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401(a) plan

Plan details 

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.

Take advantage today

If you are not an excluded employee (see list of excluded employees below), you may participate in the plan if: 

  • you were hired on or after January 1, 2007, and
  • you are 21 years of age or older and
  • you completed a year of service in which you have worked 1,000 hours and be employed on the last day of the plan year

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.

  • Leased employees
  • Children's Home Care Group Employees
  • Students; Interns, Residents or Fellows
  • Physicians who are employed exclusively to provide administrative and/or educational services and who do not perform any professional services as employees of the Hospital
  • Physicians serving as Vice Presidents or Department Chairpersons, unless the employment contract specifies otherwise
  • Family Child Learning Center Parent Consultants or Regional Coordinators
  • School Health Services Employees who participate in STRS or SERS through the Akron Public Schools contract
  • An employee who is a "Participant" in the Children's Hospital Medical Center of Akron Pension Plan as the term "Participant" is defined in such plan
  • Employees whose commencement date or reemployment commencement date occurred prior to January 1, 2007

Starting early has its advantages

Employer contributions

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
Percentage of
Pay Contributions
   
    Less than 40


    2%

    40 - 49

    3%
    50 - 59     4%
    60 or more     5%

Vesting

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.

 

 

Accessing your money before retirement

You may withdraw vested money if you meet one of the following requirements: 

  • Death
  • Severance from employment
  • Retirement
  • Disability
  • Attainment of age 59½

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.

An array of investment choices

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.