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Thanks for your Ask Us questions. After a backlog, we are back with a slightly new format. Some of the questions we receive can be grouped together with a single response.

We also encourage you to pose questions first to your supervisors, when possible. They have more understanding of specifics within your department.

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Q: Why were the Children’s Home contributions to retirement accounts substantially less than contributions made in previous years and why was this not communicated?

An Apology and An Explanation

This answer serves to update you on certain changes to the CHS retirement plan and a subsequent depositing delay. We also want to express our apologies for not communicating this sooner.

First, we want to reassure you that CHS’s commitment to contributing 8% towards your retirement account remains unchanged. However, there have been some adjustments in how this contribution is distributed, which we believe will benefit our employees in the long run.

Starting July 2022, the 8% contribution was divided into two parts:

1. A bi-weekly, guaranteed 3% contribution, which you become eligible for after 30 days of employment. This portion of the contribution is fully vested immediately, meaning it’s yours to keep for retirement and you should see these funds deposited into your retirement account after each pay period. We have identified some minor calculation discrepancies during our audit preparation and are currently working on rectifying these issues to ensure the correct amount is deposited into your account.

2. An annual variable contribution, currently set at 5% (which must be approved by the Board of Directors each year). This portion has historically been deposited in the fall of each year. However, this year, there has been a delay due to some processing errors. We want to assure you that we are diligently working to resolve these issues and ensure the accurate deposit of this contribution. The good news is we are on track to make our deposit well before our regulatory required date of May 15.

While the delay may be concerning, please know that you will receive the full 8% contribution. We are working with our third-party administrators to address the factors contributing to the delay, which include dividing the contribution into two parts, the transition from Mass Mutual to Empower Retirement, and new pay codes in our payroll system.

Rest assured, once the processing issues are resolved, we will promptly deposit the annual 5% contribution into your retirement accounts. We apologize for any inconvenience this delay may cause and appreciate your patience and understanding as we work towards a resolution.

We will alert you when the deposit has been made. If you have any further questions or concerns regarding your retirement accounts, please don’t hesitate to reach out to your HR representative.

Shannon Clark, Chief Financial Officer
Mark G. Niemeyer, Chief Human Resources Officer

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