Children's Retirement Security Plan

Akron Children’s recognizes the importance of having income during your retirement. The Children’s Retirement Security Plan promotes your financial wellness because it provides benefits when you are no longer working.

The plan is a 401(a) Defined Contribution Plan. This means that the hospital makes contributions to an account in your name. You don’t contribute to the account, but you will determine how the hospital’s contributions are invested. You may choose among many mutual fund options and one guaranteed investment option.

Your account will grow over time from Akron Children’s annual contributions and returns on your investments.

Each January, if you are a participant in the plan and you have completed a year of credited service (and you were an active employee on Dec. 31), Akron Children’s will make a contribution to your account. The contribution is an amount equal to a percentage of your pay based on your age plus your years of eligible service. A year of eligible service is a year in which you work at least 1,000 hours.

The contributions will be directed into the investment choices you select. If you don’t make a selection, contributions will be made into the Vanguard LifeStrategy Moderate Growth Fund. You become 100% vested in your account after 3 years of eligible service. The benefit is payable at retirement.


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