Plan overview

AHRP’s 403(b) Plan holds your contributions, while the AHRP 401(a) Plan holds any basic or matching contributions you earn. Both plans have similar features, and both offer the same menu of investment options.

Enrollment

You can enroll in the AHRP 403(b) Plan at any time by logging in to NetBenefits or calling the AHRP Retirement Center at 800-730-2477. Your enrollment becomes effective once you elect a deferral percentage, which initiates deduction of your contributions from your pay. These salary deductions will generally begin with your next pay period after we receive your enrollment information, or as soon as administratively possible.

If you are eligible for basic or matching contributions, you automatically participate in the 401(a) Plan.

Your contributions

You can contribute a percentage of your eligible pay to the 403(b) Plan, in any combination of pretax and Roth contributions. The total of your combined pretax and Roth contributions is limited to $23,000 in 2024—or $30,500 if you are age 50 or older.

You also may make after-tax contributions to the 403(b) Plan as a way to maximize contributions and help manage future tax liabilities. After-tax contributions are not matched.

In 2024, the total of all contributions (excluding rollover contributions and catch-up contributions) to your account under each Plan is $69,000 or 100% of your total compensation for the year from your Employer, whichever is less. To see if after-tax contributions are right for you, schedule an appointment to meet with your AHRP Representative.

You can automatically increase your contributions each year through the Annual Increase Program. To sign up, log in to NetBenefits or call the AHRP Retirement Center at 800-730-2477.

Employer contributions

If you meet the eligibility criteria, you may receive two types of employer contributions:

• Basic contributions. You may receive basic contributions each year, regardless of whether you are enrolled in the AHRP 403(b) Plan. Your basic contributions will be credited to the AHRP 401(a) Plan. (Note that, although your employer intends to make a basic contribution each year, the basic contribution is discretionary, and your employer is not required to make a basic contribution for any year.) To be eligible for the basic contribution for a year, you must:
  • be at least 18 years old at any time during the year; and
  • be credited with at least 1,000 hours of service during the year and be employed by a participating employer (or an affiliate) on the last day of the year (December 31); or
  • terminate employment during the year due to retirement at or after age 65, death, or disability.
• Matching contributions. When you make contributions to the AHRP 403(b) Plan, you may receive matching contributions from your employer. Your matching contributions will be credited to the AHRP 401(a) Plan.

Eligibility requirements and the formula to determine your basic or matching contribution amount will vary by employer. Refer to the Participating Employers list.

Vesting

You are always 100% vested in your own contributions to the AHRP 403(b) Plan as well as any earnings on them. You are 100% vested in the basic and matching contributions and any earnings after you have earned at least 1,000 hours of service per year for 3 years.

Rollovers into the 403(b) Plan

You can roll over eligible pretax contributions from another 401(k) plan, Roth 401(k) plan, 401(a) plan, 403(b) plan, Roth 403(b) plan, a governmental 457(b) retirement plan, or a governmental Roth 457(b) retirement plan account, or eligible pretax contributions from a traditional or conduit individual retirement accounts (IRAs). A conduit IRA is one that contains only money rolled over from an employer-sponsored retirement plan that has not been mixed with regular IRA contributions.

For more details, log in to NetBenefits or call the AHRP Retirement Center at 800-730-2477. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.

Can I take a loan from my account?

Although your plan account is intended for the future, you may borrow from your vested account balance for any reason. A maximum of two outstanding loans are allowed within the AHRP plans, one loan in the 403(b) and one in the 401(a). One general purpose loan and one primary home loan per person can be taken at any one time. Only the vested account balance will be considered when applying for a loan from your 401(a). Learn more about and/or request a loan by calling the AHRP Retirement Center at 800-730-2477.

Withdrawals

Withdrawals from the Plan are generally permitted when you terminate your employment, retire, reach age 59^1/2, become permanently disabled, have severed financial hardship, as defined by your plan.

Automatic Distributions from the Plan: You do not need to take action on your account unless you prefer a distribution different than described below:

For those under age 65 - If your vested account balance is:

• $1,000 or less your entire account balance will be sent to you as a cash distribution.
• Between $1,000 & $5,000 your account balance will be converted to an Individual Retirement Account (IRA) at Fidelity.
• Greater than $5,000 (regardless of age) no action will be taken. Your balance will remain in the Plan.

For those who are age 65 or more – If your vested account balance is:

• $5,000 or less Your account balance will be sent to you as a cash distribution.
• Greater than $5,000 (regardless of age): no action will be taken. Your balance will remain in the Plan.

Beneficiaries

If you have not already selected your beneficiaries, or if you have experienced a life-changing event such as a marriage, divorce, birth of a child, or a death in the family, be sure to update your beneficiary designations. Log in to NetBenefits, click on the “Menu” link at the top of the page when you log into your account, then select Beneficiary and follow the online instructions.

Qualified domestic relations order (QDRO)

The Fidelity QDRO Center is a website that assists individuals in the preparation of Orders. The site includes Frequently Asked Questions, a Glossary of Terms, and each plan’s QDRO Guidelines. Visit the Fidelity QDRO Center at https://qdro.fidelity.com. 

Note: The Fidelity QDRO Center website is a drafting tool only. Use of the Fidelity QDRO Center does not result in an electronic submission of an Order to Fidelity. Orders created using the Fidelity QDRO Center must be printed and submitted to Fidelity in accordance with QDRO Guidelines.