Nonprofits Have the Unique Ability to Supplement Healthcare Savings in Retirement

Most retirees age 65+ haven’t saved enough in retirement to cover their expected health costs, let alone the rest of their living expenses.

How Nonprofits Can Help

As a nonprofit, you have the unique ability to allow your retirement program to do “double duty” by adding a retirement health savings benefit. Adding a defined contribution Emeriti Retirement Healthcare Savings Program (RHSP) provides triple tax -free savings – to the employee on employer contributions, investment earnings and qualified reimbursements – and has the added bonus of not being subject to FICA taxation.

Here are Just a Few of the Benefits 

• More tax efficient use of retirement dollars to fund medical expenses compared to taxable withdrawals from a retirement benefit plan.
• A low cost, high value retiree health benefit program without the typical risks associated with a defined benefit retiree health program.
• Attract and retain top talent with an innovative rewards strategy.
• The ability to provide a non-ERISA deferred compensation health benefit for key executives.
• Stretch benefit dollars up to 33%.

The Emeriti RHSP, offered by TIAA, is a unique platform that nonprofits – including some of the nation’s most prestigious institutions – are using for retiree medical benefits. The program is not exclusive to TIAA retirement plans, so any nonprofit can add this program alongside its existing retirement plan.

To learn more, contact Andrea Kessler, Business Development Director at akessler@mvfinancial.com or 301-656-6545.