Retirement Plans through Fidelity
While you may feel it is too soon to start thinking about retiring, Sun Health recognizes that each Team Member is on a different path to retirement and wants to assist our Team Members with their retirement goals. The earlier you start saving; the more money you will save and Sun Health contributes towards that savings.
Team Members that are at least 21 years of age are setup for automatic enrollment in the 401(k) plan after on-boarding. Participation generally starts after 30 days of hire, regardless of whether or not they may be eligible for other benefits offered by Sun Health. Team Members are auto enrolled at a contribution of 5% each pay period.
When Team Members participate in Sun Health’s retirement plan, Sun Health will match up to 100% of the first 3% the Team Member contributes AND an additional 50% on the next 2% the Team Member contributes for up to a full 4% match maximum.
Sun Health has two retirement plan options for Team Members to participate in:
- 401(k): Pre-tax contributions
- Roth 401(k): After-tax contributions
Contributions are based on a calendar year (January – December) and annual contribution maximums are set forth by the Internal Revenue Service (IRS) each year.
Annual maximum limit for 2024: $23,000
For those that are age 50 in 2024 or will be turning 50 in 2024, you can contribute an additional $7,500 (total of $30,500).
Team Members can start, stop and change their contribution at any time during the year by managing their plan through the Fidelity Net Benefits site: www.netbenefits.com.
Should you have any questions regarding your specific account(s) we encourage you to reach out to Fidelity directly. If you have other questions, you can contact the Benefits team at Benefits@sunhealth.org or contact (602) 980-1800.
Additional Resources
Retirement Online Account Access Flyer
Retirement Mobile Account Access Flyer
Fidelity Net Benefits Mobile
Beneficiary Designation Form
Tax Savers Credit Information