401(k) Plan

Banner Health’s 401(k) Plan offers eligible employees the opportunity to set aside money in a pre-tax retirement plan without a waiting period. Participants in the 401(k) Plan are eligible for matching dollars from Banner Health after one year of employment and those dollars are vested immediately.

Contributions can be directed to either the regular 401(k) using pre-tax dollars, the Roth 401(k) using after-tax dollars, or some combination of the two up to IRS annual limits. Please refer to the Banner Retirement Plans Information for further details.

Banner Health Matching Contributions

Banner Health will match every dollar you put into the 401(k) Plan up to 4% of your annual pay, which includes overtime, shift differential, and on-call pay, after your first anniversary of employment.

In order to receive Banner's matching contributions, you must put the first 4% of your retirement contributions in the regular 401(k) using pre-tax dollars.  Any contributions above that 4%, can be directed to either the regular 401(k) using pre-tax dollars, the Roth 401(k) using after-tax dollars, or some combination of the two (up to IRS annual limits).

Summary Plan Description

Detailed information on this benefit such as eligibility, plan coverage, limitations and contact information can be found in the Summary Plan Description (SPD).

Important to Note

This page contains highlights of the 401(k) Plan. The details of how this plan works are included in the legal documents and contracts that govern how the Plan operates. In the event of a difference between this page and the legal documents and contracts, the legal documents and contracts will apply. This page does not imply a contract of employment or guarantee of benefits. Banner Health reserves the right to change or discontinue all or part of the 401(k) Plan benefits at any time for any reason. Employees who have a status of Pay-In-Lieu, Registry or Traveling Nurse are not eligible for this Plan, but are eligible for the Banner Health 403(b) Plan.