401(a) plan

Take advantage today

Eligibility

All McAlester Regional Health Center employees are immediately eligible to participate in the plan. 

Immediate participation

You are eligible for matching and discretionary contributions beginning your first day of employment.

Starting early has its advantages

Effective June 1, 2008, McAlester Regional Health Center will contribute matching contributions to this plan.

Employer contributions

McAlester Regional Health Center may contribute two different types of contributions (1) a matching contribution and (2) a discretionary profit-sharing contribution. 

Employer Matching Contributions

• Matching contributions are based on the level of your contributions to the 457 Deferred Compensation Plan.
• The level of employer matching contributions are not guaranteed and may change from time to time. 
  

Employer Discretionary Contributions 

• Employer discretionary contributions are not based on your contributions to the Deferred Compensation Plan. Each eligible person will receive the same percentage of compensation.
• Each year the board of directors determines the amount of the discretionary contributions that will be made to the plan. 

Vesting

Vesting refers to the length of service required for you to own the employer matching and discretionary money deposited into your account by McAlester Regional Health Center. You need to complete five years of vesting service to be vested in these contributions. A year of vesting service is any year in which you work at least 1,000 hours.

Accessing your money before retirement

Access to your contributions

In general, the money in your account may be distributed under any of the following circumstances:

• Separation from service
• Your retirement
• Your death
• Hardship withdrawals

Please remember that income taxes are payable upon withdrawal. Federal restrictions and a 10% tax penalty may apply to withdrawals prior to age 59½.

Loans

Loans are not allowed from this plan.