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Retirement Benefits

Piedmont’s 401(k) TomorrowPlan is a market-leading retirement plan that contributes to your financial security and well-being.

Your contribution, coupled with Piedmont’s 6% matching contribution, can help you reach your retirement savings goals faster.

401(k) TomorrowPlan

  1. Your Contributions
    • Money you contribute through payroll deductions.
    • Your contributions are always 100% vested.
    • You can choose to make pre-tax, Roth and/or voluntary after-tax contributions up to annual IRS limits (we advise you to meet with a Fidelity Financial Planner to determine your personal retirement savings goals).
  2. Piedmont’s Contributions
    • Matching contributions (dollar-for-dollar, up to 6%, on pre-tax and Roth contributions).
    • Voluntary after-tax contributions are not eligible for the match.
    • Eligible after one year of service and 1,000 hours worked.
    • Matching contributions are immediately vested at 100%.

To enroll or update your 401(k) TomorrowPlan contributions, visit Fidelity Investments
or call 800-343-0860. For eligibility questions and details, visit Resources, and view the 401(k) TomorrowPlan Summary Plan Description (SPD). Use the Retirement Contributions Calendar to understand when your deferral changes impact your paychecks.

Not sure where to begin? Fidelity provides a variety of in-person and web-based support, including:

  • Onsite retirement consultations. A Fidelity Financial Planner can review your personal retirement goals to help you determine an investment strategy to fit your needs—whether it’s pre-tax, Roth, after-tax, or a blend of contributions.  View a schedule of Fidelity’s upcoming availability for one-on-one consultations at your entity.
  • Free web-based financial well-being workshops. You can attend live by checking the schedule on The Intranet, or you can access a recorded replay any time.

Other Key Features

  • Set up annual automatic contribution increases to your 401(k) TomorrowPlan to help you save more for the future.
  • The Annual Increase Program feature makes growing your retirement savings easier by gradually increasing your contributions each year without you needing to take action.
  • To set your annual increase, select the increase date and choose the increase percentage (up to 3% each year).
  • Learn more about how you can take advantage of the Annual Increase Program feature today.
  • Ensures you receive the Piedmont match that you’re eligible for—regardless of your saving patterns. If you change your contribution rates during the year, this may affect the matching contributions you receive each pay period.
  • After the end of the Plan year, you will receive a true-up matching contribution to make you whole.
  • Keep in mind, true-up calculations are based on compensation and contributions made after match-eligibility has been reached. You must be employed on the last day of the year to be considered for a match true up. If you find that you are putting aside contributions at an accelerated rate, you may want to consult with a financial adviser to ensure you receive your desired employer match during the plan year.
  • If you don’t take action to establish your retirement contributions and investment elections within your first 30 days of eligibility, you’ll be automatically enrolled at a 3% pre-tax contribution rate.
  • This helps our newest team members start saving as soon as they begin working with Piedmont.
  • Your contributions will be invested in target date funds, where risk and diversification is based on your age and estimated year of retirement.
  • You can increase or decrease your contribution, change your contribution type, or opt out of the plan at any time through Fidelity Investments or by calling 800-343-0860.

Additional Retirement Benefits

Piedmont Healthcare 457(b) TopHat Plan

All directors and above (and physicians at Piedmont’s not-for-profit entities) are eligible to participate in this non-qualified plan (excludes physicians under PMCC/PHI).

The plan allows you to defer compensation on a pre-tax basis above IRS pre-tax limits for 401(k) plans. There is not specific enrollment window for this plan, and you may elect to contribute to this plan at any time via netbenefits.com.

  • The team member elective deferral is the pre-tax money, applied to your gross earnings, which you contribute to the TopHat Plan each pay period.
  • For 2025, you can defer up to $23,500 per year into the 457(b) Plan in addition to anything you contribute to your 401(k) TomorrowPlan. Together, the plans offer you the opportunity to contribute up to $47,000 per year, or $54,500 if you are age 50 or older, towards your retirement savings.
  • Unlike the 401(k) TomorrowPlan, there are no matching or “catch up” contributions or limits on the amount you may contribute to the TopHat Plan.
  • Although you don’t pay federal income tax or, if applicable, state or local income tax on your contributions or any earnings until you take a distribution of such funds, Social Security and Medicare taxes will be withheld before contributions are credited to your account.
  • The money you contribute to the Plan is 100% vested.
  • Your deferral can be stated as a percentage of your earnings or a flat-dollar amount per pay period.
  • You can enroll in the Plan at any time.
  • For assistance in determining how to maximize your retirement savings, you may contact Cannon Financial Strategists for a free financial consultation.
  • The TopHat Plan offers the same range of crediting investment options as the 401(k) TomorrowPlan, including conservative, moderately conservative and aggressive funds. You can select a mix of crediting investment options that best suits your goals, time horizon and risk tolerance.
  • You may request a change to the direction of your future investments in the Plan at any time.
  • You can also request investment exchanges between your existing crediting investment options.
  • For more information, visit Fidelity Investments or call 800-343-0860.

Additional Physician Benefits

Piedmont offers nonqualified plans to physicians only. Under IRS regulations, these plans allow eligible physicians to defer compensation on a pre-tax basis. While you do not pay federal income tax or, if applicable, state or local income tax on the contributions or any associated earnings until a distribution of such funds, Social Security and Medicare taxes are withheld before contributions are credited to your account.

PHI and PMCC Deferred Compensation TopHat Plans

All PMCC and PHI physicians may elect to participate in their respective non-qualified Deferred Compensation Plan, which allows you to defer a portion of your compensation on a pre-tax basis. For physicians at Piedmont’s not-for-profit entities, please refer to the section above for the 457(b) plan details.

  • The team member elective deferral is the pre-tax money, applied to your gross earnings, which you contribute to the Plan each pay period.
  • All physicians are eligible to make pre-tax contributions to their respective TopHat Plan. Unlike the 401(k) TomorrowPlan, there are no matching or “catch up” contributions or limits on the amount you may contribute to the TopHat Plan.
  • Although you don’t pay federal income tax or, if applicable, state or local income tax on your contributions or any earnings until you take a distribution of such funds, Social Security and Medicare taxes will be withheld before contributions are credited to your account.
  • The money you contribute to the Plan is 100% vested.
  • Your deferral can be stated as a percentage of your earnings or a flat-dollar amount per pay period. You must make this election every year; your deferral election does not roll over to the next year.
  • You can enroll in a TopHat Plan within 30 days of hire, or during the Open Enrollment period, which is November 15 to December 15 each year.
  • Your deferral election is irrevocable and will remain in effect for the next full calendar year, or for the remainder of the current calendar year if you enroll as a new hire.
  • When you enroll in the TopHat Plan and make your deferral elections, you will be asked to make elections to establish how and when you will receive your Plan distributions in the future.
  • For each year that you make contributions to the Plan, you can elect to receive your benefit in a lump sum or in five-, 10-, or 15-year annual installments.
  • You may also choose to receive your distribution in a specific year or at the time of separation.
  • If you die before your account balance has been distributed, your designated beneficiary will receive a lump-sum distribution of your account balance.
  • The TopHat Plan offers the same range of crediting investment options as the 401(k) TomorrowPlan, including conservative, moderately conservative and aggressive funds.
  • You can select a mix of crediting investment options that best suits your goals, time horizon and risk tolerance.
  • You may request a change to the direction of your future investments in the Plan at any time.
  • You can also request investment exchanges between your existing crediting investment options.
  • For more information, visit Fidelity Investments or call 800-343-0860

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