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 However, the additional tax is increased to 25% if the funds are withdrawn within two years of beginning participation.

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How to Establish a 401k with Summit Medical Staffing:​

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• ​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.

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