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.
Participation in the plan is open to all eligible employees.
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:
Employer Contribution provisions may vary depending on whether you are a Union or Non-Union employee. Please contact your HR administration team with any questions.
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 may be subject to vesting. Please contact your HR administration team with any questions.
Withdrawals
Money can be withdrawn from the plan in these events:
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:
Loans
Tax-free loans make it possible for you to access your account without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal tax penalty if you are under age 59½.
Please note, you may only have one active loan outstanding at a time.
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)