You are eligible to make voluntary contributions to the Plan immediately.

Log on to Fidelity NetBenefits^® at www.netbenefits.com/vumc or call the Fidelity Retirement Service Center at 800.343.0860 to begin making voluntary contributions in the Plan.

Your enrollment becomes effective once you elect a contribution percentage for voluntary contributions, which initiates the deduction from your pay. The voluntary salary deductions will generally begin with your next pay period after we receive your enrollment information, or as soon as administratively possible.

If you become eligible for mandatory contributions and are not yet enrolled in the Plan, you will be automatically enrolled at that time. To learn about mandatory contributions to the Plan visit the VUMC HR website at https://hr.vumc.org/.

Through automatic payroll deduction, you may contribute the lesser of 100 percent of your eligible pay, or the applicable IRS contribution limit on a pretax and/or Roth 403(b) after-tax contribution basis.

If you have reached age 50 or will reach 50 during the calendar year Jan. 1 – Dec. 31 and are making the maximum Plan or voluntary contribution, you may make an additional “catch-up” contribution each pay period. The maximum annual catch-up contribution is $7,500. Going forward, catch-up contribution limits will be subject to cost of living adjustments (COLAs) in $500 increments.

Starting in 2025, the SECURE 2.0 Act increases the limit for you if you have attained age 60, 61, 62, or 63 in a given calendar year. The limit for 2025 is $11,250.

The IRS contribution limit for 2025 is $23,500.

A Roth contribution to your Plan allows you to make after-tax contributions and withdraw any associated earnings completely tax free at retirement - as long as the distribution is a qualified one. A qualified distribution, in this case, is one that is taken at least five tax years after your first Roth 403(b) contribution and after you have attained age 59½, or become disabled or die. Through automatic payroll deduction, you can contribute between 1 percent and 100 percent of your eligible pay as designated Roth contributions, up to the annual IRS dollar limits.

For more information please log on to NetBenefits^® at www.netbenefits.com/vumc and select "Learn" from the home page.

Roth In-Plan Conversion options are available in the VUMC Retirement Plan. This option provides you with the opportunity to convert all, or a portion of your non-Roth assets to Roth assets. The amount eligible for such direct rollovers shall include all of a participant's vested assets, including without limitation, pretax savings, after-tax savings, company contributions, and retirement contributions, as well as related earnings thereon.

Special tax rules apply to Roth In-Plan Conversion options and are an important consideration in determining whether to do such a conversion. Generally, the taxable amount of a conversion is determined as if the converted assets were distributed to you from the Plan, although the assets will only be transferred to the Roth portion of your account and no amount will actually be paid from the Plan. The taxable amount (determined as if actually distributed to you) is taxable to you in the year of the conversion and should be reported on your income tax return for that year. For more information related to the tax consequence of a conversion, you should consult your tax or financial advisor before undertaking such a conversion. You may contact the Fidelity Retirement Service Center at 800.343.0860 to process a Roth In-Plan Conversion.

Call Fidelity at 800.343.0860. Representatives can answer your questions, review available opportunities for conversion, process a Roth In-Plan Conversion, or help you set up automated Roth In-Plan Conversions. Some of the benefits of setting up automated conversions:

- Simplifies the process by not having to remember to call Fidelity every time you want to convert.

- Limits your future tax consequences.

If you are eligible, VUMC will help your retirement savings grow by matching up to 5 percent of your contributions. To learn more about VUMC's matching contributions visit the VUMC's HR website at https://hr.vumc.org/.

You are immediately 100 percent vested in your own contributions to the VUMC Retirement Plan, as well as in any of VUMC’s matching contributions and any earnings on them.

To help you meet your investment goals, the Plan offers you a range of options. You can select a mix of investment options that best suits your goals, time horizon, and risk tolerance. The many investment options available through the Plan include conservative, moderately conservative, and aggressive funds. A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available online.

We encourage you to take an active role in saving for retirement and choose investment options that best suit your goals, time horizon, and risk tolerance. If you do not select specific investment options for your contributions, they will be invested in the Vanguard Target Retirement Fund with the target retirement date closest to the year you might retire, based on your current age and assuming a retirement age of 65, at the direction of VUMC.

If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Vanguard Target Retirement Income Fund. More information about the Vanguard Target Retirement Fund options can be found online.

Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.

If the idea of getting professional help to manage your investments appeals to you, your plan offers Target Date Funds. With Target Date Funds, the investment mix of stocks and bonds automatically becomes more conservative as the target retirement date approaches. Principal invested is not guaranteed at any time, including at or after the fund’s target date. Choose the fund that represents your anticipated year of retirement.

An annuity is issued by an insurance company and purchased by a consumer for long-term investing. There are various fees and expenses associated with annuities, and in certain situations withdrawal penalties may be applicable. An annuity is not a mutual fund. There are two types of annuities, variable and fixed.

Your plan offers a fixed annuity. A fixed annuity lets you lock in a guaranteed rate of interest for a specific period — normally between three months and one year. As each “guarantee rate period” comes to a close, the insurance company sets a new interest rate for the upcoming period.

Interest rates and time periods vary depending on the annuity contract. Guarantees are subject to the claims-paying ability of the insurance company.

Fidelity^® Personalized Planning & Advice ("The Service")
Fidelity^® Personalized Planning & Advice is a retirement goal based managed account service with a team of portfolio managers who manage the investments in your workplace savings plan account. Based on your unique needs and goals, our team of professionals will create a plan that considers your total financial situation, put the plan into action, and work for you putting in the time, resources, and knowledge needed to keep you on track for retirement.

This includes:

• Regularly monitoring and rebalancing of your account
  
• Strategy refinement that supports you as your financial situation evolves
  
• Quarterly check-ins, which include your progress toward key milestones
  
• Personal planning dashboard that includes progress to retirement and other profile details

For those desiring the most investment flexibility and choice, the Plan offers Fidelity BrokerageLink^®, a self-directed brokerage account, which provides you with the opportunity to select from thousands of mutual funds beyond those offered in the standard plan lineup. More information about BrokerageLink^®, including an overview, the commission schedule, and a fact sheet that outlines the Plan-level restrictions and other settings, is available online at NetBenefits. Click on "Quick Links," then select "BrokerageLink."

Fidelity’s online planning tools are designed to help you manage your assets as you plan for retirement.

Although your Plan account is intended for the future, you may borrow from your account for any reason.

Generally, the Plan allows you to borrow up to 50 percent of your vested account balance. The minimum loan amount is $1,000, and a loan must not exceed $50,000. You then pay the money back into your account, plus interest, through Fidelity's Automated Clearing House (ACH) Service where the payments are deducted from your personal bank or credit union account. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. You may have one loan outstanding at a time. The cost to initiate a loan is $75, and there is a quarterly maintenance fee of $6.25. The initiation and maintenance fees will be deducted directly from your individual Plan account. If you fail to repay your loan (based on the original terms of the loan), it will be considered in "default" and treated as a distribution, making it subject to income tax and possibly to a 10 percent early withdrawal penalty. Defaulted loans may also impact your eligibility to request additional loans. Be sure you understand the Plan guidelines and impact of taking a loan before you initiate a loan from your Plan account.

Learn more about and/or request a loan online, or by calling the Fidelity Retirement Service Center at 800.343.0860.

Withdrawals from the Plan are generally permitted when you terminate your employment, retire, reach age 59½, or have severe financial hardship, as defined by your Plan.

You are permitted to roll over eligible pretax or Roth contributions from another 401(k) plan, Roth 401(k) plan, 401(a) plan, Roth 401(a) plan, 403(b) plan, Roth 403(b) plan, Roth 457(b) retirement plan or a governmental 457(b) retirement plan account or eligible pretax contributions from conduit individual retirement accounts (IRAs). A conduit IRA is one that contains only money rolled over from an employer-sponsored retirement plan that has not been mixed with regular IRA contributions.

Contact your Fidelity Investment Representative for details.

Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.

Plan administrative fees may include recordkeeping, legal, accounting, trustee, and other administrative fees and expenses associated with maintaining the Plan. A Recordkeeping Fee of $7.50 per quarter ($30 per year) will be charged on a quarterly basis to the accounts of all participants in the Plan. The $7.50 charge will appear on your quarterly statements. This recordkeeping fee is subject to change.