401(k) Retirement Plan
Schwab Retirement Plan Services
Customer Service: 800.724.7526
Spanish Customer Service: 877.905.2553
Creative Planning Retirement Services: 312.595.6366
401(k) Retirement Plan
The 401(k) Plan for employees is designed to help you save for retirement and at the same time reduce your current income taxes.
Plan Eligibility
All employees are eligible to participate in the plan upon date of hire (unless part of an excluded class in the plan document).
Your Contributions
Through payroll deductions, you may contribute any percentage of your pay on a before-tax basis. Your contributions are subject to annual dollar limits set by the IRS as noted below. You may change the amount you save or stop saving at any payroll period.
Company Matching Contributions
In order to participate in the matching program, you must make before tax deferral contributions. For 2021, the company will match before-tax 100% of your first 3% of compensation deferred as 401(k) contributions and 50% of your next 3% of compensation deferred as 401(k) contributions. So, if your total contributions are 6% or more, your total company match will be 4.5%—the maximum match! If you are currently contributing less than 6%, seriously consider increasing to 6% or more to receive the maximum company match.
Personal Investment Advice
The 401(k) Plan for Sotera Health, LLC (the “Plan”) includes Managed Account Services provided by Creative Planning Retirement Services, an independent registered investment advisor. They will use personal information, such as your current plan account balance, contribution rate, Social Security benefits, and expected retirement age, to provide your investment strategy. You can include additional personal details that will be used to further develop your investment strategy. Additional information is available by calling 312.595.6366.
Roth 401k vs Pre-Tax 401k Contributions
Saving for Retirement and Beyond
Saving for Retirement and Beyond
Personal Investment Advice
The 401(k) Plan (the “Plan”) includes my Financial Future®, a managed account service that includes personalized advice that can help you know how much to save and how to invest your retirement plan account. This service is provided by Creative Planning Retirement Services and Morningstar
Investment Management, LLC.
Sotera Health's previous retirement advisors, Mesirow Retirement Advisory Services, has joined Creative Planning Retirement Services. Being a part of Creative Planning allows for enhanced services and provides you with an even broader range of financial solutions and resources. See announcement here.
This service:
• Calculates how much income you’ll need in retirement
• Determines how much more you’ll need to save to reach your retirement savings goal
• Identifies a savings rate
• Recommends the investments for your retirement plan account based on the investments available within your plan
If you’re age 50 or older, you can receive a sustainable spending plan to help you know how much to withdraw from your various income sources each year in retirement.
For a fee, you can also receive professional management of your retirement plan account through the managed account service, including:
• Ongoing investment monitoring
• Automatic adjustments to your investments.
The fee for this service is based on your eligible average daily retirement plan account balance and the number of days you are in the service. Eligible balances exclude loan balances. The fee is applied to your plan account on a quarterly basis.
Health Savings Account (HSA)
Optum Financial
Customer Service: 800-791-9361
When you enroll in the Gold, Silver, or Bronze plans, you are eligible
to participate in a Health Savings Account (HSA). A Health Savings Account is a tax-advantaged account which allows you to pay for your eligible out-of-pocket health care costs using pre-tax dollars - meaning you save money.
We understand that the cost of healthcare can be high, even if you have a good insurance policy, which is why Sotera Health contributes money to your HSA to help you cover your eligible medical expenses now, or in the future.
HSA Eligibility
- You enroll in the Gold, Silver, or Bronze plans, which are qualified high deductible plans
- You are not covered by any other health coverage, including a spouse’s plan, Medicare, or military coverage
- You cannot be claimed as a dependent on someone else’s tax return
- You do not participate in your spouse’s Flexible Spending Account (FSA)
Advantages of a Health Savings Account
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You get triple tax savings:
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- Your contributions and the contributions from the company go into your HSA tax-free
- Money you withdraw is not subject to taxes as long as you use it to pay for eligible healthcare expenses
- The earnings on your HSA are tax-free
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Money in your account rolls over from year to year, so you can save for the future
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Your HSA is yours to keep—you can take it with you if you leave the company or use it during retirement. After you turn age 65, you can access the funds without penalty but withdrawals wlll be subject to income tax.
Contributions to your HSA
When you enroll in the Gold, Sliver, or Bronze medical plan, the company will make a contribution to your HSA whether or not you decide to make your own contributions. A Health Savings Account will be established for you with Optum Financial by the company. In addition to the employer funding, you may make your own pre-tax contributions through a payroll deduction (taking from each bi-weekly paycheck) to your account up to the allowed maximum. The IRS limit for 2024 is $4,150 for individuals and $8,300 for families. Individuals age 55 and older may contribute an additional $1,000 to their HSA under the “catch- up” provision. These funds can be withdrawn at any time to cover qualified medical expenses as defined by the IRS such as deductibles, medical services, pharmacy charges, or post-retirement medical expenses.
Optum Financial
Your Health Savings Account will be set up for you with Optum Financial. This is an actual bank account. You can expect the following after your account has been established with Optum Financial.
- A welcome kit: This starter package will provide you with your account number and important disclosures
- A debit card: Will arrive with the welcome kit
- Access to the member website: Provides 24/7 account information, including electronic bill payment, activity and balance information, electronic statements, tax documents, and electronic funds transfer; access your account through myuhc.com
- Assign a Beneficiary: Designate a beneficiary for your account
- Manage your investments, transfer funds, education and tools
If you wish to transfer your previous HSA balance into your new Optum Financial account, “Please contact Optum at 800-791-9361 or obtain a Rollover/Transfer Request form at optumbank.com
Flexible Spending Accounts (FSA)
Chard Synder
6867 Cintas Blvd, Mason OH 45040
Customer Service: 800-982-7715
Claims Fax: 888-245-8452
A Flexible Spending Account allows you to pay your portion of group benefits, un-reimbursed medical expenses and dependent/childcare with pre-tax dollars. With Flexible Spending, your expenses are deducted from your paycheck before state, federal, and Social Security taxes. By paying these expenses with pre-tax dollars, you will reduce taxable income and take home a larger portion of your paycheck.
Three Components of the Flexible Spending Account
1. Group Benefit Premium—Your portion of group medical and dental premiums will be deducted from your paycheck on a pre–tax basis.
2. Medical Expense Reimbursement—Each year, you may set aside up to $3,200 pre-tax dollars to pay for qualifying out-of-pocket medical, dental, vision, prescription drug, and other expenses, including deductibles, coinsurance payments, and copayments for yourself and your dependents.
3. Dependent Care Reimbursement— Each year, you may set aside up to $5,000 pre-tax dollars (or $2,500 if you are married and filing individually) to pay for eligible Dependent Care expenses. This includes childcare, eldercare, or other eligible dependent care.
Facts you should know:
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Participation is voluntary
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Participation in the plan simply allows you to pay for qualified expenses with pre-tax dollars
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Because you will be paying less in Social Security taxes, participation in the Flexible Spending Account may slightly reduce your future Social Security benefits
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Flexible Spending Accounts are subject to the “use it or lose it” rule
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Participants should carefully monitor their spending throughout the year to avoid any unused balance
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Prescription is needed for over-the-counter medications
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Participants are not eligible for the Medical Expense Reimbursement FSA if they are enrolled in any of the HSA HDHP Plans
Commuter Benefits for New Jersey and Illinois
Chard Synder
6867 Cintas Blvd, Mason OH 45040
Customer Service: 800-982-7715
Use your Chard Snyder Benefit Card to pay for passes, tokens, fare cards, or vouchers that allow you to use a mass transit system. Ride the bus, train, subway, ferry or trolley. You’ll never need to file a claim for transit and you’ll save up to 40% of the cost by paying with tax-free dollars.
What are Commuter Benefits?
Two types of Commuter Benefits accounts allow you to put aside money to pay for eligible transit and parking expenses. Funds are deducted from your paycheck before taxes, so the money deposited into these accounts is tax free which saves you money on services you already pay for when commuting to and from work.
What are the Different Types of Commuter Benefits?
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Funds in a Mass Transit account can be used for your eligible transit expenses such as bus fares, train fares, or subway fares you purchase to commute to and from work.
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Funds in a Qualified Parking account can be used for your eligible parking expenses such as parking garages and parking lots where you park your car while you’re at work.
Here’s How it Works
You may only claim the amount of money in your Commuter Benefit account at the time you use your Benefit card or submit a claim. Your balance will go down each time you use your benefit and go up with each payroll contribution. You will need to keep an eye on your balance. Use the Chard Snyder mobile app, or your online account, any time to check your current balance, see the status of a claim or review the history of your account.
Adoption Benefit Policy
We provide financial assistance to employees for certain fees relating to child adoption, up to a $5,000 maximum benefit per event. The following adoption fees are eligible for reimbursement:
Eligible Adoption-Related Fees
•Court costs and legal fees
•Public or private agency fees
•Foreign adoption fees
•Medical costs
•Other adoption-related expenses
For additional details, please reach out to benefits@soterahealth.com
Education Assistance
The company recognizes that educational development is important and should be encouraged. The Tuition Reimbursement plan was established to provide an opportunity for employees to obtain additional education or training in order to increase their effectiveness in their present jobs and to prepare for future advancements within the company.
Tuition reimbursement benefit is available to ALL full-time employees who have one year continuous service and meet performance standards.
Tuition reimbursement up to the IRS annual maximum of $5,250 per year will be available to all full-time employees who obtain pre-approval for their coursework and receive a passing grade of “C” or better. If the course is “pass/fail,” a final grade of “pass” is acceptable. Expenses such as textbooks and lab fees are eligible for reimbursement. The annual maximum is based on the calendar year, January through December.
If an employee leaves the company within two years of the latest date of reimbursement, the amount of the reimbursement will be considered only an advance. Accordingly, the employee will be obligated to immediately reimburse 100% if leaving the company within one year of course payment, and 50% if leaving the company within one to two years of course payment.