Yes. You can always change the amount you contribute to the Plan at any time on the Empower Retirement website. If you know that you do not want to contribute to the Plan, you must notify Empower Retirement that you wish to opt out of the Plan’s automatic enrollment and escalation features. You must notify Empower Retirement each year that you want to opt out of the Plan’s automatic escalation feature.
If you are a new hire and do not wish to have automatic enrollment contributions taken from your compensation, you must decrease your contributions to zero on the Empower Retirement website. During the 90 days after automatic contributions are first taken from your pay, you can also withdraw the prior automatic contributions by contacting Empower Retirement. (Note: this withdrawal right is not available for the annual 1% automatic escalation amounts.) If you withdraw your automatic contributions, you lose any employer matching contributions associated with the automatic contributions. Also, your withdrawal will be subject to federal income tax (but not the extra 10% tax that normally applies to early distributions) and reported on a Form 1099-R at the end of the year. If you decrease salary reduction contributions to zero, no further contributions will be taken from your compensation until the next annual automatic escalation period occurs. You can always choose to continue or restart your contributions on the Empower Retirement website.
If you would like a copy of the Plan’s summary plan description or other Plan documents, please visit the Adventist Retirement website at www.adventistretirement.org.
If you wish to start, stop or change your contributions to the Plan, or want information on the Plan’s investment fund options, please sign into your Plan account on Empower Retirement’s website: participant.empower-retirement.com
If you have questions about how the Plan works or your rights and obligations under the Plan, please contact Adventist Retirement:
North American Division
9705 Patuxent Woods Drive
Columbia, MD 21046