Your Retirement Plans
Administered by Empower Retirement
​VNA has a contract with Egan Lynch Financial Group. They provide free investment education/advice to VNA Employees regarding the Retirement Plans. Contact Conor Egan:
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Call 732-223-4555
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Email cegan@eganlynch.com
401(a) Defined Contribution Pension Plan Requirements
​The 401(a) Defined Contribution Pension Plan is available to all VNA employees and is funded by the VNA. Employees are automatically enrolled by the VNA when they meet the eligibility requirements noted below:
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The Plan requires working 1,000 hours for two years (the years do not need to be consecutive).
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The hours are calculated for the 12 month period from each employees date of hire. Example, if an employee is hired on 4/10/2024; their hours calculation would be: 4/1/2024 – 3/31/2025, and 4/1/2025 – 3/31/2026.
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Employees need to work 1,000 hours for 2 years to be eligible., The hours calculation noted above is performed each year; and when the employee meets the 1,000 hour eligibility for a 2 year period, they are automatically enrolled in the Plan. The VNA contributes 4% of the employee’s salary to the Plan; and all VNA contributions are 100% vested for each employee enrolled in the Plan.
403(b) Annuity Plan Requirements
​​The 403(b) Annuity Plan is available to all employees from their date of hire. Employees enroll directly in the Plan by contacting Empower. Employees can contribute up to the IRS maximum per year through payroll deduction. The IRS maximum for 2024 is $23,000; and if the employee is age 50+ in 2024, they can contribute an additional $7,500 for a total annual contribution of $30,500. The annual limit is adjusted each year by the IRS based on inflation. There is no vesting requirement in the Plan. All contributions made by the employee are 100% vested. Once the employee enrolls, deductions will begin from their paycheck.
