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ABOUT PER DIEM - benefits - 401 (k) Plan

MedStaff offers a 401(k) plan, to all eligible Healthcare Professionals. The plan provides a range of John Hancock funds to choose from. Eligibility for the 401(k) plan is based on completion of 260 hours of service during a consecutive 90 day period of employment with Medstaff, Inc. and you must be 18 years of age. To maintain eligibility you must work 500 hours per calendar year. Medstaff will match you contribution at a rate of $0.25 on the dollar up to the first 5% of pay you save. The match is effective after 1 year of employment and 1000 hrs. of service.. You can contribute up to 100% of your compensation in 1% increments.

  • That means if your earn $1000 and contribute 5% of your salary, we will match 25% of your contribution, up to 5%

 

GROSS INCOME
$1000.00
Employee's Pre-Tax Contribution ($1000 X 5%) $50.00
Our Contribution ($50 X 25%) $12.50
TOTAL CONTRIBUTION $62.50

 

  • If you earn $1000 and contribute 15% of your salary, we will match 25% of your contribution, up to 5%.

 

GROSS INCOME
$1000.00
Employee's Pre-Tax Contribution ($1000 X 15%) $150.00
Our Contribution ($50 X 25%) $12.50
TOTAL CONTRIBUTION $162.50

 

Please note that while the employee contributions are 100% vested, the employer match is subject to the following vesting schedule:

 

VESTING SCHEDULE
YEARS OF SERVICE % VESTED
Less than 1 0
1 but less than 2 0
2 but less than 3 20
3 but less than 4 40
4 but less than 5 60
5 but less than 6 80
6 or more 100

If you have any question or concerns regarding the 401(k) plan, you may contact benefits@medstaffinc.com.

 

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