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Retirement: 403(b)

Saving for retirement can look a little different depending on your role and eligibility. The BAYADA 403(b) plan provides eligible employees with another way to save for retirement through convenient payroll deductions and a range of investment options.

 

Who Is Eligible?

The BAYADA 403(b) Plan is available to employees who:

  • Meet the IRS definition of a Highly Compensated Employee (HCE), which for 2027 means compensation of more than $160,000.
  • Are employed by a BAYADA entity that has 501(c)(3) tax-exempt status.
Watch403(b) Retirement Plans

Employees who become eligible for the 403(b) plan will be notified by the BAYADA Retirement & Financial Wellness Team.

HCEs who work for a BAYADA 501(c)(3) tax-exempt entity are not eligible to make employee contributions to the 401(k) Plan and may contribute to the BAYADA 403(b) Plan instead. HCEs employed by a BAYADA 501(c)(4) entity are not eligible for the 403(b) Plan but remain eligible for the 401(k) Plan. To confirm which type of entity you are employed by, email retirement@bayada.com.

How Can I Contribute?

You can contribute 1% to 80% of your pay using one or more of three contribution options:

  • Traditional Pre-Tax: Contributions come out of your pay before taxes are withheld. Contributions and investment earnings are taxed when you take them out.
  • Roth After-Tax: Contributions come out of your pay after taxes are withheld. Roth contributions are not taxed again, and investment earnings may be tax-free when withdrawn if applicable requirements are met.
  • Regular After-Tax: Contributions come out of your pay after taxes are withheld. Your contributions are not taxed again, but investment earnings are taxed when withdrawn.

IMPORTANT NOTE

The BAYADA 403(b) plan does not allow you to take loans against your contributions. You can withdraw your pre-tax and Roth contributions without penalty only when you reach age 59.5 or older or for certain IRS-designated hardships. You can withdraw your after-tax contributions at any time without penalty, but you’ll pay taxes on any earnings.

How Much Can I Contribute?

For 2027, the IRS limit for pre-tax and Roth after-tax contributions combined is $24,500. For all regular contribution types combined (employee pre-tax, Roth after-tax, regular after-tax and all employer contributions), the IRS contribution limit is $75,000 in 2027.

You may be eligible for catch-up contributions — you can contribute an additional $8,000 if you are age 50–59 or 64 and older or an additional $11,250 if you are ages 60–63.

 Does BAYADA Match My Contributions?

Once you meet the match eligibility requirements, BAYADA may match 35% of the first 4% of your compensation you contribute, for a maximum match of 1.4% of your compensation. The match formula is subject to change from year to year.

To be eligible for the employer match, you must:

  • Be at least 21 years old.
  • Complete one year with 1,000 hours of service from your hire date or in a subsequent year.
  • If you separate from service during the year, work more than 500 hours that year in addition to meeting the other match eligibility requirements.

    Traditional pre-tax and Roth after-tax contributions that are not catch-up contributions are eligible for the match. Regular after-tax contributions and catch-up contributions are not match-eligible.

    The annual match is deposited into your account in the year following the year contributions are made.

    What Does Vesting Mean?

    Vesting refers to your ownership of the money in your account. You are always 100% vested in your own contributions. Employer matching contributions become yours over time based on your years of service.

    You earn a year of service for each calendar year in which you work 1,000 hours of paid service with BAYADA.

    Choose Your Investments

    You can set up your contributions and make your investment choices 24 hours a day, 7 days a week through empowermyretirement.com or the Empower app. If you’re not sure which investments to choose, GoalMaker® can help you select investments based on your age, risk tolerance and retirement goals.

    Manage Your Account

    You can change your contribution levels or investment choices online at any time through empowermyretirement.com or by calling Empower Customer Service at 833-961-5273, Monday through Friday from 8 a.m. to 10 p.m. ET and Saturday from 9 a.m. to 5:30 p.m. ET. Changes to your contributions may take up to two pay periods to appear in your paycheck.

    Empower Contacts

    BAYADA 403(b) Plan

    833-961-5273

    Call Empower Customer Service

    empowermyretirement.com

    Download the Empower app