GRHC Retirement Saving Plan FAQs 22

RETIREMENT SAVINGS PLAN FREQUENTLY ASKED QUESTIONS ABOUT 401(K) PLAN CHANGES AM I BEING FORCED TO ENROLL? Any employee who is scheduled for automatic enrollment in the Plan can opt out if they do not want to make contributions to the Plan. The deadline to opt out is Wednesday December 28, 2022. In addition, all Plan participants can change their individual contribution elections at any time through the ABG website or portal located on the intranet under Quick Links>Human Resources>401k Enrollment. There are no required or mandatory contributions to the Plan.

AM I STUCK WITH MY ELECTION FOR THE ENTIRE YEAR? HOW OFTEN CAN I CHANGE MY ELECTIONS? Employees may change their contribution elections on a payroll period basis, as long as they submit the change to the ABG website/ portal early enough for the HR Department to input the requested changes for payroll processing.

IF I MISS THE DEADLINE TO OPT OUT OF AUTOMATIC ENROLLMENT, CAN I STOP MY CONTRIBUTIONS AND GET A REFUND? Yes. If you are automatically enrolled in the Plan and do not wish to be, you can stop your contributions at any time. Also, there is a very limited period of time (60 days from your enrollment date) when you can request a refund.

IS IT POSSIBLE TO ROLL MY OTHER 401K INTO THE GRHC 401K? Yes. The Plan accepts rollover contributions from other employer plans and certain individual retirement accounts (IRAs). Contact the HR Department for more information.

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RETIREMENT SAVINGS PLAN FREQUENTLY ASKED QUESTIONS ABOUT 401(K) PLAN CHANGES CAN I DO MORE THAN 5%? WHAT’S THE MOST I CAN SAVE? Yes, you can contribute more than the 5% however you should note that the maximum contribution limits are set by the IRS each year. For 2023, the contribution limit for participants under the age of 50 is $22,500. For 2023, the contribution limit for participants who are at least 50 years old is $30,000.

SHOULD I DO A REGULAR 401K OR A ROTH 401K? If you would like help deciding whether to make pre-tax contributions or Roth contributions to the Plan, please contact Taylor Jones to discuss your personal situation.

HOW WILL THE SUPER MATCH SHOW UP ON MY ACCOUNT? The Super Match is calculated and deposited to the Plan on an annual basis, after the calendar year closes. If you earn a Super Match, it will show up in your Plan account in early 2024.

Please note that the Dollar-for-Dollar Match is deposited each payroll period, so you will see some matching contributions flowing into your Plan account during the year if you are making contributions to the Plan.

WHO IS GOING TO GET SUPER MATCH? Super Match will be paid to participants who contribute at least 1% of Earnings to the Plan during 2023 and who are employed by GRHC or TCH at the end of 2023.

Remember that the total match under the Plan is the greater of the Dollar-for-Dollar Match you earn throughout the year and the Super Match you earn as of the end of the year. If your Dollar-for-Dollar Match at the end of the year is at 7% of Earnings or more, you will not receive any Super Match.

I DON’T KNOW ANYTHING ABOUT INVESTING – WHAT SHOULD I INVEST MY MONEY IN? The Plan has Target Date Retirement Fund default investment options available for participants who do not make individual investment choices. If you would like to change it, please contact Taylor Jones to 2 discuss other investment options..

RETIREMENT SAVINGS PLAN FREQUENTLY ASKED QUESTIONS ABOUT 401(K) PLAN CHANGES I’VE WORKED HERE FOR 5 YEARS – HOW QUICKLY WILL I VEST MY BALANCES? Your vesting under the Plan is based on your total period of employment with GRHC and The Caring House. Effective January 1, 2023, you need to complete three (3) “Years of Service” to be fully (100%) vested in the Plan. You are credited with a Year of Service for every calendar year in which you complete at least 1,000 Hours of Service with GRHC or the Caring House, regardless of whether you are employed on the last day of the Plan Year.

HOW SOON CAN I APPLY FOR A LOAN? Effective January 1, 2023, loans are available to participants who save at least $2,000 of their own contributions in the Plan. Loans are avail able for amounts up to 50% of the participant’s own contributions to the Plan, and the minimum loan amount is $1,000.

Please keep in mind that the Plan is intended for retirement savings, and we encourage employees to limittheir loans from the Plan. If you do not have an emergency savings fund, please contact your banking institution for information on how to get a savings plan started.

IS GRHC GOING TO PROVIDE FINANCIAL GUIDANCE MEETINGS FOR EMPLOYEES? GRHC is not permitted to give employees financial advice. Instead, GRHC contracts with Retirement Benefits Group (Taylor Jones) to provide retirement planning and investment education to employees.

We recommend that you contact Taylor Jones of RBG directly with your investment questions or to set a time to have a general conversation about your retirement.

WHERE SHOULD I SEND MY QUESTIONS AS THEY COME UP? Please contact GRHC Human Resources with your questions.

Email: Phone:

ess@grhc.org 602-528-1200 x1342

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RETIREMENT SAVINGS PLAN FREQUENTLY ASKED QUESTIONS ABOUT 401(K) PLAN CHANGES HOW DO I ACCESS MY ABG SOUTHWEST ACCOUNT? Go to the ABG Southwest website at www.retirementlogin.net/abgsw.

Please follow these instructions for logging on to the website: For first time users, follow the instructions below: • Log in using your Social Security Number as your Username (no dashes or spaces) and the last four digits of your Social Security number as your password • Complete the security profile steps • Confirmation of any changes you make will be sent via email For returning uses, following the instructions below: • Log in using your existing username and password • Confirmation of any changes you make will be sent via email You also can call ABG Southwest at (877) 516-7339.

HOW DO I CONTACT RETIREMENT BENEFITS GROUP AND TAYLOR JONES? Taylor’s phone number is (800) 520-4461, You can also schedule an appointment at www.meetjones.com.

EXAMPLES OF EMPLOYEE CONTRIBUTION AND MATCH

$12.31

$19.23

$320

$500

$12.31

$19.23 $1,600

$2,500

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