CHA employees become members of The Plan after one year of employment.
CHA currently makes all contributions to The Plan as employer and on behalf of employees.
Annual Contribution Calculation
CHA contributes 3.5% of the first $4,200 of salary earned annually, and 5% for all salary greater than $4,200.
The contribution amount for a $50,000 annual salary for one year is $2,437.
Payments at Separation
Payment options differ based upon vested or non-vested status.
Employees become vested after completing 5 years of Plan participation, 6 years of employment.
Lump sum payments are available to either vested or non-vested members upon separation of service.
An annuity option (monthly recurring payment) is available to vested members. A lump sum payment is the only option for non-vested members.