Below are the important features about the plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your financial professional.
Eligibility
All Employees performing services for University Health are eligible to participate starting on the first day of the calendar month following commencement of employment.
Employee Contributions
Employee contributions under the Plan are made by participants through a pre-tax reduction in salary. Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.
University Health will deduct your contributions from your paycheck (before income tax) and forward it to Voya on a regular basis. Your contributions are invested in your choice of any combination of the investment options available through the plan (see Investment Options for a complete list).
Company Match Contributions
There is no employer match for the 403(b) Savings Plan.
Loans
Loans are not permitted.
Distributions allowed
Age 70 ½, severance from employment, hardship, withdrawal of rollover contribution amounts into the Plan, death disability or retirement.
You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options as well as mutual funds offered through a retirement plan before investing. The prospectuses/ prospectus summaries containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.