Eligibility
All Point32Health employees that are not interns, or temporary, seasonal, or per diem workers are eligible to participate in the plan. Interns, and temporary, seasonal, and per diem workers may become eligible if they complete at least 1,000 hours of service during an anniversary year.
Employee contributions
Deferral elections for the 401(k) plan are made directly on Fidelity’s site NetBenefits.com/AtWork. If it’s your first time logging in, you’ll be asked to provide your name, date of birth, and last 4 of your social security number. Alternatively, you can call Fidelity at 800-343-0860 and make changes over the phone. Deferral election changes need to be submitted by the end of the day on Thursday on non-payroll weeks to be reflected in the following week’s payslip.
Eligible employees will automatically be enrolled in the plan with an election to defer 5% of their eligible pay. That deferral election will be increased by 1 percentage point each March until it maxes out at contribution reaches 10%, unless you take action to disenroll from the automatic increase program.
Eligible employees can contribute between 1% and 60% of eligible pay, up to the annual IRS dollar limits. If you are 50 years of age or older during the calendar year, and you make the maximum voluntary contribution to your plan account, you can make an additional “catch-up” contribution.
Point32Health contributions
Eligible employees who contribute will receive Point32Health matching contributions of $1 for every $1 they contribute up to 3% of their eligible pay, and $0.50 for every $1 they contribute on the next 2%. Contributing at least 5% is recommended in order to get the full Point32Health matching contribution.
Point32Health runs an annual match true-up program in Q1 after the close of the plan year. With this process, we look at the year holistically and ensure that any employee that was active on the last business day of the year receives the full match based on their actual deferral rate for the year. Point32Health may also make an annual discretionary matching contribution in the 401(k) as a percentage of your eligible pay. This contribution is not guaranteed.
Pre-tax and Roth after-tax contributions
Contributions can be made as pre-tax, Roth after-tax, or a combination of the two. Pre-tax contributions are taken from your paycheck before it is taxed, which means you pay less in income taxes today. The Roth 401(k) option lets you contribute to the plan on an after-tax basis, potentially withdrawing tax free later.1
Beneficiaries
You can designate and update the beneficiaries to your plan account at any time by logging in to your NetBenefits account at NetBenefits.com/AtWork and selecting Profile.
Investment options
The Point32Health 401(k) Plan’s investment options include a variety of mutual funds, as well as a fixed income option. You have the opportunity to manage risk by creating a diverse investment portfolio that meets your goals. If you do not choose your investment options, you will be defaulted into a target retirement date fund, based on your date of birth. Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.
Vesting
You are always 100% vested in your own contributions, as well as any earnings on them. Vesting in Point32Health’s matching contributions is granted on a graded basis over three qualifying years of service. See the table below for details:
| Years of service | Percent vested |
|---|---|
| 1 | 331/3% |
| 2 | 662/3% |
| 3 | 100% |
Rollovers
If you have retirement savings in another employer’s plan or in an IRA, the Point32Health 401(k) Plan permits rollovers into the plan. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
Distributions
You are generally allowed to withdraw money from your account when you leave your employer, retire, or become permanently disabled. You may also be eligible for a distribution if you have a financial hardship as defined by the IRS. Withdrawals may be subject to income taxes and, if they occur prior to you becoming age 59½, a 10% early withdrawal tax penalty.
Questions?
Log in to your Point32Health 401(k) Plan account at NetBenefits.com/AtWork or call 800-343-0860. Or to schedule a complimentary consultation with a Fidelity Workplace Financial Consultant who understands the Point32Health Plan, visit Fidelity.com/Schedule.
Additional Resources
- Download the NetBenefits App and stay connected to your benefits — anytime, anywhere. Learn more about the app.
- Point32Health 401(k) Plan Summary Plan Description
1 A distribution from a Roth 401(k) is federally tax free and penalty free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, or death.
This page provides only a summary of the main features of the Point32Health Retirement Plan. The written plan document will govern in the event of any discrepancy.
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© 2021 FMR LLC. All rights reserved.
Point32Health will reimburse colleagues up to $4,000 for qualified expenses directly related to the legal adoption of an eligible child. The lifetime reimbursement maximum for a family is $12,000.
For additional information reference the Point32Health intranet, Compass: Total Rewards
Flexible Spending Accounts allow you to make contributions to a special account and not pay federal income tax, Social Security tax and state tax on those contributions. Contributions are conveniently deducted from your paycheck. The dependent care FSA covers eligible expenses (child or elder care) incurred so you and/or your spouse can work. It is administered by Wex.
How does it work?
- Employees can contribute a minimum of $100 and a maximum of $5,000 per year.
- The amount you choose is evenly deducted from your paychecks throughout the year.
- You will be reimbursed up to the balance in your Flexible Spending Account at the time you submit the claim.
- Funds can be used to pay for elder care, care of a disabled dependent and childcare for children under age 13 when they’re claimed as qualifying dependents.
- Dependent Care contributions must be used by December 31, 2025.
- All claims must be submitted by April 30, 2026.
- Any funds left in the FSA account after April 30, 2026, will be forfeited and used to cover the administrative expenses.
Dependent care subsidy
For employees with annual salary of LESS than $70,000, Point32Health subsidizes Dependent Care FSA by providing the first contribution.
Your first paycheck of the year will not show a dependent care FSA deduction. The amount of the first contribution will be deposited by the company in your FSA account and available for reimbursement.
Examples of eligible expenses:
- Licensed nursery schools (pre-K and under)
- Day care centers
- Day camps
- Care inside your home
- Before and after care
- Au pair/nanny
Eligible and ineligible dependent care FSA expenses
Dependent care FSA handout
Short-term and long-term disability insurance
Disability insurance provides financial protection during periods of approved disability. Disability is defined as a non-work related sickness, injury, or pregnancy (including delivery) that prevents you from routinely performing your regular occupation. Short-term and long-term disability provides employees with 60% of their earnings, up to $2,500 per week, for the duration of approved period. Unum administers this program.
Point32Health provides all employees working 20 or more hours with both short-term and long-term disability insurance effective date of hire.
The company-provided short-term disability insurance has a 7-day waiting period before approved claims are paid by Unum. If available, Sick Time must be used during this waiting period. If Sick Time is not available, employees will be unpaid during the waiting period.
Short-term disability buy-up
Full-time and part-time employees who enroll in the short-term disability buy-up will increase the payments from 60% of earnings to 66.67% up to $2,500 per week. Employees who are interested in enrolling in the buy-up option must do so during Open Enrollment.
How to enroll
Elect the short-term disability buy-up option during your online enrollment process. You will be provided with the bi-weekly cost for the buy-up coverage prior to accepting it. If you are a new hire, your enrollment in the buy up is guaranteed if elected within 30 days from your date of hire.
The long-term disability plan is fully paid by the Company, however you can elect to pay the taxes on this benefit as an active employee. By electing the Tax Choice option, when you are approved for an LTD benefit, the payments will be made tax free.
Additional resources
As a member of “The Ultimate Legal Plan”, you will have access to professional attorneys and other valuable resources to help protect you. The Ultimate Legal Plan is designed as a continuum of services to meet your legal needs regardless of their stage or size. Including:
- Online Services
- Telephone Services
- In-office Services
- Reduced Fee Service for non-covered services
ID Watchdog information
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Basic life and AD&D insurance
Point32Health provides all employees working 20 or more hours with basic life insurance and basic accidental death and dismemberment insurance equal to one-times your annual salary rounded to the next $1,000.
IMPORTANT: Be sure to specify your beneficiaries when completing your online enrollment, and update them as needed (i.e. due to marriage, divorce, birth or adoption of a child, death).
Voluntary life and AD&D, spouse & child life insurance
You may purchase Voluntary Life Insurance for you, your spouse/partner, and/or dependent children up to the last day of the month in which your child turns age 26.
How to enroll
Elect the optional life insurance during your online enrollment process. You will be provided with the bi-weekly cost for the buy-up coverage prior to accepting it. If you are a new hire, your enrollment is guaranteed up to 3 times your annual salary for yourself and/or $30,000 coverage for your spouse/partner if elected within 30 days of your date of hire. Once your New Hire or Open Enrollment event is closed, you will receive an announcement in Workday to complete the EOI questions. You will then submit it and Unum will determine your eligibility for the additional coverage on-line. You will receive an instant response as to whether you are approved, denied or more information is needed. Your coverage for the optional coverage will take effect if and when your application is approved as a New Hire and for Open Enrollment, it will take effect as of January 1.