Retirement

401(k) Retirement Plan

Save for your future by participating in the 401(k) Retirement Plan (the Plan), administered by Empower. Plan highlights include:

• Personify Health will match 50% of employee deferrals on the first 6%, with a $3,000 annual maximum.
• There is a three-year graded vesting schedule. After one year, you’re 50% vested; after two years, you’re 75% vested; and after three years, you’re 100% vested. Being vested means after three years you own 100% of your Company match and retirement account balance.
  • Employees who are currently enrolled will maintain their legacy company’s vesting schedule.
• You can make pre-tax contributions, which puts more money in your pocket now, but you will pay taxes on your contributions and earnings when you withdraw. Or you can contribute to a Roth account, which allows you to pay taxes on your contributions now and eliminate taxes on your earnings and when you make a withdrawal.
• One in-service loan is allowed at a time and the rate will be prime + 1% interest rate. Loan provisions are as follows:
  • General loan – 50% of vested balance or $50,000 minus the highest outstanding loan balance in the previous 12 months, or the lesser of.
  • Mortgage loan – Only available for purchase of a primary residence and you must provide documentation.
• Retirement withdrawals are allowed for hardships and participants age 59½.
• Hardship withdrawals are available for the following reasons and require documentation and proof of hardship:
  • Non-reimbursable medical expenses
  • Purchase of primary residence
  • To prevent eviction or foreclosure
  • Post-secondary education expenses
  • Funeral expenses
  • Principal residence repair or casualty loss
  • Expenses incurred because of a natural disaster

You can enroll and make changes to your beneficiary designation, contribution and investment elections at any time.

Eligibility

All benefits-eligible employees are eligible to participate upon hire. Company matching contributions begin the first paycheck of the month following date of hire. There is no minimum age or service requirement for eligibility.

Automatic Enrollment & Automatic Increase

• Newly hired employees and all participants entering the Plan will be auto enrolled upon hire at 6% starting January 1, 2025.
• Newly hired employees and all employees entering the Plan starting January 1, 2025, will be enrolled into 1% annual automatic increase.

Making Contributions

You can contribute up to the annual IRS contribution limit ($23,000 in 2024). If you are age 50 or older, you can make additional “catch-up contributions” up to the IRS catch-up contribution limit ($7,500 in 2024). Please note that catch-up contributions for highly compensated employees making more than $145,000 annually in 2024 must be placed in a Roth (post-tax) account.

Employer Profit Sharing

Personify Health may contribute additional funds based on annual profits, enhancing participants’ overall retirement savings. Profit sharing contributions are discretionary and are not guaranteed, and contributions can vary each year depending on the company’s performance.