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

If you have not enrolled in the Plan within 45 days from your date of hire, you will be automatically enrolled in the Plan at a contribution rate of 2% of your pretax eligible earnings.

Based on your date of birth and assuming a retirement age of 65, you will be invested in the Fidelity Freedom^® Fund Class K6, with a corresponding target retirement date. 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.

We encourage you to take an active role in the Plan and to choose a contribution rate and investment options that are appropriate for you. If you do not wish to contribute to the Plan, you must change your contribution rate to 0% within the first 45 days of your date of hire. You may change your contribution rate at any time online, or by calling the Retirement Services Representative at 1-800-343-0860.

Enroll online at any time, or by calling the Retirement Services Representative at 1-800-343-0860.

A Roth contribution to your retirement savings plan allows you to make after-tax contributions and take 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 5 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 may contribute up to 80% of your eligible pay designated as Roth contributions, up to the annual IRS dollar limits. Find more information online within the “Library” section of NetBenefits^®.

Through automatic payroll deduction, you can contribute between 0% and 80% of your eligible pay on a pretax basis, or as an after tax Roth contribution. In addition, you can automatically increase your retirement savings plan contributions each year through the Annual Increase Program. Sign up online by accessing the “Contribution Amount” section on NetBenefits^®, or by calling the Retirement Services Representative at 1-800-343-0860.

The IRS contribution limit for 2024 is $23,000.

Your Employer helps your retirement savings grow by matching your contributions. Your Employer will match 100% of each pretax and Roth after tax dollar you contribute on the first 5% of pay that you defer to your plan. Your match will begin the first of the month following one month of employment, as long as you are age 21 or older.

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.

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.

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 through market up and downs
  
• 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

We encourage you to take an active role in the Avera Health 403(b) 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 Fidelity Freedom^® Fund Class K6 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 Avera Health.

If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Fidelity Freedom^® Income Fund Class K6. More information about the Fidelity Freedom^® Fund Class K6 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 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 $7,500. Going forward, catch-up contribution limits will be subject to cost of living adjustments (COLAs) in $500 increments.

Anyone hired on or prior to December 31, 2016 will be 100% vested in all contributions. Employees hired after January 1, 2017 will be vested on matching contributions based on a three year cliff schedule.

Although your plan account is intended for the future, you may borrow from your account for any reason. Generally, the Avera Health 403(b) Retirement Plan allows you to borrow up to 50% 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, via automatic payments from your checking or savings account. Your bank or credit union must be an Automatic Clearing House (ACH) member. 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 $25.00, and there is a quarterly maintenance fee of $12.50. 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% early withdrawal penalty. Defaulted loans may also impact your eligibility to request additional loans. Be sure you understand the Plan guidelines before you initiate a loan from your plan account.

Learn more about and/or request a loan online, or by calling the Retirement Services Representative at 1-800-343-0860.

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

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.

Learn more about and/or request a withdrawal online, or by calling the Retirement Services Representative at 1-800-343-0860.

The Plan Document and current tax laws and regulations will govern in case of a discrepancy. Be sure you understand the tax consequences and your plan’s rules for distributions before you initiate a distribution. You may want to consult your tax adviser about your situation.

You are permitted to roll over eligible pretax and/or Roth contributions from another 401(k) plan, Roth 401(k) plan, 401(a) plan, 403(b) plan, Roth 403(b) plan, a governmental 457(b) retirement plan, or a Roth 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 Investments Representative for details.

You can also roll over eligible after-tax contributions from a 401(a) or 401(k) account.

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