Being financially healthy is a big part of your overall well-being. Whether you’re just starting to save for retirement, saving for college, looking into retirement income planning, or have other financial goals, the Retirement Savings Plan (401(k)) makes it simple and rewarding to save for your future.


Retirement Savings Plan (401(k))

Taking steps to ensure your current and future financial security is an important part of your overall well-being. The Retirement Savings Plan (401(k)) helps you prepare for retirement by offering an easy, tax-advantaged way to save for your future financial needs.

Key features at a glance
Company match.

Inova will make a matching contribution on the first 5% of pay you contribute.

Current tax savings.

You’ll pay less in income taxes when you make pre-tax contributions.

Wide range of investment choices.

Choose how and where to invest your money from Target Date Funds based on your expected retirement date to portfolio management services.

Convenient payroll deductions.

The Retirement Savings Plan (401(k)) makes it easy to save consistently for your future.

Eligibility and Enrollment

You are immediately eligible to contribute upon your date of hire. If you don’t take any enrollment action within 60 days of becoming eligible — either by enrolling or opting out — you will be automatically enrolled, and 5% of your eligible pre-tax pay will be invested in the Target Date Fund that most closely matches your retirement date, based on an assumed retirement age of 65. Your auto-enrollment will also include the auto-escalate program. This program increases your contribution percentage each year by 1% until you reach 10%.

You may enroll in or change your contribution rate and investment elections at any time by visiting the Fidelity Investments website or calling 1-877-694-6682.

Enroll in the plan

Get started by visiting the Fidelity Investments website to view plan details and access forms and documents.

Check your progress

Log in to your Fidelity Investments account to see your balance and use planning tools and calculators.

Make updates

Easily change your contribution rate, investment selections, or beneficiary on the Fidelity Investments website.

Your Contributions

You may contribute to your plan account between 1% and 50% of your eligible pay, up to the annual IRS limits. For 2024, the limits are:

Combined pre-tax and Roth:

  • $23,000 if you are under age 50, or
  • $30,500 if you are age 50 or older the year (which includes $7,500 in catch-up contributions.)

*These limits apply to your contributions made to all employers’ retirement plans within the same tax year.

After tax:

  • $28,750
Pre-tax vs. Roth vs. After tax: What’s the difference?

The Retirement Savings Plan (401(k)) gives you the flexibility to save for retirement in a variety of ways. You can make pre-tax contributions, Roth contributions, after tax contributions or a combination of the three.

Pre-tax contributions

The pre-tax money goes into your account before taxes are deducted, so you keep more of your take-home pay.

Then, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket).

Roth contributions

The Roth money goes into your account after taxes are withheld. Then, both your contributions and any associated earnings can be withdrawn tax-free in retirement with no tax or penalty.*

*In order for Roth earnings to be withdrawn tax-free, you must meet these two requirements:

  • At least five years have elapsed since your first Roth contribution.
  • You are at least 59½ or the withdrawal follows death or total disability.
After tax contributions

After tax money goes into your account after taxes are withheld. The money can be withdrawn at any time, however your contributions will be tax-free and the earnings will be taxable. You do have the ability to set up an automatic (or one-time) Roth in-plan conversion to have your earnings automatically converted to Roth. To take this action, you will need to contact Fidelity by phone.

Catch up!

It’s not too late to make up for lost time. If you’ll be 50 or older this year, take advantage of the opportunity to contribute up to an additional $7,500 in catch-up contributions.

Company Contributions

To help you reach your retirement planning goals, Inova will also contribute to your account!

Company matching contributions

Inova matches 100% of your pre-tax and Roth post-tax contributions to the plan, up to 5% of your eligible pay, to support your retirement saving efforts. The maximum matching contribution is capped annually based on the IRS limit of eligible pay.

Meet the match!

Try to contribute at least 5% to take full advantage of Inova’s match — otherwise, you’re leaving free money on the table. Don’t forget! If you are auto-enrolled in the Retirement Savings Plan (401(k)), your contribution will increase by 1% each year until you reach 10%.


Vesting is another way of saying “how much of the money in your account is yours to keep if you leave the company.”

You are always 100% vested in your own contributions, including any investment gains and losses on the money. You become vested in Inova’s matching contributions based on the following schedule:

Your years of serviceYour vested percentage
Less than 30%
3 or more100%

Name a Beneficiary

It’s important to designate a beneficiary to receive the value of your retirement accounts in the event you die before beginning to receive your benefit. As personal circumstances change, be sure to keep that information up to date. Visit the Fidelity Investments website to add or change a beneficiary.


Withdrawals and Loans

The money in your account is intended as a long-term investment to help you prepare for your financial needs in retirement. However, under certain circumstances, you may be able to access money from your account before reaching retirement age. For more information, visit the Fidelity Investments website or call 1-877-694-6682.

Think before you act

If you’re considering taking a withdrawal or loan from your plan account, be sure to think about the impact it may have on your financial future.

  • Taking money from your account now may lead to a smaller savings balance when you retire.
  • Not only are you taking money away from your retirement savings, but the burden of repaying the loan may make it even harder to get back on track.
  • If you take a plan loan, you’ll also lose more money to taxes because the interest payments on your loan are made with money that has already been taxed, and it will be taxed again when withdrawn from your account.
  • If you withdraw pre-tax money from your plan account, in addition to paying current taxes on the money, you may have to pay an additional 10% penalty tax if you are younger than age 59½ (or, age 55 if you have retired or left the company).

Tools & Resources

Take an active role in your retirement planning by using these tools and resources.

Retirement calculator

Estimate how much you may need now and how much you may have saved for retirement.

Professional guidance

Call 800-642-7131 or schedule an appointment online.

Fidelity Investments website

Access tools and education on your plan website to help you make informed investment decisions.

Before investing, carefully consider the funds’ or investment options’ objectives, risks, charges, and expenses. Call 1-877-694-6682 for a prospectus and, if available, a summary prospectus, or an offering circular containing this and other information. Please read them carefully. Investing involves risk, including the risk of loss.