401(k) plan
Plan details
Welcome to the CarePoint Health 401(k) retirement plan website. Click below to view the features and highlights of your employer’s retirement plan.
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.
Take advantage today
Participation in the plan is open to all eligible employees of Bayonne Medical Center; HUMC Opco LLC; CarePoint Health Management Associates, LLC; McCabe Ambulance Services, Inc.; Cover Health - NJ, Clover Health - CA; Quality Care and Christ Hospital.
Starting early has its advantages
Employee contributions
Through payroll deduction, you can make pretax contributions and/or Roth after-tax contributions up to the maximum percentage allowed by the Internal Revenue Service.
Catch-up contributions
Rollovers or transfers
If you have an existing qualified retirement plan (pretax) account with a prior employer, you can transfer or roll over that account into the plan anytime.
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.
Stopping and changing contributions
You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan. You can increase or decrease the amount of your contributions anytime.
How does CarePoint Health contribute to the plan?
The plan also provides for CarePoint Health to make contributions:
- An employer discretionary match on deferrals in an amount to be determined by CarePoint Health on an annual basis
- An employer discretionary contribution determined on an annual basis by CarePoint Health
You must work at least 1,000 hours in the plan year to receive these contributions.
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. Employer contributions to the plan, plus any earnings they generate, are vested as follows:
Vesting schedule
| Years of Vesting Service | Vesting Percentage |
|---|---|
| Less than 1 | 0% |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 or more | 100% |
Accessing your money
Withdrawals
Money can be withdrawn from the plan in these events:
- Retirement
- Death
- Disability
- Severance from employment
- In-service withdrawals from fully vested accounts upon attaining age 59 ½
Income taxes are payable upon withdrawal and federal restrictions and a 10% federal early withdrawal penalty may apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
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.
An array of investment choices
The following mutual funds and the Fixed-Interest Option are available in your retirement plan. They provide you with the flexibility you need to help create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
You decide how to invest your plan account, selecting from investment choices provided under the plan, as determined by CarePoint Health. You may change your investment choices anytime.
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)