401(a) plan
Welcome to your 401(a) retirement 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.
Participation in the plan is open to:
- All employees not otherwise excluded
The plan does not allow participation by:
- Leased employees excluded from employer matching
- Contract employees excluded from employer matching
- Employees not classified as Emergency Physicians (excluded for 414(h) and match)
Participation in the plan is open to all eligible employees who have met the following requirement[s]: Attained age 18 Completed 1 year of service, as defined by the plan.
How do I contribute to the plan?
Non-elective in the amount of $840/per pay starting July 1, 2009.
If you have an existing qualified retirement plan (pre-tax) account with a prior employer, you can transfer or roll over that account into the plan anytime.
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.
Can I stop or change my contributions?
You may not stop as this election was irrevocable.
How does Public District Hospital No.1-A of Whitman county contribute to the plan?
The plan also provides for Public District Hospital No.1-A of Whitman County to make contributions. Public District Hospital No.1-A of Whitman County will also make matching contributions equal to 100% of your pre-tax contributions up to 5% or $5,000 of eligible compensation . The match benefits all eligible employees.
How do I become "Vested" in my plan account?
Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions, and rollover contributions, plus any earnings they generate. Employer contributions to the plan, plus any earnings they generate, are fully and immediately vested.
When can money be withdrawn from my plan account?
Money can be withdrawn from the plan in these events:
- Your retirement
- Severance from employment
- Your attaining age 59½
- Death
- Disability
Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal penalty may apply if taken before age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
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.
An array of investment choices
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.
RO 2767020 (3/2023)