Banner Health Employee Benefits - Finance  

Retirement Plans


Banner Health’s 401(k) and 403(b) plans offer eligible employees the opportunity to set aside money in a pre-tax retirement plan without a waiting period.

Banner has partnered with Fidelity Investments as our provider of investment options, and recordkeeping services for the retirement plans. Fidelity is the nation's largest mutual fund company with $973 billion under management for more than 16 million investors.

Maximum Salary Deferral

The maximum employee salary deferral (contribution) for 2015 is the lesser of 100 percent of your annual pay or $18,000 (increased from $17,500 in 2014). To calculate your maximum allowable deferral percentage, divide $18,000 by your projected annual salary.

If you will be age 50 by Dec. 31, 2015, your 2015 limit is $24,000 (increased from $23,000 in 2014). To calculate your maximum allowable deferral percentage, divide $24,000 by your projected annual salary.

The IRS has set a $265,000 limit on 401(k) and 403(b) eligible salary (increased from $260,000 in 2014).

Banner's payroll system is set up to automatically stop your contributions when you reach any of the above annual limits.

No employer matching contribution will be made for any pay period in which you do not have a contribution.

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Immediately Vested

Some companies require their employees earn the right to keep contributions the company has made to their retirement plan by working for the company for a certain number of years. This is called vesting.  Banner has no vesting requirements. You are always 100 percent vested in your and Banner Health’s contributions to the plan. In other words, you will always have ownership of the contributions you and Banner make to your retirement plan account. 

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Loans are Available

While the retirement plans should be considered a long-term investment, you will have the ability to request a loan. The minimum amount you can borrow is $1,000, and you can have two outstanding loans at a time. Generally, you may borrow the lesser of 50 percent of your balance or $50,000. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. Loan repayments (plus interest) to your plan account are paid back through electronic bank draft. No loan may be written for longer than five years.

In addition, you may take in-service withdrawals on any after-tax contribution account. These after-tax contributions continue to be recorded as after-tax contributions on your account statements while your 401(k) deferral amounts are recorded as pre-tax.
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Accounts are Valued Daily

You are able to access up-to-date information about the value of your investments and make transactions  on any business day, and every transaction is confirmed. Every three months, Fidelity will send you a detailed statement of your balance, account activity, and your personal rate of return.

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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).

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Banner Health Employee Benefits
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These pages are highlights of the benefit plans. In the event of a difference between these pages and the legal documents/contracts, the legal documents/contracts will rule. Banner Health reserves the right to change, amend or discontinue all or part of these plans at any time for any reason. View Plan Documents
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