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Our Tax Deferred Retirement Plan: 401k

Overview

Summit Medical Staffing is proud to offer this great tax deferred retirement plan, 401k. With our 401k, employees are permitted to make salary deferral contributions to the plan with a 3% match from Summit Medical Staffing. 

 

Advantages

  • Salary Deferral: 100% of eligible compensation up to a maximum.

  • Matching: 100% up to 3% of eligible compensation.

  • If you're age 50 or older, you're eligible for an additional $7,500 in catch-up contributions. For subsequent years, the catch up contribution amount is indexed for inflation.

 

Eligibility

You are eligible for participation in the 401k after 90 days of employment. 

 

Distributions

Distributions from a 401k generally are included as income for the year received. Withdrawals prior to age 59½ may be subject to a 10% additional tax. However, the additional tax is increased to 25% if the funds are withdrawn within two years of beginning participation.

 

 

How to Establish a 401k with Summit Medical Staffing:

  • Request the required paperwork to establish a 401k from your Career Representative.

  • Summit Medical Staffing will complete the Adoption Agreement and the Participation Notice & Summary Description.

  • The Participation Notice will be distributed to you the employee covered by the plan.

  • Each employee must complete a 401k Application and Salary Deferral Agreement.

  • All paperwork should be returned to your Career Representative.

Please email benefits@summitmedstaff.com for any and all questions. 

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