Retirement

AVMC Defined Benefit Plan

AVMC wants to help make retirement as financially secure and comfortable as possible for you and your family. The AVMC Retirement Plan (the “Retirement Plan”) can give you the security of a steady monthly income when you retire and may continue payments to your beneficiary. When combined with your personal savings and any Social Security benefit you receive, the Retirement Plan can play an important part in making your retirement more pleasant and allowing you more financial freedom.

Public Employees’ Pension Reform Act of 2013 (PEPRA)

All eligible AVMC Employees will be required to contribute to their Pension Plan if hired in 2013 and after
Participation eligibility begins after employment of one (1) year and 1,000 hours of service in said year Normal retirement age is 65, however, early retirement is available to participants who are at least 55 years of age and have 10 or more years of vesting service with AVMC. To initiate retirement benefits under the Retirement Plan, you must contact Milliman, Inc. (Retirement Administrator for additional information)

Milliman, Inc.

Antelope Valley Medical Center’s Retirement Plan is managed by the Milliman Benefits Service Center which provides pension and PEPRA administration. Please contact the Milliman Benefits Service Center directly using the toll-free number at 877-725-8676 for your pension-related matters and questions.

Address: Milliman Benefits Service Center, P.O. Box 601567, Dallas, TX 75360-1567

Contact the Milliman Benefits Service Center for any of the following:

Obtaining answers to your pension related questions
Requesting the forms to begin receiving your pension benefits
Requesting a Summary Plan Description (SPD) for your pension plan

Plan Documents

Plan Contacts

Important differences of a Roth 403(b)

You pay taxes when you contribute, at your current tax rate.
Account interest and dividends are not taxed if you meet certain criteria.
Like a traditional 403(b), you can withdraw money without penalties when you reach age 59½, but you must have held the account for at least 5 years.
you are not forced to take distributions at age 70½. You can keep the money in your Roth account as long as you want.

403(b) and Roth 403(b) Voya Voluntary Retirement Plan

AVMC sponsors a 403(b) Retirement Plan. Participation is voluntary, allowing you to make pre-tax salary deferral contributions. One of the benefits of participating in the 403(b) Plan is the ability to defer from current taxation salary that would otherwise be currently taxable and also defer income taxes on the earnings credited to your account.
We are pleased to be able to offer the benefits of this voluntary pre-tax savings plan for you, because many of you wish to defer current income taxes to your post retirement years, while accumulating additional savings for retirement.
Note: Enroll any time, no waiting period.

What is a 403(b) Plan?

A 403(b) Plan is a voluntary retirement plan that can be sponsored by schools, hospitals, and churches for the benefit of their employees. Generally, these accounts are funded by elective deferrals made under a salary-reduction agreement. All of our employees are eligible to participate. 403(b) plans allow employees to defer some of their salary to make contributions to the 403(b) plan. Contributions and investment earnings in a traditional 403(b) are tax-deferred until withdrawn
(assumed to be retirement), at which time they are taxed as ordinary income.

Employee elective deferrals are subject to limitations as stated above, and are immediately 100% vested. Withdrawals are permitted after a distributable event occurs (e.g., retirement, death, disability, severance from employment), and rollovers or transfers are permitted to an eligible retirement plan.

Enrollment Instructions

Go to enroll.voya.com
Enter plan number – 664482
Enter verification number – 088681
Enter location code – 0001

If you have any questions, please contact George Peterson:
Phone: 909-798-3251
E-mail: George.peterson@Voyafa.com
Address: Voya Financial Advisors, Inc., (Member SIPC)
1030 Nevada Street, Suite 203 Redlands, CA 92374

403(b) and Roth 403(b) Voya Voluntary Retirement Plan Highlights

Eligibility: All Employees are eligible to contribute to the 403(b) plan.

Entry Date: Employees are able to enroll in the Plan immediately upon commencing employment.

2025 Maximum Contribution: You can contribute up to $23,500 per year. If you’re age 50+ save an additional $7,500 per year. The IRS limits are evaluated yearly and may change.

Vesting: You are always 100% vested in your own contributions, plus earnings.

Withdrawal Options: (Subject to each investment provider’s policies. Check with your investment provider for availability.)

In-Service Withdrawal: If age 59 ½ or older.
Separation of Service: Possible 10% penalty if under the age of 59½. Various payment options are available.
Loans: Tax-free loans enable you to access your account without permanently reducing your account. You may have more than one outstanding loan, with a minimum loan amount of $1,000. Loans not repaid in.
Hardships: You may take a withdrawal for a financial hardship. Hardship withdrawals are limited to the amount you have contributed to the plan and are only permitted for limited financial circumstances that must be substantiated.
New Enrollments: There are 5 reasons why you should enroll now. You can make changes at anytime, save automatically, help lower your taxable income, invest your way and take your money with you.