Auto-escalation is a plan feature that automatically increases your contributions into the plan.
Your contribution rate will automatically increase by 1% in January of each year if you do not opt-out of the automatic contribution increase feature.
The date of your first automatic increase will depend on the date you are automatically enrolled in the plan. If you are automatically enrolled between January 1 and June 30, your first automatic increase will happen the January after your enrollment, but, if you are automatically enrolled between July 1 and December 31, your first automatic increase will happen the second January after your enrollment.
For example, if you’re automatically enrolled in March 2024, your first automatic increase will happen in January 2025, but if you are automatically enrolled in October 2024, your first automatic increase will not happen until January 2026.
You may set the rate of your automatic increase in whole dollars or as a percentage up to the annual maximum contribution limit. And you may change the automatic increase rate at any time. This convenient and painless feature is an easy way for you to gradually step up your contribution so that you may attain the retirement you deserve.
For more details about auto-escalation, go to HCAGHR.com, click Benefits, and click on BConnected.
Remotiv is not affiliated with HCA Healthcare and is a private company hired to provide independent investment education. All responses are intended to be educational in nature and should not be considered advice.