be elected within the first month of employment to guarantee coverage under the plan.
Long-Term Disability (LTD) Insurance
(Exempt employees only)
Swedish Covenant Hospital provides Group Long-Term Disability Insurance for all exempt employees who work over 64 hours per pay period. Enrollment into Long-Term Disability is automatic.
Long-Term Insurance
The cost of long-term care is very expensive and the ability to pay for care may affect the type and quality of services that are obtainable. To help offset the potential costs of long-term care, you may purchase Long-Term Care Insurance at a discounted basis through Transamerica Occidental Life and Answer Financial.
Through Transamerica Occidental Life, the Long-Term Care benefit is available to employees under the age of 65 who have been budgeted to work more than 64 hours per pay period for six months and have not been off work due to illness for more than five days. Three plan options are available for meet a wide range of employee long-term care needs. As an SCH employee, you are eligible to receive a 10% discount. If you and your spouse elect this coverage, an additional 25% discount is applied for a total of 35%. Discounts are also available for extended family members, including parents, siblings, grandparents, aunts and uncles. Swedish Covenant Hospital employees are invited to enroll into this benefit in the summer.
Answer Financial Benefits Insurance
As a Swedish Covenant Hospital employee, you have free access to Answer Financial voluntary benefits. You can compare and purchase all of these popular insurance products and related services with just one toll-free call:
- Vehicle
- Homeowners
- Renters
- Life
- Rx Savings
- Health
- Dental
- Long-Term Care
- Personal Accident
- Travel Protection
- Vision Care
- Prepaid Legal
- Home Warranty
- Online Banking
Answer Financial will give you all the information, choice and help you need to select the correct levels of coverage. Employees receive convenient access by phone or the Internet. Answer Financial offers free, no-obligation quotes and side-by-side comparisons, personalized help from licensed, salaried insurance professionals so you understand your options - without the sales hype. Swedish Covenant Hospital employees can choose from more than 175 highly rated providers offering affordable plans that can be tailored to your needs along with an information-rich Web site to do your own research.
Credit Union
Employees are eligible to join the Corporate America Family Credit Union. Services available through the Credit Union are: Savings Account, Free Checking, ATM card, Christmas Club, Vacation Club, Money Market Accounts, Home Equity and Car Loans, along with many other financial benefits.
Banking Services
Swedish Covenant Hospital partners with LaSalle Bank and Citibank to offer employees free and discounted banking services as a benefit of employment. The LaSalle Workplace Direct and Citibank at Work banking programs give employees a full range of financial services. These banking programs provide you with a range of special features and money-saving discounts on mortgages and other loans.
Financial Planning Programs
Financial planning is important to support a comfortable lifestyle and retirement. Swedish Covenant Hospital is committed to the long-term financial success of our employees. We invite all employees to attend the month-long series of Financial Planning programs offered every year. The programs address a wide range of financial topics and are targeted to all levels of knowledge and investment experience. Financial planning topics include: Women and Investing, Basic Investing (for Beginners), Asset Allocation, Swedish Covenant Hospital Pension Plan, Financial Fitness and others.
