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403(b) Employee Retirement Plan
Features and Highlights
Read these highlights to learn more about your Plan. If there are any discrepancies between this document and the Plan
Document, the Plan Document will govern.
About the 403(b) Tax-Deferred Retirement Plan
A 403(b) plan is a retirement savings plan designed for employees of public schools and tax-exempt organizations. A
403(b) plan allows eligible employees to supplement any existing retirement and pension benefits by saving and investing
before-tax dollars through a voluntary salary contribution. Contributions and any earnings on contributions are tax
deferred until money is withdrawn. CHP will match up to 2% of your 403(b) contribution. Please note, the match
percentage is at CHP’s discretion each year and is subject to change in the future.
Enrollment
You will be automatically enrolled at 2% unless you select a different amount or sign a waiver on or after 30 days from
your participation date.
Contribution Limits Before-Tax Contributions
In 2017, the before-tax contribution amount is between 1% and 100% of your compensation or $18,000, whichever is less.
Participants turning age 50 or older in 2017 may contribute an additional $6,000.
Roth Contributions
The Roth option will give you the flexibility to designate all or part of your 403(b) elective deferrals as Roth contributions.
All Roth contributions are made with after-tax dollars, as opposed to pre-tax dollars you may contribute to a traditional
403(b). In other words, with the Roth option, you’ve already paid taxes on the money you contribute. With the traditional
403(b), your contribution is made on a pre-tax basis and you pay taxes only when you take a distribution.