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Automatic enrollment for new teammates
To encourage saving for retirement, Navicent Health automatically enrolls new teammates and sets the contribution rate at 3% of eligible compensation. You may take full advantage of the Navicent Health match by increasing your contribution rate to 7%.

You may choose to withdraw contributions and earnings resulting from automatic enrollment within 60 days after the date the first contribution is made. 

To request a withdrawal, contact your local financial professional to complete and deliver a Permissible Withdrawal Form. 

Who can participate?
All teammates of the not-for-profit entities of the employer excluding: leased employees and employees covered by a collective bargaining agreement which included retirement benefits. 

Starting early has its advantages

Your contributions
Generally, you may contribute up to the maximum annual IRS contribution limit. You may increase or decrease the contribution amount in any pay period.

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Catch-up contributions
You may be eligible for an additional catch-up contribution.


2024 catch - up contributions

An additional $7,500 if you are age 50 or older.

Pretax or Roth after-tax 403(b) accounts
Navicent Health offers the choice of a traditional pretax 403(b) or Roth after-tax 403(b) account. You can save pretax, Roth after-tax or both as long as total contributions fall within the annual contribution limit. Unlike the traditional 403(b) where contributions are made pretax, contributions to a Roth account will be tax free if certain conditions are met.

Eligibility for allocation
To receive a discretionary base contribution a participant must be employed on the last day of the plan year and have been credited with the 1,000 hours of service during the plan year unless the participant has died, become disabled or retired. 

You are always 100% vested (have guaranteed rights to the full amount) in your own contributions. 

You become vested in the matching and base contributions made to your account after completing three years of service and being credited with 1,000 hours worked during each of the three years.

Account consolidation
You may be able to transfer your vested retirement account balance from a previous employer’s plan to the Navicent Health 403(b) Retirement Savings Plan. This can be an excellent way to simplify your financial profile and to ensure overall investments are suitably diversified and consistent with your investment preferences. However, before you make that decision, check to see if the other provider’s contract imposes surrender charges.

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

The 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. 

You may withdraw your account balance if you meet one of the following requirements:

  • Hardship (from your deferrals only)
  • Death or total disability
  • Are age 59½

Distribution options

The plan was established to encourage long-term savings, so withdrawals prior to age 59 ½ may be subject to federal restrictions and a 10% federal early withdrawal penalty.

Varied distribution options allow tailoring benefits to meet your individual needs. You may withdraw vested account balances if you meet one of the following requirements:

  • Retirement or severance from employment
  • Death or total disability

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.

Roth distributions

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after attainment of age 59½, death or disability.

Administrative expenses

An effective annual gross charge of $60 per participant will be assessed on mutual fund assets for which administrative services are provided. The charge may be offset by reimbursements from the mutual fund companies and the net charge each year may vary per participant.

Tax-free loans

Tax-free loans make it possible to access your account, subject to certain limitations, without permanently reducing your account balance. Defaulted loans will be taxed as ordinary income and may be subject to a 10% federal early withdrawal penalty if you are under age 59½.

RO 2767020 (3/2023)