Investment Management Services
boston medical center employees
financial planning for BMC employees
Your BMC benefits can affect how much you save, how you invest, the protection available to your family, and when you can retire. The right choices depend not only on the plan provisions, but also on your income, taxes, other accounts, family priorities, and long-term goals.
Finivi helps you review your current elections, account for benefits that may sit outside your current BMC accounts, and create a prioritized plan for what to address now and what to revisit over time.
start with your retirement plan
The employer contribution is one part of your retirement strategy. Eligible employees begin receiving it after completing the service and hours requirements, enrolling in the plan, and contributing at least 2% of earnings. The amount then increases with years of service.
| Years of service | Percent of pay |
|---|---|
| 1 to 4 years | 3% |
| 5 to 9 years | 5% |
| 10 to 19 years | 7% |
| 20 or more years | 8% |
This is the general 2026 schedule for eligible employees. Current legal plan documents govern if there is a conflict.
Condition one
An eligible employee must be enrolled in the 403(b) plan and contribute at least 2% of earnings to begin receiving the employer contribution after satisfying the service and hours requirements.
Condition two
Employees qualify after working at least 1,000 hours while simultaneously completing one year of service, or after working 1,000 hours in a subsequent calendar year.
what you have
Contribution rates, pre-tax and Roth elections, investment choices and health-plan decisions should be considered together. The planning process connects those decisions to your goals, tax situation, retirement timeline, other assets and personal priorities.
Everyone who receives a paycheck from BMCHS is eligible to participate. New employees are automatically enrolled at a 3% pretax contribution rate, which increases by 1 percentage point each year unless they change their election. Contributions and investments can be changed after the first paycheck, and the plan permits pretax and Roth contributions.
Eligible employees who are enrolled, contribute at least 2% and meet the service and hours requirements automatically receive an employer contribution based on years of service. The 2026 schedule begins at 3% for one to four years of service and increases to 8% for 20 or more years.
The 2026 employee contribution limit is $24,500 for employees under age 50 and $32,500 for employees turning 50 or older. Certain catch-up contributions for employees with more than $150,000 in 2025 wages must be made on a Roth basis, subject to IRS decisions.
Automatic contributions are directed to a Life Cycle fund based on the employee’s expected retirement year. Employees can change investments at any time after the first paycheck and use TIAA retirement-planning and investment-advice sessions at no cost.
Employees who elect the High Deductible Health Plan can contribute to a Health Savings Account for qualified health care expenses. HSA eligibility also depends on federal tax rules, so confirm your eligibility before contributing.
Benefits-eligible employees are automatically enrolled in employer-paid basic life insurance and basic short- and long-term disability coverage. Optional life, accidental death and dismemberment, dependent life and disability buy-up options are also available.
legacy benefits and prior employers
Employees who joined through a hospital transition or worked for a predecessor organization may have retirement accounts, pension rights or special plan provisions administered separately. Those benefits may not appear in a current TIAA account, so they should be confirmed before they are included in a retirement plan.
If you joined BMC Health System in the October 2024 transition, review your prior plan statement and the official transition materials to confirm where any existing balance is held and what rollover options are available.
Certain former Boston City Hospital or City of Boston employees may have legacy pension rights, special 403(b) provisions or both. Confirm the exact plan name, administrator, eligibility and benefit before including it in a retirement projection.
Before moving an old retirement account, confirm where it is held and compare its investments, fees, services, withdrawal provisions and available distribution options. Not every account needs to be consolidated.
BMC benefit questions
These decisions depend on the benefit provisions that apply to you and the rest of your financial picture.
Contributing at least 2% is one condition for receiving the employer contribution after the service and hours requirements are met. The appropriate savings rate above 2% depends on cash flow, debt, emergency reserves, retirement goals and the annual contribution limits.
Employees begin receiving the employer contribution after working at least 1,000 hours while simultaneously completing one year of service, or after working 1,000 hours in a subsequent calendar year, provided they are enrolled and contributing at least 2% of earnings.
Pre-tax contributions generally reduce current federal taxable income and are taxable when distributed; qualified Roth distributions can be federally tax-free. State treatment and individual circumstances vary. Social Security, required withdrawals and other retirement income can also affect the comparison.
The appropriate investments depend on goals, risk tolerance, time horizon, other holdings and the current plan menu. After reviewing the available options, fees, risks and withdrawal restrictions, we can provide individualized recommendations within an advisory engagement.
Employees who elect the High Deductible Health Plan can contribute to a Health Savings Account and use it for qualified health care expenses tax-free. Confirm that you meet federal HSA eligibility rules before contributing.
The analysis includes IRAs, taxable investments, former-employer plans, HSAs and a spouse’s retirement plan alongside your BMC accounts. When appropriate and permitted, we can compare consolidation options and coordinate accounts that remain separate within a broader investment strategy.
Retirement-plan and life-insurance beneficiary elections may be maintained in separate systems. We ask you to obtain current confirmations and, when needed, coordinate beneficiary questions with your estate-planning attorney.
We model a range of retirement dates using stated assumptions for savings, Social Security, other retirement income, expenses, taxes, health care costs, market returns and longevity. Results are estimates rather than guarantees and should be updated as circumstances change.
how we work
A personalized process designed to answer your questions, clarify your choices, and integrate your Boston Medical Center benefits into your broader financial life.
We discuss the decisions on your mind, your financial priorities, and what you want your benefits and savings to accomplish.
Together, we collect current statements, identify questions for the appropriate plan administrators, and incorporate confirmed information into your financial plan.
Each option is evaluated in the context of your financial situation. You receive an explanation of the trade-offs and a prioritized list of decisions.
After you decide how to proceed, we assist with implementation, coordinate the investments we manage, and revisit the strategy as your life and financial needs evolve.
We connect them with every part of your financial life, with one team coordinating the decisions that affect one another.
Your contribution strategy, employer contribution, Social Security, other retirement income and the income your savings will need to provide throughout retirement.
Your workplace accounts and outside investments are coordinated into a single portfolio aligned with your goals, retirement timeline, and risk tolerance.
We consider the potential tax effects of contributions, investments, withdrawals, and other income sources, and coordinate with your tax professional when specific tax advice is needed.
Whether your life and disability coverage are sufficient to protect your income, your family, and your financial plan.
We review how beneficiary designations fit with your financial plan and coordinate with your estate-planning attorney on wills, trusts, powers of attorney, health care directives, and guardianship provisions.
Financial guidance through a change in role or employer, a move to part-time hours, retirement, divorce, an inheritance, caregiving responsibilities, and other major life events.
FAQ
Minimums and fees depend on the service. We explain the applicable requirements and provide written fee information before you decide whether to engage us.
Planning can be especially useful before changing benefit elections, reducing hours, rolling over an account, making a major tax decision or choosing a retirement date.
Choose a video meeting from wherever you are, or an in-person meeting at our Westborough office.
Bring one question or your full financial picture. We will explain the next step, applicable minimums and what information to gather before an initial consultation.
Independence. Finivi Inc. is independent and is not affiliated with, endorsed by, or sponsored by Boston Medical Center, Boston Medical Center Health System, TIAA or any plan administrator. These organizations are named only to identify the intended audience and relevant third-party plans or services.
Benefit information. Benefit descriptions on this page summarize the sources cited above, and plan terms may change. Current summary plan descriptions and other legal plan documents govern if there is a conflict. Confirm your elections and eligibility with Workday, TIAA or the applicable plan administrator before acting.
Professional scope. This material is educational and is not personalized investment, tax, accounting or legal advice, and it is not a recommendation to buy or sell any security or adopt a particular strategy. Finivi is not a law firm or accounting firm. Consult qualified tax and legal professionals regarding your circumstances.
Investment risk and registration. Investing involves risk, including possible loss of principal. Advisory services are offered through Finivi Inc., an SEC-registered investment adviser. Registration does not imply a particular level of skill or training.