Legacy Wealth Advisors provides financial planning services to individuals, retirees, and professionals across New Jersey, including some current and former Hackensack Meridian Health employees. If you want a second opinion about your retirement plans or anything mentioned here, you can schedule a complimentary meeting with our team.

Hackensack Meridian Health Medical Group is part of Hackensack Meridian Health, a large health care network in New Jersey. The group offers physician and specialty care in many clinical settings across the state. It supports a wide network of clinicians and healthcare professionals who provide care in hospitals, outpatient centers, and partner practices.

If you work for Hackensack Meridian Health Medical Group or one of its affiliated organizations, you can access a variety of benefits. These include retirement savings plans like a 401(k) and health and wellness programs. 

The benefits you receive depend on your job, how long you have worked here, and other eligibility rules. As you get closer to retirement, it’s a good idea to look over your savings options, check any pension benefits, and see how your expected retirement income fits with your financial plans.

The topics below are common areas people look at when planning for retirement. The right strategy will depend on your own situation, goals, and how much risk you are comfortable with.

Many Hackensack Meridian Health employees participate in the HMH 401(k) Savings Plan. This plan lets employees set aside part of their pay for retirement. You can choose pre-tax or Roth after-tax contributions, pick from several investment options, and may qualify for extra employer contributions based on the plan rules and your years of service.

Public summaries of the HMH 401(k) Savings Plan indicate that you can choose from several investment options and manage your savings based on your own goals and comfort with risk. 

You can find a third-party summary here:

• TIAA overview of the Hackensack Meridian Health 401(k) Savings Plan

When you retire or leave the company, you usually have a few ways to access your 401(k) savings. You can leave your money in the plan (if allowed), roll it into an IRA, or take a lump sum or regular payments. Each choice has its own tax effects, investment factors, and impact on your retirement income.

It is often helpful to look at all your distribution options with an advisor as part of your overall retirement plan, instead of making 401(k) decisions on your own.

Employer matching contributions are typically subject to vesting schedules, which determine when employees fully own those contributions. At Hackensack Meridian Health, public information shows that it can take several years for employer contributions to become fully owned, depending on how long an employee stays with the company.

With these rules, employees usually become fully vested after completing the required years of service. If someone leaves before that, unvested employer contributions may be forfeited under plan rules. Employee contributions are typically 100% vested right away.

You can find more details about vesting schedules and employer match rules in the official plan documents and third-party summaries for the HMH 401(k) Savings Plan.

Vesting status is important to consider when planning your retirement, especially if you are close to becoming fully vested.

Hackensack Meridian Health’s defined contribution retirement plans let you choose from several investment options. Most employees pick their investments based on how much risk they are comfortable with, how long they have until retirement, and their personal goals.

As you get closer to retirement, it’s common to look at your investment choices, check how diversified your portfolio is, and see if your current investments match the income you’ll need after you retire.

It’s usually best to make investment decisions as part of a long-term retirement plan, instead of reacting to short-term changes in the market.

Along with the 401(k) savings plan, some Hackensack Meridian Health employees may also qualify for a defined benefit pension plan, depending on their job type and when they were hired. These plans usually offer a monthly retirement payment, which is based on things like how long you have worked and your pay history.

Benefit summaries indicate that the HMH retirement program includes pension benefits for certain eligible employees. These benefits provide lifetime income, starting at the normal retirement age set by the plan.

Some important things to think about with pensions include:

• When you become eligible and fully vested in the plan
• What counts as normal retirement age, and whether you can retire early
• How your pension works with other retirement savings and income

Since pension benefits depend on your own work history and the plan’s rules, it’s a good idea to read the official plan documents and talk to the plan administrators to find out exactly what you’re entitled to.

For Hackensack Meridian Health employees, Social Security benefits can be a key part of retirement income. The age you choose to start receiving benefits can change your monthly payments and total benefits, so timing is an important part of your retirement planning.

The Social Security Administration’s retirement benefits page offers calculators and tools to help you estimate your future benefits and compare different claiming options based on your situation.

It is often helpful to evaluate Social Security decisions together with your other retirement income sources, like your employer’s retirement plan and your personal savings, instead of treating them as separate decisions.

If you receive retirement income from Hackensack Meridian Health plans, you may still owe federal, state, and local taxes. Most 401(k) and pension payments are taxed as regular income. However, after-tax contributions could be taxed differently, depending on your plan and IRS rules.

The IRS retirement plans resource center has helpful information about retirement income taxes. The site explains how retirement payments are taxed and covers rules for required minimum distributions (RMDs) and other important topics.

It is usually best to consider tax effects as part of your overall financial plan. A qualified tax professional can help evaluate whether your retirement income plan fits your personal needs.

If you are getting close to retirement at Hackensack Meridian Health, take some time to look over your estate planning documents and check who you have listed as beneficiaries on your retirement accounts. If your job situation, account balances, or family circumstances have changed, you may need to update these documents so they match your current wishes.

It’s a good idea to talk to a qualified estate planning attorney for legal advice and help with your documents. This way, your wills, trusts, and beneficiary forms will be properly completed and stay current.

As retirement approaches, many Hackensack Meridian Health employees think about getting a second opinion. This is because planning for retirement often means making several complex financial decisions at the same time. Some common things to consider are:

• How to manage 401(k) withdrawals or rollover choices
• Reviewing possible pension benefits for those who qualify
• Bringing together different retirement income sources into one plan
• Planning for long-term healthcare and living costs during retirement

Getting a second opinion may help provide additional perspective when making important decisions about retirement timing and income planning.

Legacy Wealth Advisors is a New Jersey-based financial planning firm that works with individuals and families preparing for retirement. Our team has experience helping clients evaluate retirement income strategies, 401(k) rollover considerations, pension options, investment management, and long-term financial planning decisions.

We understand that retirement planning decisions often involve coordinating multiple moving parts, including employer-sponsored retirement plans, Social Security timing, investment allocation, tax considerations, and long-term income planning. Our role is to help clients evaluate these decisions within the context of a broader financial strategy tailored to their goals and circumstances.

If you work at Hackensack Meridian Health and would like another opinion on your retirement plans, you can schedule a complimentary consultation with our team.

Legacy Wealth Advisors is an independent financial advisory firm and is not affiliated with or endorsed by Hackensack Meridian Health.