Welcome to your 401(a) retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
If you are not an excluded employee (see list of excluded employees below), you may participate in the plan if:
If you are a member of a class of employees identified below, you are an Excluded Employee and you are not entitled to participate in the plan.
Akron Children's Hospital will make an annual contribution if you complete at least 1,000 hours of service in the year and are employed on the last day of the year. The contribution amount is from 2% to 5% of compensation (as defined under the plan) based on the sum of your age plus eligible years of service as of the last day of the year.
Note: Notwithstanding the above, all your Years of Service credited while a member of an excluded class, will not be counted for purposes of allocating the Employer Contribution.
|Sum of Age plus
Years of Service
Less than 40
40 - 49
|50 - 59||4%|
|60 or more||5%|
Vesting is a participant’s right of ownership to the money in his or her plan account. You will be 100% vested in the employer contributions after three years of service (generally requiring 1,000 hours of service during the year) or if you are employed on or after you reach Normal Retirement Age under the plan, even if you don't have three years of service.
You may withdraw vested money if you meet one of the following requirements:
Income taxes are payable upon withdrawal and federal withdrawal restrictions and a 10% federal tax penalty may apply to early withdrawals prior to age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
The following mutual funds and VALIC Fixed-Interest Option are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.