(NOTE: THIS PLAN WAS FROZEN TO NEW CONTRIBUTION ON JANUARY 1, 2014 – 2% NON-ELECTIVE CONTRIBUTION FROM PINNACLEHEALTH NOW GOES TO THE TSAT PLAN)
Pinnacle Health System Retirement Investment Account (RIA)
SUMMARY OF KEY FEATURES
The Pinnacle Health System Retirement Investment Account (RIA) is part of the PinnacleHealth Retirement Program—and it supplements the benefits of your primary retirement savings vehicle, the Pinnacle Health System Tax-Sheltered Annuity (TSAT) Plan. Together, these two Plans can help you build a more financially secure future. The RIA provides eligible employees with the opportunity to earn employer contributions, and to defer paying income tax on those contributions, along with any associated investment earnings, until they are withdrawn.
The Plan offers various investment options, which have been selected by PinnacleHealth. You decide where your employer's plan contributions should be allocated. Complete information about all the Plan's investment options is available in the Investment section of this website.
CHANGING INVESTMENT OPTIONS
You can select or change your investment options at any time.
OWNERSHIP OF ASSETS
"Vesting" is a technical term that refers to your ownership of the money in your account. You are 100% vested in your employer's contributions after three years of service with at least 1,000 hours of service in each of those years.
If your employment with PinnacleHealth ends – due to severance from employment, retirement, permanent disability, or death – you or your beneficiaries may choose to:
- keep your money in the Plan;
- roll it over to another qualified retirement plan;
- receive your account balance in the form of an annuity (An annuity pays you a regular income, usually monthly.);
- request other forms of payments, as allowed by PinnacleHealth.); or
- withdraw your money in a lump sum.
Please note that withdrawals and distributions are subject to income taxes and potentially a 10% federal income tax penalty if taken before age 59½.
Upon enrollment, you can designate a beneficiary or beneficiaries to receive any balance remaining at the time of your death. If you name someone other than your spouse as your beneficiary, your spouse must consent to your designation. You can change your beneficiary any time by visiting www.prudential.com/online/retirement.
TOOLS & RESOURCES
Online or on the phone, you have access to a wide variety of account management tools and educational resources from Prudential to help you plan for retirement, plus the personal attention of Larry Klesser, your onsite Retirement Counselor:
- Onsite Retirement Counselors. Contact Larry Klesser at 1-717-231-8006 or firstname.lastname@example.org OR Katie Calpin at 1-717-231-8391 or email@example.com.
- www.prudential.com/online/retirement Through Prudential's intuitive, user-friendly secure website, you can review your retirement program information, including account balances, research your investment options and perform transactions 24/7.
- Toll-free phone number—800-458-6333. You can obtain account information, get daily investment performance and perform transactions through your telephone keypad 24/7.
- Personal help. Participant Service representatives are available toll-free at 800-458-6333, Monday through Friday, 8 a.m. to 9 p.m. ET to answer questions about your account or assist you with transactions.
- Educational website—www.PreparewithPru.com Learn the fundamentals of saving and investing for retirement such as getting the most out of your Plan, asset allocation, and managing debt and credit in an interactive, multimedia approach.
Larry Klesser and Katie Calpin are Participant Service Associates at Strategic Retirement Group, a Registered Investment Advisor and not affiliated with Prudential.
This summary describes the features of the PinnacleHealth Retirement Investment Account (RIA). Should there be a conflict between this summary and the Plan Document, the Plan Document will be the final authority.
This information is designed to help you understand the potential advantages of tax-deferred savings and the specifics of how this plan works. We suggest that you and your personal financial and/or tax advisor carefully review this information to decide how this deferred compensation plan might fit into your financial planning strategies. Please note that Prudential Financial and its representatives are not tax advisors, financial planners and do not provide financial planning advice.
This Plan is administered by the Administrative Committee, which has discretionary authority to interpret and apply the Plan provisions, and make the rules necessary for its day-to-day operation.