|Employees working 20+ hours/week are eligible to participate.
Participants are fully vested from day one.
||457 employee contributions: Option to save pretax and post-tax Roth through payroll deductions:
- minimum $25/month
- maximum up to IRS annual limits*
Catch-up - Close to retirement, the 3-Year Catch-Up benefit allows qualified participants to contribute over the Age 50+ limit. To find out if you qualify, request a 3-Year Catch-Up Worksheet.
Roll-ins: At any time, participants may roll outside retirement account assets into RIC (non-taxable event) to take advantage of the RIC benefits. Assets rolled into RIC are available for distribution without investment restrictions or penalties.
||Enrollment: Enrollment is always open. Review the different enrollment options available through your plan's RIC providers MassMutual and Voya.
Investments: MassMutual and Voya offers a variety of investment options and provides help with enrollment, investment selection, and account reviews at no extra cost. A list of fund options by investment category is available in the RIC At-A-Glance PDF.
||Payroll deductions - You may request a change to your existing payroll deduction amount and tax treatment at any time by completing the Madison County Health Care RIC Account Form PDF and forwarding it to your Human Resources Department.
Account management: To manage investment selection, obtain account information, change personal or beneficiary information, access your account online or call your provider.
Distributions: While employed, distribution options are limited. Once separated from employment, contact your provider directly to request distributions.
Provider transfers: To transfer assets between RIC providers, establish an account with the receiving provider and complete the RIC Account Form. There are no restrictions or fees for this type of transfer.