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401(a) plan

Plan details

Welcome to your 401(a) Pension 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.

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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.

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.

Hardship withdrawals

If you are 100% vested in your account, you may request a financial hardship distribution for purchase of a primary residence, prevention of eviction or foreclosure, tuition expenses and non-reimbursed medical expenses. For more information regarding specific hardship withdrawal provisions, call Corebridge Financial Retirement Services at 1.800.448.2542.

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.

Loans

Loans are not allowed from this plan.

Performance

You decide how to invest your plan account. The following funds are available in your retirement plan. They 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.
 

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)