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

Kate Robbins ext. 7515
Benefits Specialist

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