2022 UC PHYSICIANS RETIREMENT PLAN Retirement Providers
Fidelity Investments Telephone: 1-800-343-0860 Web: www.netbenefits.com/UCP Contacts:
TIAA Telephone: 1-800-842-2273 Web: https://www.tiaa.org/UCP Contacts: Yolanda Hines: 980-867-6483, Yolanda.Hines@TIAA.org Chip Hill: 859-224-6908, Charles.Hill@TIAA.org
Mike Fischer: 859-240-0939, Mike.Fischer@fmr.com Scott Noelcke: 513-379-4344, Scott.Noelcke@fmr.com
401(a) Defined Contribution Plan • Base Contribution: 8.5% minimum employer contribution based on total compensation paid during the calendar year (maximum $305,000 salary - $25,925). Since wages paid by UCP are not covered by the Social Security program, this contribution is provided in lieu of employer contributions to Social Security. • Additional Contribution (Optional): As part of the employee’s negotiated total compensation package, an additional 401(a) employer contribution (up to applicable legal limitations) may be made for the following employee: physicians, executive officers, clinical department administrators, and employees with a national provider identifier number. This additional employer contribution generally will not change during employment unless there is a significant reason for doing so, such as a significant reduction in the employee’s services. • Maximum Contribution (Base and Additional): Total 401(a) employer contributions during the calendar year cannot exceed the lesser of (1) total salary paid during the calendar year or (2) the current IRS calendar year limit of $61,000. • Investment Providers: Fidelity and TIAA. The account is owned by employee. If an investment provider is not selected, the default provider is Fidelity. The employee may change their investment provider after initial selection. Quarterly administrative fees will apply and are subject to change.
• Vesting: Employees are 100% vested in all contributions.
• Default Fund Selection: In the event no investment funds are selected, the default is Fidelity Freedom Funds or TIAA Lifecycle Funds. The fund chosen will be based on the employee’s age with an expected retirement date at age 65. • Distributions: The participant is eligible for distribution of funds at termination of employment or upon reaching the age of 65 while still employed. Distributed funds may generally be rolled over to another qualified retirement account. A distribution received by the employee and not rolled over is taxable and the 10% early distribution penalty may also apply. Account balances are subject to required minimum distribution rules, which generally begin at age 72. • Hardship withdrawals: Permitted to the extent of plan rules. Loans are not allowed. UC Physicians processes hardship withdrawals for employees that have selected Fidelity as their investment provider. TIAA processes hardship withdrawals directly for employees that have selected TIAA as their investment provider.
Revised 09/23/2022
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