Retirement

Save for your future by participating in the 401(k) Retirement Plan (the Plan), administered by the Principal Financial Group^®. Plan highlights include:

• HealthComp is offering a 3% match when you contribute 6% of your annual earnings to boost your retirement savings ($0.50 for every $1.00 you contribute, up to 6% of your eligible pay). 
• There is a three-year graded vesting schedule, so after 1 year, you’re 50% vested, after 2 years, you’re 75% vested, and after 3 years, you’re 100% vested which means you own 100% of your company match/retirement account balance.
• You can make pre-tax contributions, which puts more money in your pocket now, but you will pay taxes on your contributions and earnings when you withdraw. Or you can contribute to a Roth account, which allows you to pay taxes on your contributions now and eliminate taxes on your earnings and when you make a withdrawal.  
• One in-service loan is allowed at a time and the rate will be prime + 1% interest rate. 
• Withdrawals are allowed for hardships and participants age 59½.

Note that you can enroll and make changes to your beneficiary designation, contribution and investment elections at any time during the year. 

Eligibility

All benefits-eligible employees are eligible to participate following 30 days from date of hire. Company matching contributions can begin following 90 days from date of hire.   

Making Contributions

You can contribute up to the annual IRS contribution limit ($23,000 in 2024). If you are age 50 or older, you can make additional “catch-up contributions” up to the IRS catch-up contribution limit ($7,500 in 2023). Note that catch-up contributions for highly compensated employees making more than $145,000 annually in 2024 must be placed in a Roth (post-tax) account.