the Inova Health System 403(b) Plan (71283)

Required Disclosure Information: View plan and fee information, along with details about your investment options


Key Plan Details

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Who should consider the 403(b) Plan?

Your 403(b) plan offers an additional, tax-deferred way to save for retirement toward the annual IRS contribution limit. You are eligible to participate in the Plan as soon as you start work with Inova. The 403(b) plan is an excellent option for employees who may not be fully able to contribute to the 401(k) plan due to IRS limits imposed on highly compensated employees (defined by the plan sponsor as earning $130,000 or more in 2022).

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When can I enroll in the Plan?

There is no waiting period. You can enroll in the Plan at any time.

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How do I enroll in the Plan?

Enroll online at any time, or by calling the Inova Retirement Service Center at 877-MYINOVA (877-694-6682).

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How much can I contribute?

Through automatic payroll deduction, you may contribute up to 50% of your eligible contributions. Sign up online by accessing the “Contribution Amount” section on NetBenefits®, or by calling the Inova Retirement Service Center at 877-MYINOVA (877-694-6682).

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What is the IRS contribution limit?

The IRS contribution limit for 2022 is $20,500.

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When is my enrollment effective?

Your enrollment becomes effective once you elect a deferral percentage, which initiates deduction of your contributions from your pay. These salary deductions will generally begin within one to two pay periods after you are eligible and we receive your enrollment information, or as soon as administratively practicable.

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How do I designate my beneficiary?

If you have not already selected your beneficiaries, or if you have experienced a life-changing event such as a marriage, divorce, birth of a child, or a death in the family, it’s time to consider your beneficiary designations. Fidelity’s Online Beneficiaries Service offers a straightforward, convenient process that takes just minutes. To make your elections, click on the “Profile” link, then select “Beneficiaries” and follow the online instructions.

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What are my investment options?

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.

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What if I don’t make an investment election?

We encourage you to take an active role in the Inova Health System 403(b) Plan and choose investment options that best suit your goals, time horizon, and risk tolerance. If you do not select specific investment options in the Plan, your contributions will be invested in the BlackRock LifePath® Index Retirement Fund Class K Shares 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 Inova.

If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the BlackRock LifePath® Index Retirement Fund Class K Shares. More information about the BlackRock LifePath® Index Retirement Fund Class K Shares 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.

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What catch-up contribution can I make?

If you have reached age 50 or will reach 50 during the calendar year January 1 – December 31 and are making the maximum plan or IRS contribution, you may make an additional catch-up contribution each pay period. The maximum annual catch-up contribution is $6,500. Going forward, catch-up contribution limits will be subject to cost of living adjustments (COLAs) in $500 increments.

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When am I vested?

You are always 100% vested in your own contributions to the Inova Health System 403(b) Plan.

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Can I take a loan from my account?

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

Learn more about and/or request a loan online, or by calling the Inova Retirement Service Center at 877-MYINOVA (877-694-6682).

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Can I make withdrawals?

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

Learn more about and/or request a withdrawal online, or by calling the Inova Retirement Service Center at 877-MYINOVA (877-694-6682).

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Can I move money from another retirement plan into my account in the Inova Health System 403(b) Plan?

You are permitted to roll over eligible contributions (and earnings) from another Employer plan. The plan allows for rollovers from your Inova Health System Tax Deferred Annuity Plan if you have a plan account balance with one of the former providers (for example, VALIC, MetLife, Diversified Investment Advisors, ING/Aetna, Prudential, Lincoln, Mutual of America and/or CitiStreet). To initiate a rollover or transfer, follow the Rollover/Transfer Form Instructions in this brochure, complete the Rollover/Transfer Form, and return it in the enclosed business reply envelope. You should consult your tax adviser and carefully consider the impact of making a rollover contribution to your employer's plan because it could affect your eligibility for future special tax treatments.

VALIC, MetLife, Diversified Investment Advisors, ING/Aetna, Prudential, Lincoln, Mutual of America and/or CitiStreet and Fidelity Investments are independent entities and are not legally affiliated.

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

Additional Important Information
Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a mutual fund prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Investing involves risk, including risk of loss.

This information provides only a summary of the main features of the Inova Health System 403(b) Plan and the Plan Document will govern in the event of discrepancies.

The Plan is intended to be a participant-directed plan as described in Section 404(c) of ERISA, which means that fiduciaries of the Plan are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary.

Fidelity Brokerage Services LLC. Member NYSE. SIPC. 900 Salem Street, Smithfield, RI 02917

841796.4.2294 71283.00

© 1996 - 2022 FMR LLC All rights reserved.

Provided by Fidelity

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