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

The biggest advantage our Retirement Savings Plan offer is, that once you become eligible to begin using the 401k, you are 100% vested!

With the 401k, whatever we match, you get that money and it stays in your 401k the day it goes into the account.  Here are just a few more advantages to the 401k:

 

• Salary Deferral: 100% of eligible compensation up to a maximum of $12,000. 

• Matching: 100% up to 3% of eligible compensation, up to a maximum of $12,000.

• For 2013, participants who have attained the age of 50 may contribute an additional $2,500 as a catch-up contribution. For subsequent years, the catch up contribution amount is indexed for inflation.

 

Eligibility

You are eligible for the 401k after 90 days. 

 

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 However, the additional tax is increased to 25% if the funds are withdrawn within two years of beginning participation.

Deadlines

The deadline to establish a 401k is October 1st in the year for which the plan is to be effective. In addition, there is a requirement to provide a summary description of the 401k plan at least 60 days prior to the beginning of the plan year (usually November 1).

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