
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.
Inova will make a matching contribution on the first 5% of pay you contribute.
You’ll pay less in income taxes when you make pre-tax contributions.
Choose how and where to invest your money from Target Date Funds based on your expected retirement date to portfolio management services.
The Retirement Savings Plan (401(k)) makes it easy to save consistently for your future.
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.
Get started by visiting the Fidelity Investments website to view plan details and access forms and documents.
Log in to your Fidelity Investments account to see your balance and use planning tools and calculators.
Easily change your contribution rate, investment selections, or beneficiary on the Fidelity Investments website.
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:
These limits include your pre-tax contributions and Roth post-tax contributions for the Retirement Savings Plan (401(k)) and 403(b) Plan combined.
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.
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).
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:
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.
To help you reach your retirement planning goals, Inova will also contribute to your account!
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.
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 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:
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.
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.
Take an active role in your retirement planning by using these tools and resources.
Estimate how much you may need now and how much you may have saved for retirement.
Call 800-642-7131 or schedule an appointment online.
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.