403(b) Retirement Savings Plan
As the employer of choice in our region, Tidelands Health is committed to helping you save for a comfortable retirement. If you choose to enroll, you decide how much to contribute per pay period, up to IRS limits.
Eligibility and Contributions
All team members are eligible to contribute immediately upon your date of hire. We feel it is so important to begin today to plan for your future, regardless of the number of years you have until retirement.
Your Contributions
You may contribute up to an annual maximum of $23,500 for calendar year 2025. If you are or will attain age 50–59 or age 64 or older by the end of the plan year, you may contribute up to $31,000 (includes $7,500 catch up contribution). Beginning January 1, 2025, employees who are or will attain age 60, 61, 62 or 63 by the end of the plan year may make up to $11,250 in catch up contributions, for a total maximum annual contribution of $34,750.
In deciding how much to contribute, please keep in mind:
- You may increase, decrease, or discontinue your contributions at any time.
- You can choose if you want to make pretax or Roth after‐tax contributions, or both.
Remember, you can make changes to your retirement plan contributions, beneficiaries and investment options at any time through your account at Lincoln Financial.
Tidelands Health Matching Contributions
Tidelands Health will make an employer matching contribution in an amount equal to 50% of the first 7% of pay you contribute to the plan upon meeting eligibility. Matching contributions for new hires begin after satisfying a six-month eligibility waiting period. For rehires, if all eligibility waiting periods were satisfied during prior period(s) of employment with Tidelands Health, you may experience a shorter waiting period or be eligible immediately for matching contributions.
| When You Contribute: | Tidelands Health Will Match: |
|---|---|
| 7% | 3.5% |
| 6% | 3% |
| 5% | 2.5% |
| 4% | 2% |
| 3% | 1.5% |
| 2% | 1% |
| 1% | 0.5% |
Vesting
You are always 100% vested in your contributions and any earnings they generate. You are fully vested in Tidelands Health matching contributions, plus earnings they generate, after three years of service. A service year is any calendar year in which you work at least 1,000 hours.
Managing Your Money
Investing Options
You can direct your future investments to a variety of widely recognized mutual funds. When choosing investments, consider your risk tolerance and how close you are to retirement:
- If retirement is around the corner, you may want a portfolio with lower risk.
- If you’re younger and have the time to weather the market’s ups and downs, you may want to choose a more ambitious investment strategy.
You can make your own investment choices at lincolnfinancial.com/retirement.
If you do not select investment choices, your contributions will automatically be invested in the appropriate Vanguard Target Date fund (based on your date of birth and retirement age of 65). The Target Date funds are the default investment option designated by Tidelands Health.
Rollovers, Loans and Distributions
Loans and Distributions: Although the Tidelands Health 403(b) Retirement Plan is intended to help you save for the future, there may be times when you need to borrow from your account. You may do so under certain circumstances, including:
- When your reach age 59½
- Total disability
- Permanent disability
- Retirement
- Separation from employment
- Death
- Financial hardship (special rules apply)
- 403(b) Roth—After funds have been in your account for five years
Taxes will be due upon distribution and, if taken before age 59½, may be subject to an additional 10% federal tax penalty. Please consult with your tax advisor before withdrawing any money from your account.