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401(a) plan

Welcome to the Cone Health 401(a) retirement plan. 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

You are eligible to receive contributions from Cone Health:

  • When you complete one year of service (12 months) and work 1,000 hours
  • On quarterly entry dates (1/1, 4/1, 7/1, 10/1)
  • Have to work the last day of the plan year (12/31)

Certain classes of employees are not eligible to participate in this plan:

  • Leased employees
  • Students performing services per Section 3121(b)(10)
  • Bargained employees
  • Independent contractors
  • Individuals paid by an unrelated third party
  • Nonresident aliens
  • “Common law” employees
  • Employees of Triad Laboratory Alliance, LLC
  • Certain participants excluded from the pension plan

Starting early has its advantages

Contributions

Cone Health expects to contribute 2% of plan-eligible pay to the 401(a) plan on your behalf.

The employer intends to make contributions annually to participants who complete a year of service (1,000 hours) and are actively employed on the last day of the plan year.

All employer contributions are made at the discretion of Cone Health System.

Vesting

Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in rollover contributions, plus any earnings they generate.

Employer contributions to the plan, plus any earnings they generate, are vested as follows. 


Vesting Schedule for Employer Contributions 
You become vested in 401(a) retirement plan contributions according to the following schedule (applicable for employees hired after January 1, 2003):

Less than 3 years - 0% 
3 years or more -  100%

Accessing your money before retirement

Withdrawal restrictions

Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ may be subject to federal restrictions and a 10% federal early withdrawal tax penalty.

Generally, depending on the plan’s provisions, you may withdraw your vested account balance if you meet one of the following requirements:

  • Turning age 59½
  • Retirement or severance from employment
  • Your death or total disability

The following are events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:

  • Turning age 59½
  • Severance from employment on or after age 55
  • Your death or total disability
  • Taking substantially equal payments for a period of five years or after age 59½, whichever is later

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.
Distribution options

Your plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on the plan provisions, your withdrawal options include:

  • Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers
  • Electing systematic or partial withdrawals
  • Taking a lump-sum distribution
  • Required minimum distributions as required by law

Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal tax penalty may apply to distributions taken prior to age 59½. Consult your financial professional for more specific information.

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

You decide how to invest all contributions among the mutual funds and the Fixed-Interest Option* offered under the Cone Health 401(a) Retirement Plan.

401(a) plan:

Remember, this plan represents a long-term investment. Investment values of the mutual funds you choose will fluctuate, and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than the original cost. Bear in mind that investing involves risk, including possible loss of principal.

* Policy Form series GFUA-398, a group fixed unallocated annuity issued by The Variable Annuity Life Insurance Company, Houston, Texas.

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.

RO 2767020 (03/2023)