Supplemental Tax Deferred Annuity Plan –
403(b) Program and Roth 403(b) Program
Voluntary Program
Matching Program |
All regular full-time Resident Physicians. |
Immediately.
To receive CVPH's match, the employee must meet the following criteria:
- 1 year of service, and
- 1,000 hours worked during the first 12 months of service or any subsequent anniversary year. |
With the Supplemental Tax Deferred Annuity Plan:
-The employee must be enrolled and complete a voluntary salary reduction agreement.
-The employee may contribute any dollar amount to a mutual fund product up to 75% of gross wages or the maximum set by law, whichever is less.
-Upon meeting the eligibility requirements, Champlain Valley Physicians Hospital matches the employee’s contribution into the tax-deferred annuity at the rate of $0.33 1/3 for each dollar contributed.
The match applies to a maximum of 6% of the employee’s gross salary contributed and is vested to the employee immediately.
-CVPH contribution amount based on years of service:
Years Max Employee % Rate Max CVPH
Of Service Contribution Match Contribution
1 – 10 6% 33 1/3% 2%
- The employee can invest employee/CVPH contributions in a fund of the employee’s choice.
-Traditional 403(b) deductions are tax-free and are taxed at the time of withdrawal.
-Roth 403(b) deductions are taxed and are tax-free at the time of withdrawal.
Note: All contributions are subject to the limits and caps on income imposed by the IRS. |
Defined Contribution Pension Plan |
All regular full-time Resident Physicians. |
Eligible upon meeting the following criteria:
-1 year of service
-1,000 hours of service during the first 12 months of service or any subsequent anniversary year. |
CVPH offers a defined contribution pension program with
• Automatic enrollment after meeting eligibility requirements.
• 100% vesting after completion of 1,000 hours in each of three years (do not need to be consecutive).
• CVPH base contribution (based on gross earnings) regardless of employee contribution:
Years of Service Amount
1 – 10 3%
Note: All contributions are subject to the limits and caps on income imposed by the IRS. |
403(b) Tax Deferred Annuity Catch-up Provisions |
All regular full-time Resident Physicians. |
Employee age 50 and older. |
Employee turning 50 or older in the calendar year may contribute an extra amount to their 403(b) account. The amount for 2023 is $7,500. The IRS annually determines the allowable maximum amount. |
Health and Welfare Benefits |
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Health Insurance |
All regular full-time Resident Physicians. |
Eligible for enrollment:
- First of the month following date of hire.
- Open enrollment in the fall for an effective date of January 1.
- The employee may also enroll at any time to correspond with a change in status or loss of other coverage. |
CVPH offers 2 PPO and 2 high deductable health insurance plans.
Please refer to the 2024 Benefit Guidebook for the comparison of coverage.
A premium increase may occur effective January 1 each year. |
Health Savings Account |
All regular full-time Resident Physicians who elect CVPH Employees' high deductible health insurance plan. |
Eligible the first of the month in which the employee is enrolled in the high deductible health insurance plan and does not have other first dollar coverage. |
The Health Savings Account (HSA) plan administrator is Health Equity. CVPH will fund the employee’s health savings account in the amount equal to one third (1/3) of the annual health insurance deductible applicable to the employee’s coverage election, paid in twelve equal monthly payments.
For the regular full-time and regular part-time employee newly hired, the first years’ CVPH contribution is prorated from the first of the month following date of hire until December 31.
For more information regarding the health savings account refer to IRS publication 969 and Form 8889. |
Flexible Benefit Plan |
All regular full-time Resident Physicians. |
Eligible first of the month following date of hire.
- Open enrollment is in the fall for an effective date of January 1.
- Changes in family situation may allow limited changes. See Human Resources for additional information. |
The Flexible Benefit Plan is a benefit program to help the employee defray the cost of health insurance premiums, qualified medical expenses (in accordance with IRS Code, Section 125 for the employee and his/her dependents), and qualifying dependent (child or elder) care expenses.
CVPH offers two options (A, B). The employee will select one of the options.
A. 1 Person, 2 Person or family coverage of the current health insurance plan offered. Please refer to the 2024 Benefit Policy Guidebook for cost information.
OR
B. Benefit Amount - $1,500.00 annually. The benefit amount may be used for the following CVPH sponsored plans:
- Delta Dental Insurance Plan - Health Flexible Spending Account (FSA)
- VSP Vision Insurance Plan - Dependent Care FSA
- Taxable Cash
For the regular full-time employee, the first years' benefit amount offered is prorated from the first of the month following date of hire to December 31st. |
Flexible Benefits Con't |
All regular full-time Resident Physicians. |
Eligible first of the month following date of hire.
- Open enrollment is in the fall for an effective date of January 1.
- Changes in family situation may allow limited changes. See Human Resources for additional information. |
The employee may also elect the following pre-tax deductions on a pay period basis.
Health Flexible Spending Account (FSA) - to a maximum of $3,200, including the allocation of the CVPH benefit amount for Health FSA. You may carryover up to $610 of unused funds into
the next plan year.
Dependent Care FSA - to a maximum of $5,000 annually per household. In the case of married individuals filing separately, the maximum is $2,500 each.
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Life Insurance / AD&D Insurance |
All regular full-time Resident Physicians. |
Eligible first of the month following date of hire. |
CVPH provides group term insurance:
- Life Insurance = 2x Base Annual compensation (excluding premium pay)
- Accidental Death Insurance = 2x Base Annual Compensation as above.
- Life Insurance maximum of $1,000,000 without proof of insurability.
Please refer to the Life Insurance Certificate for Dismemberment benefit schedule.
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Long Term Disability Insurance |
All regular full-time Resident Physicians. |
Eligible the first of the month following date of hire. |
Long-Term Disability is a continuation of disability insurance benefits for the employee who remains disabled after the 6 months of New York State Disability coverage expires. The employee continues to receive a partial salary continuation for an illness or injury. The disability benefit is up to 60% of the employee’s compensation up to a maximum of $5,000 per month, whichever is less. CVPH pays the premium, therefore the benefit is taxable when received. |
Voluntary Dental Insurance |
All regular full-time Resident Physicians. |
Eligible for enrollment:
- First of the month following date of hire.
- Open enrollment in the fall for an effective date of January 1. |
Delta Dental is available on a voluntary basis. Premiums are paid pre-tax through payroll deduction. |
Voluntary Vision Insurance |
All regular full-time Resident Physicians. |
Eligible for enrollment:
- First of the month following date of hire.
- Open enrollment in the fall for an effective date of January 1. |
VSP Vision is available on a voluntary basis. Premiums are paid pre-tax through payroll deduction. |
Federal/State Programs |
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FMLA (Family Medical Leave Act) |
All regular full-time Resident Physicians. |
Eligible after working for at least 12 months and having worked at least 1,250 hours over the prior twelve months. |
The Family Medical Leave Act entitles the eligible employee to take up to 12 weeks of unpaid, job-protected leave each year for specified family and medical reasons:
-birth or placement of a child for adoption or foster care;
-family member (spouse, child, or parent) with a serious health condition;
-or when the employee is unable to work because of a serious health condition. |
New York State Disability |
All Resident Physicians. |
Eligible after having worked 4 consecutive weeks for a covered NYS employer. |
New York State Disability is a short-term disability insurance program that provides a partial salary continuation for a maximum of 6 months for the employee who is unable to work because of an off-the-job injury or illness. Current benefits are capped at $170 per week or 50% of weekly base compensation, whichever is less. |
New York State Paid Family Leave |
All regular full-time Resident Physicians. |
Eligible after working 175 days regardless of status. |
NYS PFL is job-protected, paid time away from work for employees that meet the qualifying reasons. PFL is utilized:
- To care for a family member with a serious health condition (family member is defined as spouse, parent-in-law, domestic partner, grandparent, child, grandchild or parent.)
- To bond with a child.
- For military exigencies (defined under FMLA).
For 2024 the maximum is 12 weeks. Up to 67% of gross income not to exceed $1,151.16/week. |
New York State Workers’ Compensation |
All regular full-time Resident Physicians. |
Eligible upon date of hire. |
New York State Workers’ Compensation is a program that provides a partial salary continuation for the employee who is unable to work because of an on-the-job injury. Weekly compensation is established by the Workers’ Compensation Board. |