Last year, Caritas ended its 3 percent core contribution to the 403(b) plan (the Caritas Retirement Savings Plan) and capped its match to your contributions at 4 percent. This will result in a 3 – 7 percent cut to your retirement savings per year, which will have a major impact on your future retirement security. You deserve better.
In response, as talks continue for new contracts at Carney Hospital, Norwood Hospital and St. Elizabeth’s Medical Center, the effort to secure a stable, defined pension benefit to replace the current Caritas Retirement Savings Plan is a key issue for the local bargaining units as we seek to protect and enhance your retirement benefits.
The following Q&A was prepared to provide you with general information about defined benefit pension plans, along with specific information about our proposal for Carney, Norwood and SEMC to participate in a Multiemployer Defined Benefit Pension Plan. If you have any questions that are not answered below, ask your unit rep. or a member of the negotiating committee.
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