Northern California Physician “Benefits Overview”
Retirement
Plan 3: Salary Deferral Plan
A voluntary plan that allows a physician to make tax deferred contributions
Membership begins on the first day of the month following date of hire
A defined contribution plan (401(k)
You may elect to contribute from 1-18% of eligible compensation to $230,000 (IRS compensation limit in 2008), up to $15,500 (IRS maximum in 2008)
Additional $5,000 Catch-Up Contribution if age 50 or older in 2008 (may elect to contribute 1-75% of eligible compensation)
100% Vested at all times
Self-directed investment options (choose among 18 different options & 10 Target Date Funds)
Loans available
In-Service withdrawals for financial hardship or upon reaching age 59 ½
. Distribution Options:
Lump sum distribution
Installments
Defer to a future date, but no later than age 70½ if retired
Annuities
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