Page 49 - SIH 2022 Re-Enrollment Guide
P. 49
2022
SIH Benefits Re-Enrollment
RETIREMENT SAVINGS PLAN
SIH Retirement Savings Plan is a retirement savings plan designed to allow eligible employees to save and
invest through a voluntary salary contribution. Read these highlights to learn more about your Plan. If there
are any discrepancies between this document and the Plan Document, the Plan Document will govern.
Eligibility Enrollment Your Contributions
You are eligible to participate in the Plan on the In 2022, the before-tax contribution maximum
irst day of the month coinciding with or following is between 1% and 100% of your compensation
your date of employment. You are eligible to or $20,500, whichever is less, for all retirement
contribute if you are full time, part time, per diem contributions. Participants turning age 50 or older
or temporary. SIH Retirement Savings Plan is an in 2022 may contribute an additional $6,500. The
automatic enrollment plan. If you have not made amount contributed cannot be in excess of the
an airmative election to contribute or opt out Internal Revenue Code annual limit.
within 30 days after your irst pay period, you will
be automatically enrolled to contribute 5% of your Before-Tax and Roth
pretax compensation. You may change your deferral Contributions
amount or opt out by accessing your Empower
Retirement account at empowermyretirement.com You may designate your 401(k) contribution as
or by calling 833.SIH.401K or 833.744.4015. pretax or Roth or a combination of the two.
Annual Increase Pretax contributions are made with dollars before
taxes are paid. If you believe that your tax bracket
If you are contributing less than 10% pretax, your will be lower in retirement, you may pay less in taxes
pretax contribution rate will be increased according at withdrawal by contributing on a pretax basis. You
to the table below. If your pretax contribution rate is will pay ordinary income tax on your contributions
at 10% or higher, your contribution rate will not be and earnings at withdrawal.
afected. The automatic contribution rate increases
only afect your pretax contributions. Participants Roth contributions are made with after-tax dollars.
making only Roth contributions or a combination of If you believe your tax bracket will be higher in
pretax and Roth contributions in which the pretax retirement, you may pay less by paying taxes before
contribution is less than 10% will have their pretax your contributions are deposited to your 401(k)
contribution rate automatically increased as noted account. You will not pay ordinary income tax at
in the table below. Participants who are contributing withdrawal on the investment earnings with a
a pretax lat dollar amount will not be afected by qualiied distribution.*
these changes. * Subject to requirements: Roth contributions must have been made
in your account for at least ive years and the money withdrawn
Pretax Contribution Pretax Contribution Rate Efective Date after you have reached age 59½, become disabled or died. If a
Rate Increase distribution is not qualiied, the earnings are taxed as ordinary
0%–4% 5% September 1 income and may be subject to early withdrawal penalties.
5%–9% 1% each year until it September 1
reaches 10%
49
SIH Benefits Re-Enrollment
RETIREMENT SAVINGS PLAN
SIH Retirement Savings Plan is a retirement savings plan designed to allow eligible employees to save and
invest through a voluntary salary contribution. Read these highlights to learn more about your Plan. If there
are any discrepancies between this document and the Plan Document, the Plan Document will govern.
Eligibility Enrollment Your Contributions
You are eligible to participate in the Plan on the In 2022, the before-tax contribution maximum
irst day of the month coinciding with or following is between 1% and 100% of your compensation
your date of employment. You are eligible to or $20,500, whichever is less, for all retirement
contribute if you are full time, part time, per diem contributions. Participants turning age 50 or older
or temporary. SIH Retirement Savings Plan is an in 2022 may contribute an additional $6,500. The
automatic enrollment plan. If you have not made amount contributed cannot be in excess of the
an airmative election to contribute or opt out Internal Revenue Code annual limit.
within 30 days after your irst pay period, you will
be automatically enrolled to contribute 5% of your Before-Tax and Roth
pretax compensation. You may change your deferral Contributions
amount or opt out by accessing your Empower
Retirement account at empowermyretirement.com You may designate your 401(k) contribution as
or by calling 833.SIH.401K or 833.744.4015. pretax or Roth or a combination of the two.
Annual Increase Pretax contributions are made with dollars before
taxes are paid. If you believe that your tax bracket
If you are contributing less than 10% pretax, your will be lower in retirement, you may pay less in taxes
pretax contribution rate will be increased according at withdrawal by contributing on a pretax basis. You
to the table below. If your pretax contribution rate is will pay ordinary income tax on your contributions
at 10% or higher, your contribution rate will not be and earnings at withdrawal.
afected. The automatic contribution rate increases
only afect your pretax contributions. Participants Roth contributions are made with after-tax dollars.
making only Roth contributions or a combination of If you believe your tax bracket will be higher in
pretax and Roth contributions in which the pretax retirement, you may pay less by paying taxes before
contribution is less than 10% will have their pretax your contributions are deposited to your 401(k)
contribution rate automatically increased as noted account. You will not pay ordinary income tax at
in the table below. Participants who are contributing withdrawal on the investment earnings with a
a pretax lat dollar amount will not be afected by qualiied distribution.*
these changes. * Subject to requirements: Roth contributions must have been made
in your account for at least ive years and the money withdrawn
Pretax Contribution Pretax Contribution Rate Efective Date after you have reached age 59½, become disabled or died. If a
Rate Increase distribution is not qualiied, the earnings are taxed as ordinary
0%–4% 5% September 1 income and may be subject to early withdrawal penalties.
5%–9% 1% each year until it September 1
reaches 10%
49
