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401(k) plan

Plan details

Welcome to your 401(k) Profit Sharing 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

Effective June 1, 2008, your 401(k) Profit Sharing Plan will no longer accept new contributions.

Starting early has its advantages

Contributions

Effective June 1, 2008, your 401(k) Profit Sharing Plan will no longer accept new contributions. Your before tax contributions will be deposited into the 457(b) Deferred Compensation Plan. McAlester Regional Health Center will make matching and discretionary contributions to the 401(a) Pension Plan. Please refer to the Plan Details on this web site for a description of the benefits offered under these plans. 

You may contact your financial professional at 800.892.5558 (ext 89501) or the Human Resources office at 918.421.8061 with any questions.
 

Employer contributions

Effective June 1, 2008, McAlester Regional Health Care will no longer make employer contributions to the 401(k) Profit Sharing Plan. Instead, McAlester Regional Health Care will make matching and discretionary contributions to the 401(a) Pension Plan. 
 

Vesting

Vesting refers to the length of service required for you to own the employer contributions deposited into your 401(k) Profit Sharing Plan account by McAlester Regional Health Care. A year of vesting service is any year in which you work at least 1,000 hours. Employer contributions to the Plan, plus any earnings they generate are vested as follows.

  • Less than 2 years - 0%
  • 2 years - 20%
  • 3 years - 40%
  • 4 years - 60%
  • 5 years - 80%
  • 6 or more years - 100%

You are always 100% vested in employee contributions and Safe-Harbor contributions, plus any earnings they generate.

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.

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
  • Attainment of age 59½.

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.

Loans

The Plan will temporarily freeze loans from plan assets. McAlester Regional Health Center has notified the IRS of the change from the 401(k) plan to the 457(b) Deferred Compensation Plan. Upon approval of the change, the funds will become available for distributions subject to the rules of the plan.

An array of investment choices

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)