401(k) Plan
Save for your future
Our 401(k) Retirement Savings Plan, offered through Charles Schwab, helps you save for retirement. The plan offers tax savings through pre-tax contributions and/or tax savings after you retire through a Roth (after-tax) option. The Plan also offers a variety of quality investment options, and you’ll have access to special services such as automatic account re-balancing and personal investment assistance from a licensed investment counselor.
You can manage your account, investments, and contributions at workplace.schwab.com. View the Charles Schwab 401(k) Guide for further information.
401(k) basics
If you’re wondering what exactly a 401(k) is, here’s some basic information you need to know before you get started: the 401(k) is a practice-sponsored retirement savings plan that allows you to make payroll contributions directly into your retirement savings account.
401(k) eligibility
Full-time teammates are eligible to participate in the 401(k) retirement savings plan on the first of the month following your hire date. Part-time teammates are eligible after the completion of 1,000 hours during a 12 month period.
All new hires receive a welcome email from Charles Schwab to enroll in the 401k Plan within 2 weeks after their hire date. Please note once you update your deferral in the Charles Schwab website, it may take up to 2 pay periods for the change to be reflected in your paycheck.
Annual Contribution Limits
You can contribute up to 100% of your paycheck, up to the $22,500 IRS limit.* If you are age 50 or older, you can contribute an additional $7,500 in catch-up contributions ($30,000 maximum). All contributions are 100% vested immediately.
*Please note: Limits are set by the IRS and are subject to change
Safe Harbor Contribution
Teammates earning less than $150,000 in 2023 will receive a safe harbor practice contribution equal to 3% of their eligible compensation.
How 401(k) contributions differ
Pre-tax 401(k) contributions
- Contributions are deducted from your paycheck before taxes are withheld, reducing your taxable income today.
- In the future, you pay income tax on your withdrawals, including any capital gains.
Roth (after-tax) 401(k) contributions
- Contributions are deducted from your paycheck after taxes are withheld.
- In the future, withdrawals are tax-free if you own the account for at least five years and have reached age 59 ½.
Managing your 401(k)
You can choose from a variety of investment options from the core plans offered by Charles Schwab. You can also select your funds, change investments, or utilize the Vanguard Target Retirement Funds. Plus, Schwab Personal Choice Retirement Account lets you invest your assets outside of the core investment options via the Personal Choice Brokerage Account (PCRA). For more information on the Schwab PCRA option, call (888) 393-7272.
You can also rollover qualified assets from prior retirement plans into the Radiology Partners plan.
To access your account, call Charles Schwab Participant Services at (800) 724-7526 or go to workplace.schwab.com.
Start saving for the future today at workplace.schwab.com
