Understanding Your HMH 401(k) and Retirement Benefits: Common Questions Answered for HMH Physicians

As a physician with Hackensack Meridian Health (HMH), it's crucial to understand the features, access points, and benefits of your retirement plans. Whether you're just getting started or actively managing your retirement savings, we've compiled answers to common questions physicians often search for regarding the HMH 401(k) and pension plans.

1. How do I log in to my HMH Retirement Plan?

As of this writing TIAA runs the Hackensack Meridian Health 401(k) Plan (HMH Plan) and you find the TIAA webpage on the plan here: https://www.tiaa.org/public/tcm/hmh/retirement-benefits/plan-407661

or you can go to tiaa.org or contact TIAA at: 866-999-3844

If you have not yet enrolled in the plan or have questions about the plan or you've lost access to the plan, the plan sponsor, Linda McHugh should be able to help you out. The Plan Sponsor's phone number is: 844-464-9355

You can find out more about Linda Mchugh here: https://www.linkedin.com/in/lindamchugh12

2. How does D.R. Harris & Co. view the HMH 401(k) Retirement Plan for Physicians?

We view the HMH 401(k) retirement plan as being below average for physicians. It is important to clarify that this is just from the position of physicians since physician retirement plans can often be better than retirement plans genrally, especially if they are specifically constructed for physicians.

HMH health has a lot of employees at different wage bands, so it is not a bad plan overall, but it could be improved for physicians.

The main way that the plan could be improved is by adding a Brokerage Window. Several vendors can provide this including all the major brokerage firms that cater to large companies like Fidelity, Vanguard and Charles Schwab, amongst many others.

The challenge is because there are so many employees in the HMH 401(k) and the average balance is around $45k in each employee's account, physicians who work for HMH healthcare may be denied the opportuntiy to invest through a brokerage window.

But the brokerage window has big advantages for both physicians and hospital executives insofar as it allows greater customization of investments over time.

Historically, insurance companies have not had a lot of brokerage windows that have been competitive but I have seen competitive ones with my physician clients, especially chief medical officers and hospital executives through companies like Nationwide and Lincoln National, which are both good insurance companies.

If HMH health had a brokerage window at a discount firm like Charles Schwab, Fidelity or Vanguard that wasn't restricted to mutual fund only, it would benefit their physicians and executives on staff.

A 401(k) without a brokerage window at a discount firm is always going to be a below average retirement plan from a physicians perspective, in our view, and so that is why we would rate this 401(k) plan as below average even though it has a lot of other good features.

For the record, TIAA is a good firm, and we certainly respect them, but we haven't seen as good of products come out of TIAA as we've seen at more traditional non-insurance company firms like Fidelity, Vanguard, Schwab and Robinhood.

If a physician at HMH health wanted to get a good brokerage window added, Linda MgHugh is basically responsible for the whole plan as the plan sponsor and she's the person to talk to in my experience.

3. How can I withdraw funds from my HMH Retirement Plan?

Withdrawals from the HMH 401(k) Savings Plan are subject to IRS rules and plan-specific guidelines. Generally, withdrawals may be allowed under the following circumstances:

• Separation from service (e.g., retirement or leaving HMH)

• Age 59½ or older (restrictions may apply)

• Hardship withdrawal, if approved

• Required minimum distributions (RMDs) once you reach age 73

  
  

If you want to take a withdrawal from your account, rollover assets or take a loan, we highly recommend that you read the plan document sections on distributions, consult with your own tax advisor about the implications of your plans.

4. Where can I log in to check my HMH Pension benefits?

Hackensack Meridian Health may have a pension plan for some employees. You may be able to learn more about the Hackensack Meridian Health Pension Plan here: https://www.hackensackmeridianhealth.org/en/about-us/new-team-members/retirement

5. What are the benefits of the HMH Retirement Plan for physicians?

HMH offers a robust retirement plan designed to help physicians build long-term financial security. Key benefits include:

• Pre-tax and Roth 401(k) contributions

• Employer matching contributions

• They use some low cost Vanguard Funds

• Vesting schedule of 3 years is reasonable for many employer contributions

  
  

6. Does HMH offer a 401(k) match, and how does it work?

Yes, we believe that HMH provides a 401(k) employer match to help employees accelerate their retirement savings. While the specific matching formula may vary based on your position and employment status, a common structure is:

HMH may match 100% of the first 3% of your eligible pay that you contribute, plus 50% of the next 2%—for a total potential match of 4% if you contribute at least 5%.

Employer contributions are subject to a vesting schedule, so it’s important to stay informed about how long you need to work at HMH to keep those funds.

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7. What is the HMH Pension Service Center, and how can it help me?

The HMH Pension Service Center may be a resource for:

• Viewing your accrued pension benefits

• Estimating future pension payouts

• Requesting statements or payout options

• Updating your contact or beneficiary information

You may be able to access it online or speak with a representative by phone. The contact details are usually listed on your pension correspondence or through internal HR resources.

8. What is TIAA’s role in managing the HMH 401(k)?

TIAA (Teachers Insurance and Annuity Association of America) is the plan administrator for the HMH 401(k) Savings Plan. Through TIAA, you can:

• Manage contributions and investments

• Monitor your progress toward retirement goals

  
  

In the financial field there is really a division between firms that specialize in for profit employers and those that specialize in not for profit employers.

Overall in our view firms that cater to for profit employers (like those that have a 401(k)) tend to have much more competitive offerings than those that cater to not for profit employers.

Amongst firms that cater to not for profit employers TIAA Creff if undoubtedly one of the best or the best (perhaps tied with Lincoln National in our view), but when compared to for profit employer plans like those we see at Fidelity, Vanguard, Schwab etc. often the for profit plans are actually better physicians at these firms.

The reason for this is that TIAA Creff has not really cut their teeth as a discount brokerage - they are inexpensive for an insurance company - but not as inexpensive as discount brokers like Fidelity, Vanguard, Schwab, Robinhood - in our experience.

But they are overall an excellent firm.

Final Thoughts for HMH Physicians

Understanding your retirement benefits is a key part of your overall financial health. Whether you're early in your career or approaching retirement, staying engaged with your 401(k) and pension plans can help ensure you're on track to meet your long-term goals.

If you have questions or want personalized advice, consider working with a fiduciary financial advisor who specializes in helping physicians achieve their financial goals.

If you'd like to work with a fiduciary financial advisor specializing in working with physicians nationally, feel free to click here to schedule a 15 minute introductory call.

If you'd like to learn more about Daniel Harris or D.R. Harris & Co. or our services feel free to do so by clicking here.

Disclaimer: While we believe the information in this article is correct as of the time of its writing on 10/13/25 we recommend that you check with your HR department and plan document to confirm the accuracy of anything that is written here.  You are not a client of D.R. Harris & Co. without a signed written contract from D.R. Harris & Co. This article is meant to be educational in nature but before acting on anyting in this article we recommend that you do your own research to verify the information in this article and that you consult with your own professional tax, legal and financial advisor (fi you have one). You are not our financial advisory client unless we have a signed written contract with you.