403(b)/401(a) plan
Plan details
Welcome to your 403(b)/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.
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Eligibility
All employees are immediately eligible to participate in the 403(b) plan.
The plan allows participation in the 401(a) employer matching contributions portion of the plan after one year from hire date and if employees are age 18 or older.
Contributions
Employee contributions
All employees are immediately eligible to make employee contributions in the 403(b) retirement plan. Generally, you may contribute up to the maximum IRS contribution limit.
Employer contributions
The plan also provides for Baxter Regional Medical Center to match your 403(b) contributions. The employer contributions are deposited into the 401(a) plan. Employees become eligible for employer matching contributions after one year of service. The employer match is as follows:
- 100% matching funds on the first 2% of compensation
- 50% matching funds on the next 4% of compensation
- Eligible employees contributing 6% of pay will receive the maximum 4% match
Catch-up contributions
If you are age 50 or older and make the maximum allowable deferral to your plan, you are entitled to contribute an additional "age-based" catch-up contribution. In addition, if you have accumulated 15 or more years of service and have undercontributed in prior years, you may contribute an additional "service-based" catch-up contribution. The maximum catch-up contributions are below.
If you are eligible for both, you may combine the age-based and service-based catch-up contributions to save more.
Vesting
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 vested as follows:
401(a) Employer Contributions Vesting
| Years of Service | Vesting Percentage |
|---|---|
| Less than 3 | 0% |
| 3 or more | 100% |
Accessing your money before retirement
Withdrawals
You may withdraw funds from the plan upon the following events:
Attainment of age 59½
Separation from service or retirement
Death
Income taxes are payable upon withdrawal and federal restrictions and a 10% federal tax penalty may apply to withdrawals prior to age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
An early withdrawal penalty does not apply in certain circumstances such as:
Attainment of age 59½
Death or disability
Separation from service at age 55 or older
Substantially equal periodic payments over life expectancy taken for a period of five years or attainment of 59½, whichever is longer.
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 voluntary contributions. 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, or
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.
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.
An array of investment choices
The mutual funds available in your 401(a) and 403(b) retirement plans will help 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.
View the entire list of funds -- and their historical performance -- available to Baxter Regional Medical Center plan participants.
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)