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Univera Health Plan Retirement Program Summary
The Company offers a Defined Contribution benefit to assist you in saving for your retirement needs. Our current plan offering is as follows:
The plan is an ERISA qualified plan that offers the ability of pre-tax deductions and company matching contributions. Highlights of the plan include:
- Immediate participation is available to defer up to 50% of your pay, subject to the IRS maximum (18,000 for 2016). Catch up contribution are also available to those 50 and older.
- Auto Enrollment @ 4% of pay.
- Company per payroll match of 100% on the first 4 % of pay (no match provided on the catch-up contributions).
- During the first quarter of each year, the Company will also contribute an additional 4% of your prior year’s plan pay (up to the IRS limit) for those that were employed on December 31st of the prior year.
- The Company contribution, as well as any Company matching contributions are vested after 3 years of service.
- Current record keeping through Fidelity Investments (NEBA Administers the 401(k). A list of current investments offerings is available on the Fidelity Investments website, as well as the company Intranet.