At ShiftMed, we understand the importance of securing your future, which is why we offer a comprehensive 401(k) plan designed to help our caregivers prepare for retirement. Whether you're new to the workforce or a seasoned professional, managing your retirement savings can sometimes feel overwhelming. That's why we're here to assist you every step of the way.
Seeking Assistance
Should you find yourself in need of assistance regarding your caregiver 401(k) plan, we're here to help. Your peace of mind matters to us, and we want to ensure that you have all the support you need to make informed decisions about your financial future.
Contacting Fidelity:
If you require immediate assistance with your 401(k) plan, we encourage you to reach out to a Fidelity representative at 800-421-3844. They are equipped to provide you with expert guidance tailored to your specific needs.
Utilizing Email Support
For caregivers who have already reached out to Fidelity or prefer email correspondence, we offer dedicated support via shiftmedbenefits@shiftmed.com. Our team is ready to assist you promptly and efficiently.
Your Guide to Understanding Your 401(k) Plan:
What is a 401(k) Plan?
A 401(k) plan is an employer-sponsored retirement savings plan that allows you to save on a tax-advantaged basis through payroll deductions.
Contribution Limits for 2024:
The IRS limits how much you can contribute to a 401(k) each year. For 2024, the contribution limit is $23,000, with an additional $7,500 allowed for participants aged 50 and above.
Eligibility to Contribute:
Participating in the 401(k) is contingent upon satisfying the Eligibility Age, Service, and Entry Date requirements defined by the plan. You must be over the age of 21 and have been employed with us for 1 year with 1,000 hours worked. Your Fidelity account will be set up once you reach the service requirement. After your account is set up, you will have 30 days to access and make your elections before the automatic deferral of 4% begins.
Opting Out of Contributions:
While the 401(k) plan features automatic enrollment, you have the option to opt out or make changes to your contributions. It's essential to access your account promptly to manage your preferences.
Contribution Options:
There are two options when it comes to contributing to the 401(k) plan:
A Traditional 401(k) - this will save pre-tax income from your paycheck and income taxes are not withheld when contribution is made but will be taken when you withdraw your funds.
A Roth 401(k) - this will save after paying income taxes on your contributions and no taxes will be taken out when you withdraw your funds.
Employer Match
ShiftMed offers a company match/contribution of 50% on the first 6% of your contribution (per paycheck). If you are enrolled in a Roth 401(k), company contributions will be pre-taxed.
Vesting Schedule
After 1 year of employment: 50% of your contributions become vested. This means you gain ownership or rights to half of the contribution amount made by your employer.
After 2 years of employment: 100% of your contributions become vested. This means you gain full ownership or rights to the entire contribution amount made by your employer.
Contact Information:
For eligibility inquiries or questions about contribution deductions, please reach out to shiftmedbenefits@shiftmed.com.
Making Changes to Contributions:
You can make changes to your 401(k) contributions at any time through your Fidelity account. If you encounter any difficulties, Fidelity's representatives are available to assist you.
Withdrawal and Penalties:
Withdrawal inquiries and penalty information should be directed to Fidelity at 1-800-421-3844.
Transferring Previous 401(k) Accounts:
If you wish to transfer a previous 401(k) account to ShiftMed, please contact a Fidelity representative for guidance 1-800-421-3844.
Questions?
If you have any questions, contact us by using our chat option in the app. This can be found by selecting the hamburger menu in the lower right-hand corner and selecting "Help Center" and then the "Chat & Help Articles" option.