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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

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 However, the additional tax is increased to 25% if the funds are withdrawn within two years of beginning participation.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

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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