Enroll in the plan
Get started by visiting the Fidelity Investments website to view plan details and access forms and documents.
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.
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. In 2023, the IRS limits allow you to contribute up to:
- $22,500 if you are under age 50
- $30,000 if you are age 50 or older this year (which includes an additional $7,500 in catch-up contributions.)
These limits include your pre-tax contributions and Roth post-tax contributions for the Retirement Savings Plan (401(k)) and 403(b) Plan combined.
Pre-tax vs. Roth post-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 post-tax contributions, or a combination of the two.
Pre-tax contributions
The 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 post-tax contributions
The 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.
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 in the IRS limit of eligible pay.
Meet the match!
Try to contribute at least 5% to take full advantage of the match — otherwise, you’re leaving free money on the table. Log in to your Fidelity Investments account to increase your contribution rate. Don’t forget! If you auto-enroll in the Retirement Savings Plan (401(k)), your contribution will increase by 1% each year until you reach 10%.
Vesting
Vesting is another way of saying “how much of the money 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 company contributions based on the following schedule:
| Your years of service | Your vested percentage |
|---|---|
| Less than 3 | 0% |
| 3 or more | 100% |
For team members working for a non-profit entity within the company, a 403(b) Plan is available to help you prepare for retirement in an easy, tax-advantaged way. Eligible team members at any compensation level may contribute to 403(b) Plan, however, if you are a highly compensated employee under IRS rules ($135,000 for 2022), you may wish to defer amounts beyond 5% of pay to this plan. This is because a 403(b) Plan is not subject to the IRS rules requiring the refund of deferrals to highly compensated employees if their aggregate average deferrals exceed those for other employees by more than 2%.
The 403(b) Plan offers similar investment options to the Retirement Savings Plan (401(k)). The main difference between the Retirement Savings Plan (401(k)) and the 403(b) Plan is that the 403(b) Plan does not receive company-matching contributions.
You may contribute to your plan account between 1% and 50% of your eligible pay, up to the annual IRS limits. In 2023, the IRS limits allow you to contribute up to:
- $22,500 if you are under age 50
- $30,000 if you are age 50 or older this year (which includes an additional $7,500 in catch-up contributions.)
These limits include your pre-tax contributions and Roth post-tax contributions for the Retirement Savings Plan (401(k)) and 403(b) Plan combined.
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.
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).
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.