You are eligible to become a participant in the LRMC 401(a) Retirement Plan on the January 1, April 1, July 1 or October 1 after you:
* Complete 12 months of employment (and)
* Earn 1,000 or more hours of service in that 12-month period.

You will be enrolled in the Plan automatically once you meet the eligibility requirements. You can access your account online at any time.

LRH helps your retirement savings grow through a generous employer contribution of 2% of your quarterly earnings up to the annual compensation limit.

Contributions will be calculated on a bi-weekly basis. You will not see the employer contributions in your account bi-weekly as they are funded on an annual basis. Contributions are subject to the vesting rules outlined later in this resource.

* You must be employed on the last day of the Plan year to receive the employer contribution and have earned 1,000 hours of service during the Plan year.

LRH's company contributions to the 401(a) Plan and any earnings vest after three years of vesting service.*

* For each Plan year (January 1 through December 31) that you work at least 1,000 hours, you will be credited with a year of vesting service.

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 the Lakeland Regional Medical Center 401(a) Retirement 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 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 Lakeland Regional Medical Center.

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.

Loans are not available in this Plan.

Withdrawals from the Plan are generally permitted when you terminate your employment or retire.

The taxable portion of your withdrawal that is eligible for rollover into an individual retirement account (IRA) or another employer’s retirement plan is subject to 20% mandatory federal income tax withholding, unless it is rolled directly over to an IRA or another employer plan. (You may owe more or less when you file your income taxes.) If you are under age 59½, the taxable portion of your withdrawal is also subject to a 10% early withdrawal penalty, unless you qualify for an exception to this rule.

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 & Settings” icon in the upper right-hand corner, then select “Beneficiaries” and follow the online instructions.