The Hospital will maintain its defined contribution Retirement and Savings Plan for Registered Nurses covered by this Agreement. The Hospital's 403(b) plan will allow Employees to make the maximum voluntary contribution as determined each year by the IRS.
The Employer’s annual contribution to the Retirement and Savings Plan, on behalf of each full-time and part-time Registered Nurse who is scheduled to work at least half-staff, during the term of the Agreement shall be at the rate of seven percent of the Registered Nurse’s combined base pay and, experience differential. Effective April 13, 2014 the following pay components shall be included for contribution purposes: education differential, certification differential, longevity awards, all standard overtime and voluntary premium overtime of four (4) hours or more, unless otherwise individually approved by the Manager. Contributions shall be made monthly, based on the Employee’s employment in the previous month for which payment is made.
Effective April 1, 2014, Employee contributions to the Retirement and Savings Plan shall be a specific percentage of base pay as determined by the Registered Nurse, subject to and in accordance with applicable law.