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About the plan

Get to know the details and benefits of your plan, and explore ways to make it work harder for you.

We want to help you build a solid financial future.

Your plan is available exclusively to this organization. Once you’ve joined the plan, you can easily and conveniently access your account information at any time. Sign up today by registering your account, Opens in new window and you’re on your way.

Want to learn more about your plan? The plan highlights provide information about contributions, vesting, distribution options, and more.

Plan information
Topic Details
ELIGIBILITY

You are immediately eligible to enroll in the plan.

ENROLLMENT

Your enrollment in the plan is automatic, unless you actively enroll or decline participation within 30 days following your plan entry date.

TYPES OF CONTRIBUTIONS You can make traditional pre-tax contributions, Roth after-tax contributions, or a combination of both.
YOUR CONTRIBUTIONS You can contribute from 1% to 75% of your annual pay, up to the IRS limit of $19,500 in 2021. If you will be at least 50 years old in 2021, you are also eligible to make an additional catch-up contribution of $6,500 per year. If you are automatically enrolled, your contribution rate will be 3% and your contribution will be invested in an age‑appropriate GoalMaker® portfolio with an assumed retirement age of 62, unless you make a change.
COMPANY CONTRIBUTIONS Discretionary company match and non-elective contributions may be made on your behalf. View the Prisma Health 401(a) section below for more details.
CONTRIBUTION ACCELERATOR Your contribution rate will automatically increase by 1% annually until it reaches 10% of your pay. You can make changes or opt out of the Contribution Accelerator feature at any time.
VESTING

You are always fully vested in your own contributions. You are also immediately fully vested in Prisma Health's discretionary matching contributions.

Employer non-elective contributions are fully vested after working at least 1,000 hours in three different plan years.

LOANS Both general purpose and primary residence loans are permitted. See the SPD or call Prudential Retirement® for details.
FEES

There will be an annual account fee of $10 deducted from your account.

IN-SERVICE WITHDRAWALS Footnote: Withdrawals, except for qualified distributions from a Roth 401(k), are generally taxed at ordinary income tax rates. Amounts withdrawn before age 59½ may be subject to a 10% federal income tax penalty, applicable taxes and plan restrictions. Qualified Roth distributions are federally tax-free, provided the Roth account has been open for at least five tax years and the owner has reached age 59½, has died or has become disabled. Qualified Roth distributions may be subject to state and local income tax. End footnote.

Upon attainment of age 59½, you are entitled to withdraw all or a portion of your 403(b) deferral account balance.

HARDSHIP WITHDRAWALS Footnote: The total amount of the withdrawal may not be more than the amount required to meet your immediate financial need; however, you may have the option to &ldqup;gross up” the amount you receive to cover taxes. You may want to consult with a tax professional before taking a withdrawal from the plan. End footnote. While employed, you may take a withdrawal request due to a financial hardship, within plan restrictions.
LEAVING PRISMA HEALTH

If your employment ends, or you retire, become permanently disabled, or die, you or your beneficiary will have decisions to make regarding your vested account balance. Options may include making a lump-sum or systematic distribution, leaving your money in the plan, and moving or “rolling over” the money to another qualified plan. It is important that you understand your options before making a decision. In some instances, if you do nothing, Prudential will act according to plan instructions.

PRISMA HEALTH 401(a) PLAN

This plan receives a discretionary employer matching contribution, plus the 3% employer non‑elective contribution. The discretionary employer match will depend on Prisma Health’s financial performance during the previous fiscal year. The amount may be 0% to 3%.

Plan information
Topic Details
ELIGIBILITY

You are immediately eligible to enroll in the plan.

ENROLLMENT

You may enroll at any time.

YOUR CONTRIBUTIONS You can contribute a minimum of $5 per pay period, up to the IRS limit of $19,500 in 2021. If you will be at least 50 years old in 2021, you are also eligible to make an additional catch-up contribution of $6,500 per year.
COMPANY CONTRIBUTIONS Discretionary company match and non-elective contributions may be made on your behalf. View the Prisma Health 401(a) section below for more details.
VESTING

You are always fully vested in your own contributions. You are also fully vested in your discretionary matching contributions immediately. Non-elective contributions have a different vesting schedule. Full vesting is obtained after working 1,000 hours within three plan years.

FEES

There will be an annual account fee of $10 deducted from your account.

LOANS Both general purpose and primary residence loans are permitted.
IN-SERVICE WITHDRAWALS Upon attainment of age 59½, you are entitled to withdraw all or a portion of your 457(b) deferral account balance.
UNFORESEEABLE EMERGENCY WITHDRAWALS Footnote: The total amount of the withdrawal may not be more than the amount required to meet your immediate financial need; however, you may have the option to “gross up” the amount you receive to cover taxes. You may want to consult with a tax professional before taking a withdrawal from the plan. End footnote. You can withdraw money from your account in certain emergency situations—as defined by your plan.
LEAVING PRISMA HEALTH

If your employment ends, or you retire, become permanently disabled, or die, you or your beneficiary will have decisions to make regarding your vested account balance. Options may include taking a lump-sum or systematic distribution, leaving your money in the plan, and moving or “rolling over” the money to another qualified plan. It is important that you understand your options before making a decision. In some instances, if you do nothing, Prudential will act in accordance with plan instructions.

PRISMA HEALTH 401(a) PLAN

This plan receives a discretionary employer matching contribution, plus the 3% employer non‑elective contribution. The discretionary employer match will depend on Prisma Health’s financial performance during the previous fiscal year. The amount may be between 0% and 3%.

Plan information
Topic Details
ELIGIBILITY

This plan is available to a select group of executives and physicians making over $135,000 in salary per calendar year. Individuals will be notified, if eligible, upon hire or in the following plan year.

ENROLLMENT FREQUENCY

First calendar month following receipt of eligibility offer. Mid-month entry for new employees may be allowed. The first of the following month is when all other contribution changes can be made.

DEFERRAL AMOUNTSFootnote: Contributions do not reduce your Social Security taxes or benefits and may not exceed the maximum allowable limits. These limits are set by federal tax law and may be adjusted annually. End footnote.
  • Your deferral must be a dollar amount.
  • The IRS maximum limit for employer and employee contributions in 2021 is $19,500.
FREQUENCY OF CHANGES
  • The first of the following month is when contribution changes can be made.
  • Establish your future investment allocations, and exchange investments at any time.
OWNERSHIP OF ASSETS

Contributions to the plan, including any attributable income resulting from your deferrals, are the property of the employer and subject to the claims of their general creditors until withdrawn.

LOANS

Not permitted.

UNFORESEEABLE EMERGENCY WITHDRAWALS You can withdraw money from your account in certain emergency situations. Please call Prudential Retirement® for details.
FEES There will be an annual account fee of $10 deducted from your account.
DISTRIBUTION OPTIONS
  • Distribution of your account will be made annually beginning 60 days after year-end.
  • Other methods of distribution include:
    • Lump sum
    • Installments over a period not exceeding life expectancy
    • A direct transfer to another 457(b) plan of a tax exempt employer
  • A commencement date must be chosen within 60 days of the end of the year in which employment terminates.
  • Distributions cannot be delayed past April 1 in the calendar year following the latter of attainment of age 72 or separation from employment.
TAXES APPLIED TO DISTRIBUTIONS Footnote: The taxable portion of any disbursement is subject to federal income tax at the investor’s personal federal income tax rate. State and local income taxes may also be due on funds you receive. This information has been provided for your benefit and is not intended or designed to be tax advice. Please consult with a tax advisor for further clarification. End footnote.

You will elect your tax withholding by completing an IRS W-4 form.

IN THE EVENT OF DEATH

Your account balance is paid to your beneficiaries, who are responsible for all taxes. If you don’t name a beneficiary, your account balance is paid to your spouse; otherwise, your children by representation; otherwise, your legal heirs. Call Prudential Retirement for details.

Plan features: Ways to help you save

Asset allocationGoalMaker—Strategies to support your unique investing style

You can help take the guesswork out of choosing an investment mix. Just answer three questions to find a portfolio that’s right for you.

Log in to start using GoalMaker

Increase contributionsContribution Accelerator—Simple, consistent, automatic saving

You can build your account balance by increasing your contributions each year. Use this tool if you’d like to schedule an annual increase.

Log in to use the Contribution
Accelerator

Easy enrollmentAuto-Enroll—You’re set to go

The sooner you start saving for retirement, the more you’re likely to save. With Auto-Enroll, you’re already on your way.

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Save paper, save timeE-Delivery—Safe, secure and green

Receive your statements and other account documents electronically by using our safe, secure E-Delivery service. Log in to select this option.

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Prisma Health Retirement Savings Plan Plan Resources & Quick Actions

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