OneOncology offers a 401(k) retirement plan through Sentinel Benefits & Financial Group.
You are eligible to participate in the 401(k) plan effective the first of the month following two (2) months of service. In 2023, you will be able to contribute up to $22,500 annually. If you are age 50 or older by the end of the plan year, you’re eligible to make additional catch-up contributions of $7,500 or a total contribution up to $30,000. You have the choice of making contributions on a pre-tax basis or post-tax basis.
if you do not make a 401(k) contribution election, you will be automatically enrolled to contribute 3% pre-tax. This contribution will auto-escalate 1% every year until you reach a 5% pre-tax contribution. If you do not want to make any contributions to the 401(k), you must go to the Sentinel Benefits & Financial Group website and make a $0 or 0% election.
OneOncology makes a 3% safe-harbor contribution on a pre-tax basis. This is funded annually and there is no vesting requirement for this contribution. You do not need to contribute to the 401(k) to receive the 3% safe-harbor contribution - it is provided to you regardless if you enroll in the 401(k).
In addition, OneOncology budgets a 2% profit-share contribution on a pre-tax basis. This is also funded annually, and there is a 5-year vesting schedule. After one (1) year, you will be 20% vested in this contribution. This will increase 20% per year until you reach five (5) years or service and are fully-vested.
You will have a variety of fund choices through Sentinel that you can select based on your risk tolerance and retirement goals.
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