Retirement
Eligibility
Employees are eligible to particpate on the first of the month following 30 days of service.
401(k) Retirement Plan
Our plan is managed by Pinnacle Financial Group and administered by T. Rowe Price Retirement.
Employees can change their beneficiary at any time, without a qualifying event. Some changes require your spouse’s consent, if married.
Review of Current Plan Provisions
•Contributions: All employees receive 3% contribution from NVRH to their 401k plan. If employee makes at least a 2% pre-tax contribution to their 401k, NVRH matches an additional 1 ½%. Total contribution from NVRH = 6 ½ %.
Roth (post-tax) deferrals are allowed.
•Vesting: 100% immediate on all types of contributions.
•Daily valuation of funds and access via website or voice response unit: http://rps.troweprice.com or 1-800-922-9945.
•Participant Loans allowed – minimum of $1,000 and one at a time. Only 5 refinances allowed.
•In-service withdrawals allowed at age 59½.
•Distributions from the Plan can be made as soon as possible after final contributions have been deposited (after termination, retirement, disability or death).
•Hardship Withdrawals are allowed for:
– Purchase of principal residence
– Payment of college tuition
– Prevent foreclosure of principal residence
– Funeral expenses
– Payment of medical expenses
– Repair damage to principal residence that qualifies for casualty deduction
*Note: You are prohibited from making salary deferral contributions to the plan for 6 months after you have taken a hardship withdrawal. A hardship withdrawal has tax implications. It is not in addition to other benefits and will reduce account value.
401(k) Deferral Limits (calendar year limits)
2023: $22,500
Catch –Up Contributions (plan year limits)
Additional amount per plan year for individuals age 50 or over by the end of stated plan year beginning in:
2023: $7,500
Individual Contribution Limit (plan year limit)
Lesser of 100% of compensation or $66,000. All types of contributions count towards this limit.
Rollovers from Other Qualified Plans
Rollovers are allowed from 401k to 403b and vice-versa.
Save for an Emergency with Waysaver
Waysaver is the new emergency savings program from T. Rowe Price to help you build emergency savings and prepare for unexpected costs. For more information please click on the flyer button below:
Helpful Resources
T. Rowe Price Retirement
Phone: 1-800-922-9945
Representatives are available between 7 a.m. and 10 p.m. eastern time
http://rps.troweprice.com
Questions can be directed to
RON YORK
Independent. Registered Investment Advisor
ryork@Pinnacle-Pension.com
Business: (888) 747-7680
Office: (857) 302-4110
Mobile: (617)-794-6696
Erin Unsworth and Paula Gaskin
hrassist@nvrh.org
802-748-7949
Chris Allsop ext. 7415
Human Resources Director
Betty Ann Gwatkin ext. 7416
Chief Human Resources Officer
Heather Spinney ext. 7312
Talent Acquisition Specialist
Forms and Plan Documents
NVRH has partnered with SmartConnect™, an exclusive, no-cost program created specifically to connect Medicare-eligible working adults to the world of Medicare benefits. Whether an employee plans to continue working or is transitioning to retirement, we tailor solutions designed around their needs. Our agents provide an unfiltered view of the entire range of options and prices available to the employee.