ABINGTON HEALTH 401(A) PLAN

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Plan information

Jefferson Health offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future.

Learn what plans allow eligible employees to do.

What contributions are available?

This plan only accepts employer contributions – contributions made on the employee’s behalf by Abington Health.
If you were hired after January 1, 2011, after you complete one (1) year of service, you will be eligible to receive the Abington Health contributions.
The Abington Health Matching Contribution will be calculated at a rate of 50% of the Employee Pre-Tax 403(b) Contribution up to an annual Limit of $1,000.00 and is funded each pay period. To receive the Annual Core Contribution, you must complete 1,000 hours of service any plan year after and be employed on the last day of the plan year. Abington Health will make contributions to this plan based on plan rules according to the following schedule:
Years of service Contribution amount
Less than 5 years 2% of salary
5-10 years 3% of salary
10 or more years 5% of salary
 

If you were hired after January 1, 2011, after you complete one (1) year of service, you will be eligible to receive the Abington Health contributions.

Employees will be vested in Abington Health’s contributions after five (5) years of service.
 
Years of Service Vested Amount
Less than 2 years                   20%
2-3 years 40%
3-4 years 60%
4-5 years 80%
5 or more years 100%
 
Lansdale employees hired prior to January 1, 2016, will be vested in Abington Health’s contributions after four (4) years of service.

LOANS

Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer that you are eligible to take a loan from. How much you can borrow may depend on the amount you currently have in the plan that is eligible for loans and whether you have other outstanding loans. If you have money in other employer's plans, you may be able to transfer or roll it over to the Jefferson Health retirement plan to increase your maximum loan amount. This is only if the Jefferson Health retirement plan accepts rollovers.

Prior to rolling over, consider your other options. You may also be able to leave money in your current plan, withdraw cash or roll over the money to an IRA. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Contact TIAA or your HR Office to verify details of your plan(s) in regards to loan availability and transfer/rollover loan eligibility.

DISTRIBUTIONS

Lump-sum distribution

You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.

  • Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking periodic payments under the terms of the contract. Please refer to your contract or certificate for full details or contact us at 800-842-2888.

Systematic withdrawals

If your plan allows, you can choose to receive regular income payments on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.

  • These withdrawals are not available from TIAA Traditional Account balances.

Small-sum distribution

When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000).

Lifetime retirement income

  • One-life annuity - provides income for as long as you live.
  • Two-life annuity - provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
  • One- or two-life annuity with guaranteed period - guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.

Single-sum death benefit

A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.

Fixed period

You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).

  • Payments stop at the end of the period, during which you will have received all your principal and earnings.

TPA to cash

If you need some of your retirement savings in cash, you can withdraw your TIAA Traditional Account balance through a Transfer Payout Annuity (TPA) under the terms of the contract. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.

For more information about the terms of your individual contract, contact your plan sponsor or financial advisor.

If you're married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.

This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA contracts. Taxes and penalties may apply.

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