About Your Plan

Understand your retirement plans

Sinai Health System Consolidated 403(b) Plan – 1013312-02

Sinai Health System Retirement Plan – 1013312-03

Sinai Health System Union Retirement Plan – 1013312-05

Eligibility
You are eligible to participate in your plan effective immediately.

Your Contributions

Your employer offers the opportunity to make pre-tax contributions as well as after-tax Roth contributions to your plan. Pre-tax contributions are deducted from your salary and are not subject to federal, state, and local income tax withholding (certain exceptions may apply) while Roth contributions are deducted on an after-tax basis. With pre-tax contributions, you don't pay income taxes on money in your plan account until you take money out of your employer's retirement plan. With Roth contributions, you don't pay income taxes on money in your Roth plan account even when you take distributions (subject to certain requirements). For more information visit irs.gov

The Internal Revenue Service (IRS) limits the amount you can contribute in salary reduction dollars each calendar year based on the type of plan you have. View current annual IRS contribution limits.

Rollovers
If you have an existing retirement plan account with a prior employer or an IRA, you may be able to roll over all or some of that account into this plan once you enroll.

Choosing Funding Options
You may choose from a range of funding options across a variety of asset classes. For a list of the funding option(s) available to you, please see the next section of this guide.

Account Access
You can obtain information and make transactions through either the website at mlr.metlife.com or the toll-free telephone number at 1-800-543-2520. Also, each quarter, you will receive a personal account statement with a detailed summary of all activity.

Eligible Compensation: Compensation is defined as your total compensation that is subject to income tax and paid to you by your Employer for the Plan Year. Please see the Plan Summary Plan Description for a complete list of Compensation adjustments.

Cost of Participation
An annual plan administrative fee of 23 basis points (or, 0.23%) on Fund assets in your plan account will be charged to your MFSP account in quarterly installments. This fee may be offset by Fund compensation MetLife* receives quarterly with respect to plan assets. If this is the case, your MFSP account will be charged the administrative fee and credited with the Fund compensation received by MetLife.

Withdrawals
Since your plan is designed primarily to help you save for retirement, the Internal Revenue Code has placed restrictions on when money may be withdrawn from your account before you retire. You may withdraw money from your plan account only under the following circumstances:

Death
Disability¹
Hardship¹
In-service (Age 59.5)
Permissible withdrawals
Separation of Service

Eligibility for the Match: To be eligible to earn a matching contribution, you must be at least age 21 and have one year of service (working 1000 hours or more) with Sinai Health System (Sinai Chicago). After 1 year of employment, part-time and full-time caregivers become eligible to earn a match under the 401(a) Retirement Plan on the next July 1 or January 1 when they save for retirement under the Consolidated 403(b) Plan. However, not all employee groups or organizations within Sinai Chicago are eligible. The following employee groups are excluded from receiving the Non-Union Retirement Plan match: Residents, Union, Temporary, Float pool, and Registry caregivers.

Rollovers
If you have an existing retirement plan account with a prior employer or an IRA, you may be able to roll over all or some of that account into this plan once you enroll.

Non-Union Matching Contribution
Earning a 401(a) Retirement Plan match has two levels. The first level matches your contributions to the Consolidated 403(b) Plan dollar for dollar up to 1% of eligible base pay. The second level matches your contributions 50 cents on the dollar on the next 2% of eligible base pay. As a result, the maximum match that can be earned is equal to 2% of base pay when 3% of eligible pay saved in the Consolidated 403(b) Plan.

Vesting
“Vesting” means a portion of the benefit belongs to you. For the 401(a) Retirement Plan match, every year of service counts for vesting if you work at least 1000 hours. You are 20% vested for each year of service. At the end of your fifth year of service with Sinai Chicago you will be 100% vested in your matching contribution account. The vesting schedule applies to the matching contribution only, not to employee contributions. You are always 100% vested in your contributions to the Consolidated 403(b) Plan.

Plan Entry Dates: Once you have met the 401(a) Retirement Plan match eligibility requirements for earning a match, you will be automatically enrolled in the Consolidated 403(b) Plan on the following January 1 or July 1. You must make contributions to the Consolidated 403(b) Plan to earn a Retirement Plan Match.

Cost of Participation
An annual plan administrative fee of $42 per participant will be charged to your MFSP account in quarterly installments. This fee may be offset by Fund compensation MetLife* receives quarterly with respect to plan assets. If this is the case, your MFSP account will be charged the administrative fee and credited with the Fund compensation received by MetLife.

Death
Disability
Retirement
Separation of Service

Eligibility for the Match: To be eligible to earn a matching contribution, you must be at least age 21 and have one year of service (working 1000 hours or more) with Sinai Health System (Sinai Chicago). After 1 year of employment, part-time and full-time caregivers become eligible to earn a match under the 401(a) Union Retirement Plan on the next July 1 or January 1 when they save for retirement under the Consolidated 403(b) Plan. However, not all employee groups or organizations within Sinai Chicago are eligible. The following employee groups are excluded from receiving the Union Retirement Plan match: Residents, Non-Union, Temporary, Float pool, and Registry caregivers.

Rollovers
If you have an existing retirement plan account with a prior employer or an IRA, you may be able to roll over all or some of that account into this plan once you enroll.

Union Matching Contribution: Earning a 401(a) Union Retirement Plan match has two levels. The first level matches your contributions to the Consolidated 403(b) Plan dollar for dollar up to 1% of eligible base pay. The second level matches your contributions 50 cents on the dollar on the next 2% of eligible base pay. As a results, the maximum match that can be earned is equal to 2% of base pay when 3% of eligible pay saved in the Consolidated 403(b) Plan.

Vesting Schedule: “Vesting” means a portion of the benefit belongs to you. For the 401(a) Union Retirement Plan match, every year of service counts for vesting if you work at least 1000 hours. You are 20% vested for each year of service. At the end of your fifth year of service with Sinai Chicago you will be 100% vested in your matching contribution account. The vesting schedule applies to the matching contribution only, not to employee contributions. You are always 100% vested in your contributions to the Consolidated 403(b) Plan.

Plan Entry Dates: Once you have met the 401(a) Union Retirement Plan match eligibility requirements for earning a match, you will be automatically enrolled in the Consolidated 403(b) Plan on the following January 1 or July 1. You must make contributions to the Consolidated 403(b) Plan to earn a Union Retirement Plan Match.

Cost of Participation
An annual plan administrative fee of $54 per participant will be charged to your MFSP account in quarterly installments. This fee may be offset by Fund compensation MetLife* receives quarterly with respect to plan assets. If this is the case, your MFSP account will be charged the administrative fee and credited with the Fund compensation received by MetLife.

Death
Disability
Retirement
Separation of Service

Always consult your tax advisor or investment professional about the income tax consequences of any withdrawals. Ordinary federal income taxes generally apply to taxable distributions. State income taxes may also apply. Distributions before age 59½ may be subject to ordinary income tax and an additional 10 percent tax penalty, unless an exception applies.

Mutual funds are sold by prospectus only. To obtain a prospectus, please contact MetLife at the service center number reflected on your enrollment materials. Please carefully consider investment objectives, risks, charges, and expenses before investing. For this and other information about any mutual fund investment please obtain a prospectus and read it carefully before you invest. Investment return and principal value will fluctuate with changes in market conditions such that shares may be worth more or less than original cost when redeemed. Diversification cannot eliminate the risk of investment losses.

Mutual fund companies may assess certain annual fees and expenses. For more information regarding fees, please read each mutual fund prospectus carefully.

MetLife is not an ERISA investment fiduciary and is not providing investment advice to the plan, its fiduciaries or its participants, and does not exercise discretionary authority and control over plan assets.

^* MetLife refers to Metropolitan Life Insurance Company.

¹ Subject to IRC requirements. As defined by your plan.

The information contained in this document is intended to be informational in nature and should not be considered a recommendation or individualized advice to a specific individual.

This is not intended to be a summary of your plan's provisions. It only includes highlights of certain plan provisions. The plan document governs the terms of the plan and is available from your employer. In general, if any conflicts occur between this material and the plan documents provided by your employer, the plan documents provided by your employer will govern.

Always consult your tax or investment professional about the income tax consequences of any withdrawals. Ordinary federal income taxes generally apply. State income taxes may also apply. An additional 10% federal income tax penalty may apply to distributions prior to age 59½.

Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting professionals as appropriate.