401(k) plan details
Plan features
Welcome to the Titusville Area Hospital 401(k) 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
Participation in the plan is open to all eligible employees who have met the following requirements:
- Attained age 18
- Completed one year of service, as defined by the plan.
Starting early has its advantages
Employee contributions
Through payroll deduction, you can make pre-tax contributions up to the maximum percentage allowed by the Internal Revenue Code. An Internal Revenue Service (IRS) dollar limit also applies.
Rollovers or transfers
If you have an existing qualified retirement plan (pre-tax) account with a prior employer or hold a traditional IRA account, 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.
Catch-up contributions
You may be able to contribute up to an additional:
Stop or change contributions
You may stop your contributions anytime. 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 anytime.
Employer contributions
The plan also provides for Titusville Area Hospital to make contributions.
- Titusville Area Hospital will make matching contributions of 20% of your employee deferrals up to 2.5% of compensation.
- Titusville Area Hospital will also make a 2% profit sharing contribution which will be allocated among all eligible employees whether or not they make contributions to the plan.
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, and rollover contributions, plus any earnings they generate. Employer contributions to the plan, plus any earnings they generate, are vested as follows:
Employer Matching Contributions
| Years of Vesting Service | Vesting Percentage |
| Less than 1 | 0% |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 or more | 100% |
Profit-Sharing Contributions
Years of Vesting Service
| Vesting Percentage
|
| Less than 1 | 0% |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 | 100% |
Accessing your money
Withdrawals
Money may be withdrawn from the plan in these events:
- Attainment of age 59½
- Death
- Severance from employment
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.
Loans
The plan is intended to help you put aside money for your retirement. However, Titusville Area Hospital 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 the lesser of: one-half of your vested account balance or $50,000.
- The minimum loan amount is $1000.
- All loans must generally be repaid within five years. A longer term of 15 years may be available if the loan is to be used to purchase your principal residence.
- You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%.
- 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
The wide array of mutual fund options available in your 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.
A 1281707 (10/2023)