401(k) plan
Plan details
Welcome to your 401(k) retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
In addition to your 401(k) retirement plan, Alverno Provena Hospital offers Roth 401(k) accounts. Contact your financial professional to find out more.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
View and download the 401(k) Summary Plan Description.
View and download the 401(k) Summary of Material Modification (SMM).
Take advantage today
Participation
You are immediately eligible to begin contributing to the plan and automatically enrolled in the plan on your date of hire.
Starting early has its advantages
Your contributions
You can save up to 50% (up to the maximum IRS contribution limit) of your annual pay pretax contributions -- before the money is taxed for federal income tax and, in most cases, state and local income taxes or in post-tax contributions by electing to make Roth 401(k) contributions or you can choose a combination of pre-tax or Roth contributions. Contact your financial professional to learn more.
Catch-up contributions
You may be eligible for an additional catch-up contribution if you meet the following condition.
Employer contributions
1. Base contribution
Alverno Provena Hospital Laboratories, Inc. will make an annual base contribution to eligible participants based on your years of service and your pay. Your base contribution for each year will be computed in accordance with the following schedule:
Employer base contributions vesting schedule
| Years of Service as of End of Plan Year | Contributions as a % of Compensation |
|---|---|
| Less than 5 years | 1.0% |
| 5 - 9 years | 1.5% |
| 10 - 14 years | 2.5% |
| 15 - 19 years | 3.5% |
| 20 years and above | 4.5% |
2. Matching contribution
In addition, Alverno Provena will match dollar for dollar on the first 3% of your pay that you defer; plus, $.50 on each dollar that you defer that is over 3% but less than or equal to 5% of your pay.
To be eligible for employer contributions, you must be at least 21 years of age, have completed one year of service and work 1,000 hours in a payroll calendar year.
Stop/change contributions
You may stop your contributions anytime. Once you discontinue contributions, you may only start again as administratively feasible.
You may change your Salary Reduction Contribution rate at any time to:
Increase or decrease your rate of savings, or
Suspend your Salary Reduction Contributions.
Any change you request will take effect as of the next pay period. These changes can be made by calling the Client Care Center at 1.800.448.2542 between 8:00 am and 9:00 pm Eastern Time, Monday through Friday.
Vesting
Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions and rollover contributions, plus any earnings they generate.
1. Base contribution
The vesting for your base contribution will be computed in accordance with the following schedule:
Base contribution vesting schedule
| Years of Service as of End of Plan Year | Vested Percentage |
|---|---|
| Less than 2 years | 0% |
| 2 | 20% |
| 3 | 50% |
| 4 | 60% |
| 5 or more years | 100% |
2. Matching contribution
You are 100% vested in your matching contributions that Alverno Provena Hospital Laboratories, Inc. makes on your behalf, plus any earnings they generate.
Investment choices
You decide how to invest your plan accounts, selecting from investment choices provided under the plan, as determined by Alverno Provena Hospital Laboratories, Inc.
Withdrawals
You can withdraw vested money from the plan in these events:
Your attaining age 59½
Death
Disability
Severance from employment
Income taxes are payable upon withdrawal and federal withdrawal restrictions and a 10% federal tax penalty may apply to early withdrawals prior to age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan accounts.
Qualified Distributions from Roth accounts
Qualified distributions from Roth accounts are tax-free if account is held for five years and
distrbution is after attainment of age 59½ or
death or disability
In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:
- Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
- Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
- Age 70 ½ if you were born before July 1, 1949.
Loans
The plan is intended to help you put aside money for your retirement. However, Alverno Provena Hospital Laboratories, Inc. has included a plan feature that enables you to access money from the plan tax free without permanently reducing your account.
The amount the plan may loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.
Loans may only be taken from salary deferrals, rollovers and earnings on those amounts.
The minimum loan amount is $1,000.
All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.
You may have two loans outstanding at a time.
You pay interest back to your account. The interest rate on your loan will be Prime Rate plus 1%.
A $50.00 processing fee for all new loans and a $30.00 per year maintenance fee are charged to your account.
Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if you are under age 59½.
Upon your termination from Alverno Provena Hospital Laboratories, Inc., any outstanding loans you may have must be repaid in full within 30 days of your termination.
Other requirements and limits must be met prior to borrowing money from your accounts. For additional information regarding loans, please see your financial professional at Corebridge Retirement Services. Refer to the Summary Plan Description for more details about the participant loan feature.
You can withdraw vested money from the plan in these events:
Your attaining age 59½
Death
Disability
Severance from employment
Income taxes are payable upon withdrawal and federal withdrawal restrictions and a 10% federal tax penalty may apply to early withdrawals prior to age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan accounts.
Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.
An array of investment choices
The mutual funds available in your 401(k) retirement plan will provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
View the entire list of funds -- and their historical performance -- available to Alverno Provena Hospital Laboratories, Inc. plan participants.
To view or print a prospectus, access, “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1.800.428.2542.
RO2767020(03/2023)