At any time after you enroll, you can change how much you’re saving with the Adventist HealthCare Retirement Plan (AHRP). Just log on to your account, view the Savings and Investment menu and chose the “Change Contributions” link.
You choose how much you want to contribute to the AHRP and the types of contributions you want to make.
Amount You Contribute
You can contribute to your AHRP account as a percent or dollar amount of your pay each pay period.
Tips for Saving a Little More
There are a few easy ways to save a little more:
- Save at least 4% of your pay so that you’ll receive all the employer matching contributions you’re eligible for. You could receive up to 50 cents for each dollar you save, up to 4% of your pay.
- Save 1% more each year by signing up for automatic increases each year until you reach a target amount.
There is an Internal Revenue Service limit that determines the maximum amount you can contribute to the AHRP each year.
To sign up for automatic increases or see the annual IRS contribution limit, log on to your account and choose “Change Contributions” from the Savings and Retirement menu.
How You Contribute
You can put money into your AHRP account with before-tax contributions, with Roth after-tax contributions, or a combination of both.
Money is taken out of your pay before taxes. This reduces your taxable income in the year you contribute. When you withdraw your before-tax contributions and earnings from your AHRP account, you’ll owe taxes in that year.
Roth (After-Tax) Contributions
Money is taken out of your pay after taxes. When you withdraw Roth contributions from your AHRP account, you won’t owe taxes on the contributions and earnings if you’re at least age 59-1/2 and your Roth account is at least 5 years old.