401(k) plan
Welcome to your 401(k) retirement plan. Click below to view the features and highlights of your employer’s retirement plans.
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.
Take advantage today
Participation in the plan is open to all eligible employees who have met the following requirements:
- Reached age 21
- Completed one year of service, as defined by the plan
Starting early has its advantages
Employee contributions
You will automatically be enrolled in the plan and make pretax contributions of 4% of your eligible pay, unless you change or stop your contributions.
Your plan allows you to make pretax and/or after-tax contributions up to the maximum percentage allowed by the Internal Revenue Code. You can direct all of your contributions to a traditional pretax account, to a Roth account or to a combination of the two. Contributions to a Roth account are after-tax.
Stop or change contributions
You may stop your contributions at the beginning of each payroll period. Once you discontinue contributions, you may only start again as provided under the terms of the plan.
You can increase or decrease the amount of your contributions at the beginning of each payroll period.
Employer contributions
The plan also provides for Anesthesia Associates of Boise, P.A. to make contributions.
- The plan also provides for discretionary matching contributions on salary deferrals in an amount to be determined by Anesthesia Associates of Boise, P.A. on an annual basis. The match benefits all eligible employees.
- The employer has the discretion to vary the matching contributions annually.
- Anesthesia Associates of Boise, P.A. can also make profit-sharing contributions at its discretion, which will be allocated among all eligible employees whether or not they make contributions.
Vesting
Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in employee contributions, plus any earnings they generate.
Employer matching contributions and profit-sharing contributions to the plan, plus any earnings they generate, are vested as follows:
Vesting schedule
| Years of service | Vesting percentage |
|---|---|
| After 1 year | 0% |
| After 2 years | 20% |
| After 3 years | 50% |
| After 4 years | 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
As an active, in-service employee, money can be withdrawn from the plan in these events:
- Hardship
- Under Qualified Reservist rules
- In-service withdrawal of attainment of age 60 and normal retirement age
After-tax and rollover funds are available at any tiime.
As a former, terminated employee, money can be withdrawn from the plan in these events:
- Your retirement
- Disability
- Death
Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal tax 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.
Hardship withdrawals
If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your deferral account only. A hardship may include:
- Purchase of a principal residence
- College tuition and approved related expenses for you, your spouse or dependents
- Non-reimbursable medical and/or dental expenses for you, your spouse or dependents
- Payment to prevent eviction from or foreclosure on your principal residence
- Payment for burial or funeral expenses for your deceased parent, spouse, or children
- Payment for expenses for the repair of your principal residence
If you feel you are facing a financial hardship, you should see your financial professional for more details.
Loans
The plan is intended to help you put aside money for your retirement. However, Anesthesia Associates of Boise, P.A. has included a plan feature that enables you to access money from the plan.
- The amount the plan can loan to you is limited by rules under the tax law.
- All loans will be limited to 50% of your vested account balance, not to exceed $50,000.
- The minimum loan amount is $1,000.
- All loans must be repaid within five years.
- You can have one loan outstanding at a time.
- A $50.00 processing fee for all new loans and a $30.00 per year loan maintenance fee are charged to your account.
Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional. Refer to the Summary Plan Description for more details about this participant loan feature.
An array of investment choices
Performance
The wide array of mutual fund options available in your 401(k) retirement plan 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.
RO2767020(03/2023)