What Happens When It Has Been a Year Till You Can Work for Inova Again

Taking steps to ensure your current and future financial security is an important part of your overall well-being. The Retirement Savings Programme (401(thou)) helps you prepare for retirement by offering an piece of cake, revenue enhancement-advantaged manner to save for your future fiscal needs.

Company match.

Inova will make a matching contribution on the first 5% of pay you contribute.

Current tax savings.

Yous'll pay less in income taxes when you make pre-tax contributions.

Wide range of investment choices.

Cull how and where to invest your coin from Target Appointment Funds based on your expected retirement engagement to portfolio management services.

Convenient payroll deductions.

The Retirement Savings Program (401(thou)) makes it easy to salve consistently for your hereafter.

Yous are immediately eligible to contribute upon your appointment of rent. If you lot don't take any enrollment action within 60 days of becoming eligible — either by enrolling or opting out — you volition be automatically enrolled, and 5% of your eligible pre-tax pay will be invested in the Target Date Fund that near closely matches your retirement date, based on an assumed retirement historic period of 65. Your auto-enrollment volition also include the auto-escalate program. This programme increases your contribution percentage each year by 1% until yous accomplish x%.

Y'all may alter your contribution charge per unit and investment elections at any time past visiting the Fidelity Investments website or calling 1-877-694-6682.

Enroll in the programme

Go started by visiting the Fidelity Investments website to view plan details and admission forms and documents.

Cheque your progress

Log in to your Fidelity Investments account to run into your rest and use planning tools and calculators.

Make updates

Easily alter your contribution rate, investment selections, or casher on the Fidelity Investments website.

You may contribute to your plan account between 1% and 50% of your eligible pay, up to the annual IRS limits. In 2022, the IRS limits permit y'all to contribute upwards to:

• $20,500 if y'all are under age 50
• $27,000 if you are age 50 or older this yr (which includes an additional $6,500 in catch-up contributions.)

These limits include your pre-revenue enhancement contributions and Roth post-revenue enhancement contributions for the Retirement Savings Plan (401(k)) and 403(b) Plan combined.

Pre-tax contributions

The coin goes into your account before taxes are deducted, and so yous keep more of your take-habitation pay.

Then, you'll owe taxes on both your contributions and any investment earnings when you lot withdraw your money in retirement (when you may be in a lower income tax bracket).

Roth postal service-tax contributions

The coin goes into your business relationship after taxes are withheld. Then, both your contributions and any associated earnings can exist withdrawn tax-gratuitous in retirement with no tax or penalty.*

*In order for Roth earnings to be withdrawn taxation-gratis, you must meet these ii requirements:

• At to the lowest degree v years have elapsed since your first Roth contribution.
• You are at least 59½ or the withdrawal follows death or total disability.

Catch up!

It'due south non besides late to make up for lost fourth dimension. If you'll be l or older this yr, accept advantage of the opportunity to contribute up to an additional $6,500 in grab-up contributions.

To assist yous accomplish your retirement planning goals, Inova will too contribute to your business relationship!

Inova matches 100% of your pre-revenue enhancement and Roth mail service-tax contributions to the plan, up to five% of your eligible pay, to back up your retirement saving efforts. The maximum matching contribution is capped annually based in the IRS limit of eligible pay.

Try to contribute at least v% to take full reward of the match — otherwise, you're leaving free coin on the tabular array. Log in to your Fidelity Investments account to increase your contribution rate. Don't forget! If you lot auto-enroll in the Retirement Savings Plan (401(k)), your contribution volition increase by 1% each year until y'all attain 10%.

Vesting is some other mode of maxim "how much of the money is yours to continue if y'all get out the company."

You are e'er 100% vested in your ain contributions, including whatever investment gains and losses on the money. You get vested in visitor contributions based on the following schedule:

Your years of service	Your vested percentage
Less than 3	0%
3 or more	100%

For team members working for a non-profit entity within the visitor, a 403(b) Plan is available to assist y'all fix for retirement in an easy, tax-advantaged way. Eligible team members at whatsoever compensation level may contribute to 403(b) Program, withal, if you are a highly compensated employee nether IRS rules ($135,000 for 2022), you may wish to defer amounts beyond 5% of pay to this plan. This is considering a 403(b) Plan is not subject to the IRS rules requiring the refund of deferrals to highly compensated employees if their aggregate average deferrals exceed those for other employees by more than ii%.

The 403(b) Programme offers similar investment options to the Retirement Savings Programme (401(k)). The main difference betwixt the Retirement Savings Plan (401(one thousand)) and the 403(b) Program is that the 403(b) Plan does not receive company-matching contributions.

Y'all may contribute to your plan account betwixt 1% and 50% of your eligible pay, upward to the almanac IRS limits. In 2022, the IRS limits permit you lot to contribute upwardly to:

• $20,500 if you are under age 50
• $27,000 if y'all are age 50 or older this year (which includes an additional $6,500 in catch-up contributions.)

These limits include your pre-tax contributions and Roth postal service-tax contributions for the Retirement Savings Plan (401(1000)) and 403(b) Plan combined.

Information technology's of import to designate a beneficiary to receive the value of your retirement accounts in the event you die before beginning to receive your do good. As personal circumstances change, be sure to continue that information upwards to date. Visit the Fidelity Investments website to add or change a beneficiary.

The coin in your account is intended every bit a long-term investment to help y'all prepare for your financial needs in retirement. However, under certain circumstances, you may be able to admission money from your business relationship before reaching retirement age. For more information, visit the Fidelity Investments website or call 1-877-694-6682.

Recall before yous act

If you lot're considering taking a withdrawal or loan from your plan account, be sure to think nigh the impact it may have on your financial hereafter.

• Taking money from your account now may lead to a smaller savings balance when yous retire.
• Non simply are you taking coin away from your retirement savings, simply the burden of repaying the loan may make it even harder to go dorsum on runway.
• If you have a program loan, you'll also lose more money to taxes because the interest payments on your loan are made with money that has already been taxed, and it volition be taxed over again when withdrawn from your business relationship.
• If y'all withdraw pre-taxation money from your programme account, in addition to paying current taxes on the money, y'all may take to pay an additional x% penalty tax if you are younger than age 59½ (or, age 55 if you take retired or left the company).

Accept an agile role in your retirement planning by using these tools and resources.

Before investing, carefully consider the funds' or investment options' objectives, risks, charges, and expenses. Phone call 1-877-694-6682 for a prospectus and, if available, a summary prospectus, or an offer round containing this and other information. Please read them carefully. Investing involves adventure, including the take chances of loss.

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Source: https://www.myinovabenefits.org/Income-Protection/Retirement

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