What's not changing...

During and after the transition, many of the Plan benefits will remain the same.

MATCHING CONTRIBUTIONS

Nemours will continue to match your contributions to the Plan at 50% up to 4% of eligible pay (with a maximum match of 2% of eligible compensation).

NON-ELECTIVE CONTRIBUTIONS

Nemours also provides a service-based contribution ranging from 3% to 8%, made quarterly.

Associates who are not scheduled to work at least 1,000 hours in a year may become eligible for Nemours contributions after working at least 1,000 hours during any calendar year. Once you become eligible for matching contributions as noted above, Nemours provides a quarterly service- based contribution for any quarter that you are paid for at least 250 hours of work during the quarter. The quarterly service-based Nemours contributions are calculated by taking your earnings paid during the quarter times a percentage based on your years of service as shown in the following table.

Year of Service Contribution
0-4 years 3%
5-9 years 4%
10-14 years 5%
15-19 years 6%
20-24 years 7%
25+ years 8%

 

 

 

 

 


Quarterly service-based contributions become 100% vested after three years of service.

ASSOCIATE CONTRIBUTIONS

The 403(b) Plan contribution limit for 2025 is $23,500. If you’re age 50 or older, you’re eligible for an additional $7,500 in catch- up contributions, raising your associate contribution limit to $31,000.

VESTING

Effective January 1, 2022, the Nemours matching contributions for new hires are 100% vested after three years of service. Matching contributions for associates hired prior to January 1, 2022, are 100% vested.

LOANS

Any outstanding loan balances in the Nemours 403(b) Plan will transfer to Fidelity. If you are currently an active participant in the Plan, you will continue to repay your loan in the Plan in the same manner as you have with Transamerica. The transition will not affect the terms or length of your loan.

If you are a former associate repaying an outstanding loan in the Plan, your loan will transfer to Fidelity, but your payment information will not. You will need to establish your banking information with Fidelity to continue repaying your loan once the transition is complete. You will receive detailed instruction on how to set up your payments after the blackout period has ended.

If you do not follow the process to set up your loan payments, you may miss a loan payment and your loan may become delinquent. A new loan may not be initiated until all prior loans have been repaid.1

1Loan repayments received during the blackout period will be invested in the Lincoln Stable Value Account until the blackout period ends. At that time, loan repayments and any associated earnings will be posted to your account according to your investment elections on file with Fidelity. If you do not have any elections on file, your loan repayments and any associated earnings will be invested in the American Funds Target Date Retirement Fund® Class R-6 that has a target date closest to the year you might retire and assumes age 65.

Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.