Your Virginia Mason Medical Center (VMMC) 403(b) Retirement Savings Plan is one of the best savings and investment vehicles available for retirement planning. With Fidelity Investments as your plan service provider, you can trust in the strength, commitment, and experience of a reputable company to provide the support and customer service you deserve. Take a look at your plan’s key features to see how Virginia Mason Medical Center and Fidelity can help you benefit from your plan, now and in the long run. Spend some time reviewing information about: a. Enrolling in the plan b. Investment options c. Tax advantages d. Automatic contributions e. Eligibility rules f. Contribution limits g. Catch-up contributions h. Your vesting schedule i. Rollover provisions j. Taking a loan k. Taking a withdrawal Make retirement your reward. Start planning today. Your Virginia Mason Medical Center 403(b) Retirement Savings Plan Know your plan to make the most of it. 403(b) Plan Features
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Your Virginia Mason Medical Center (VMMC) 403(b) Retirement Savings Plan is one of the best savings and investment vehicles available for retirement planning. With Fidelity Investments as your plan service provider, you can trust in the strength, commitment, and experience of a reputable company to provide the support and customer service you deserve.
Take a look at your plan’s key features to see how Virginia Mason Medical Center and Fidelity can help you benefit from your plan, now and in the long run. Spend some time reviewing information about:
a. Enrolling in the plan
b. Investment options
c. Tax advantages
d. Automatic contributions
e. Eligibility rules
f. Contribution limits
g. Catch-up contributions
h. Your vesting schedule
i. Rollover provisions
j. Taking a loan
k. Taking a withdrawal
Make retirement your reward. Start planning today.
Your Virginia Mason Medical Center 403(b) Retirement Savings Plan
Know your plan to make the most of it.
403(b) Plan Features
a. Enrolling inthe plan
You can enroll in the VMMC 403(b) Retirement Savings Plan online at www.netbenefits.com/vm or by calling Fidelity at 1-800-343-0860.
b. Investment options
With the VMMC 403(b) Retirement Savings Plan, you choose from numerous investment options offered through Fidelity Investments. You can make investment changes virtually any time—online at www.netbenefits.com/vm or by calling Fidelity at 1-800-343-0860.
c. Tax advantagesEnrolling in your VMMC 403(b) Retirement Savings Plan offers a number of tax and other advantages. Your pretax contributions are deducted from your pay before income taxes are taken out. This means that you can actually lower the amount of current income taxes you pay each period. For example, if you earn $30,000 per year and contribute $2,000 to your retirement plan, you only pay federal taxes on $28,000. In addition, any investment earnings in your plan are tax deferred, so you don’t pay income taxes on any earnings or contributions until you make a withdrawal. This could mean more money in your take-home pay than if you saved your money in a taxable account.
d. Automatic contributions
It’s easy and convenient to contribute to the VMMC 403(b) Retirement Savings Plan because your contributions are automatically deducted from your paycheck. That way, it’s easier to save by making automatic contributions.
e. Eligibility rules
You can get started any time—there is no waiting period. Once you’ve enrolled, your payroll contributions will begin on the next available pay period.
f. Contribution limits
Through automatic payroll deduction, you can contribute from 1% to 80% of your eligible pay on a pretax basis, up to the annual IRS dollar limits. If you are under age 50, the IRS contribution limit is $18,000 for 2017.
g. Catch-up contributions
If you will be at least age 50 during the year, you may defer an additional $6,000 as catch-up contributions.
To help you make the most of your plan without exceeding the limits allowed by the IRS, go to www.netbenefits.com/vm to use Fidelity’s interactive 403(b) Contribution Limit Calculation Tool (under the “Resources” tab), or call a Fidelity Retirement Services Specialist at 1-800-343-0860, Monday through Friday from 5 a.m. to 9 p.m. Pacific time.
h. Your vestingschedule
Vesting indicates the amount of your account balance to which you are currently entitled under the plan’s rules.
You are always 100% vested in your own contributions to the VMMC 403(b) Retirement Savings Plan.
i. Rollover provisions
If you have a workplace retirement savings plan from a previous employer, or if you have IRAs, you may be able to transfer your balances directly into your VMMC 403(b) Retirement Savings Plan account.
Of course, you should consult your tax advisor and carefully consider the impact of making a rollover contribution to your VMMC 403(b) Retirement Savings Plan because it could affect your eligibility for future special tax treatments.
Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
j. Taking a loan
If you need to take a loan, and determine that the best way to borrow is through your plan, you may borrow up to the lesser of 50% of your vested account balance or $50,000. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. You repay the loan principal and interest to your account.
The minimum loan amount is $1,000. You may only have one outstanding loan from your 403(b) account at any at any one time. The maximum loan repayment period is five years. For questions, or to initiate a loan, call Fidelity at 1-800-343-0860. Payments are automatically deducted from your pay through after-tax payroll deduction.
k. Taking awithdrawal
You may qualify for a hardship withdrawal from your account for one of the following reasons:
• To purchase a primary residence
• To pay expenses for the repair of damage to your principal residence that wouldqualify for the casualty deduction under Internal Revenue Code Section 165(determined without regard to whether the loss exceeds 10% of adjustedgross income)
• To prevent eviction from or foreclosure on your primary residence
• To pay for certain postsecondary tuition for you, your spouse, or your dependents
• To pay certain medical expenses for you, your spouse, or your dependents
• To pay for burial or funeral expenses for your deceased parent, spouse, or dependents
For questions, or to apply for a hardship withdrawal from your account, call Fidelity at 1-800-343-0860. Withdrawals have significant tax consequences, so please be sure that you understand them before you decide to withdraw any money.
This plan is an unfunded, nonqualified plan, and no funded account has been established for you. Any account is only a recordkeeping account that records your deferred compensation and any notional earnings applicable to your deferred compensation. In the event of a bankruptcy or insolvency, you would be an unsecured, general creditor of the employer or service recipient. For more information on the plan, please refer to the plan documents.
Distributions While the main purpose of the plan is to save for retirement, you will be able to request a loan or a hardship withdrawal† or distribution from your plan by contacting Fidelity at 1-800-343-0860. You may borrow up to the lesser of 50% of your vested account balance or $50,000. The minimum loan amount is $1,000. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. Loan repayments plus interest will be made directly to Fidelity monthly, through your own personal checking or savings account. You may have only one loan outstanding at any time.
3Schedule your on-site appointment.
Fidelity Investments is on site at VMMC to help you with your retirement goals. The service is free to you! Schedule your consultation today and get help with asset allocation, enrolling in the plan, or help with any questions you may have about the plan.
You can schedule your appointment online or over the phone:
Visit getguidance.fidelity.com and click Schedule an appointment.
Call 1-800-343-0860.
2Designate your beneficiary.
It’s important to designate a beneficiary for your account, and you should review this periodically, especially when you experience a life-changing event such as a marriage, divorce, the birth of a child, or a death in the family.
To update your beneficiary, log in to your NetBenefits account, click the Your Profile tab, then click Beneficiaries under the About You section.
1Enroll in just 60 seconds.
• Visit www.netbenefits.com/easy.• Choose the options that suits you best.• Log in to NetBenefits® at any time to make changes
to your account.
A description of your investment options can be found on Fidelity NetBenefits® at www.netbenefits.com/vm. If you would prefer a hard copy of your investment options, please call Fidelity at 1-800-343-0860. You can update your account at any time.
Fidelity is here to help.
To schedule your on-site confidential consultation, simply call 1-800-343-0860 or visit getguidance.fidelity.com.
Enroll today.Your quick guide to getting started.
Disclosure Information:
This information is intended to be educational and is not tailored to the investment needs of any specific investor
