The Department of Human Resource Management announced good news this week that will enhance financial wellness for employees of Loma Linda University Health who are part of the Adventist Healthcare Retirement Plan (AHRP). Most employees of the organization — apart from the university, LLU Health Care and Faculty Medical Group — fall under this plan.
Effective March 16, the vesting requirement for the plan is now three years, reduced from five. Vesting means that an employee retains the employer contributions to their retirement fund even if they leave employment after the required years of service.
“This is a significant benefit enhancement that will have a positive impact on potentially 4,412 of our employees at Loma Linda University Health,” said Renée Royer, executive director of benefits and compensation in Human Resource Management.
All employees potentially impacted by this change were sent an email from Benefits@llu.edu regarding their personal situation.
Employees with 0-2 years of vesting service were informed they will have a shorter vesting period. Employees with 3 to 4 years of vesting service were informed they will become immediately vested. This benefit enhancement does not change the status of already vested employees.
This change is designed to further support the financial well-being of employees.
“This vesting change demonstrates that we are investing in the future of our employees as they continue to serve Loma Linda,” Royer said. “In addition, these changes bring us in better alignment with the market and will support our recruitment efforts as we strive to find the right talent to serve our patients and operational needs.”
To learn more, download the FAQ document below, or contacting Human Resource Management at ext. 14001 or humanresources@llu.edu .
The reduced vesting period comes on the heals of another recent benefit enhancement for employees under AHRP: Loma Linda University Health increased the percentage that it will contribute to match employer contributions up to half of six percent (previously half of four percent maximum). Learn more in a News of the Week story from February announcing that change.
