403(b)/401(a) plans
Welcome to your 403(b) and 401(a) retirement plans. Click below to view the features and highlights of your employer’s retirement plans.
Note: 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 document control.
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Your contributions
You are immediately eligible to make pretax deferrals to the 403(b) plan and Roth after-tax deferrals.
Employer contributions
Based on your pretax or Roth after-tax deferrals to the 403(b) plan, and upon reaching of age 21 and 1,000 hours of service, you are eligible to receive a Meadville Medical Center employer contribution in the 403(b) plan.
Starting early has its advantages
EMPLOYEE CONTRIBUTIONS
Generally, you may contribute as much as 100% of your annual includible compensation up to the maximum percentage allowed by the Internal Revenue Code. You may increase or decrease the amount you contribute to the plan as often as Meadville Medical Center allows.
Catch-up contributions
You may be able to contribute up to:
If eligible for both catch-up contributions above, additional contributions are first counted as part of the 15-year catch-up.
Stop/change contributions
You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to plan provisions. In the meantime, your account will continue to have an opportunity to grow on a tax-deferred basis. Please allow one payroll cycle for processing.
EMPLOYER CONTRIBUTIONS
401(a) annual employer contributions
When you meet the eligibility requirements and are employed on the last day of the plan year (12/31), Meadville Medical Center intends to make the following contributions.
Please note that the contribution amount is discretionary but participants are divided into rate groups based on service.
Basic Employer Contribution (Profit-Sharing) to your 401(a) account:
| Years of service | Percentage of your compensation |
|---|---|
| 0 - 4 | 1% |
| 5 - 9 | 1.5% |
| 10 - 14 | 2% |
| 15 - 19 | 2.5% |
| 20 - 24 | 3.5% |
| 25 + | 4.5% |
403(b) plan matching contributions
When you meet eligibility requirements, your employer will match a percentage of your contributions to your 403(b) account as detailed below.
Matching contributions
| Your contribution percentage | Employer matching contribution |
|---|---|
| Up to 6% | 50% |
| > 6% but no more than 7% | 100% |
Vesting
You are always 100% vested in your own contributions and any employer matching contributions in your 403(b) plan.
You will be vested in your Meadville Medical Center Profit-Sharing contributions according to the following schedule. You must work 1,000 hours each plan year to be credited with a year of vesting service.
| Years of service (1,000 hours) | Vesting percentage |
| Fewer than 3 | 0% |
| 3 or more | 100% |
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
Withdrawals
Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ might be subject to federal restrictions and a 10% federal early withdrawal tax penalty.
Generally, depending on plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:
- Retirement or severance from employment
- Your death
The following are events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:
- Severance from employment at or after age 55
- Your death
- Taking substantially equal payments after severance from employment for a period of five years or reaching age 59½, whichever is later
- Qualified birth or adoption withdrawal within one year from the date of birth or adoption (not subject to the 10% early withdrawal penalty)
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 distributions
In certain instances, your 403(b) plan may allow for hardship distributions. Call the Meadville Medical Center Retirement Plan Services Center at 1.800.448.2542 for more details.
Distribution options
You can choose from many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your 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 [installments only available in 403(b) plan]
- Taking a lump-sum distribution
- Choosing one of the many annuity options available from AIG Retirement Services
- Deferring distributions until a later date, allowing your account to continue to grow tax-deferred (Required Minimum Distributions apply)
Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal tax penalty for early withdrawal may apply to distributions taken prior to reaching age 59½.
In the event that a lifetime income investment option will no longer be permitted in the plan, the lifetime income investment option may be directly rolled over to an IRA or other eligible retirement plan in the 90-day window prior to the date of such elimination from the plan. This would be permitted even though the participant is not otherwise entitled to a distribution.
Consult your financial professional for more specific information.
Loans
Loans, which are permitted from the 403(b) plan, make it possible for you to access your account, subject to certain limitations, 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 early withdrawal tax penalty if you are under age 59½.
An array of investment choices
Performance
The wide array of mutual fund options available in your 403(b) and 401(a) retirement plans will 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.
A 1281706(10/2023)