Banner Health 401(k) match, vesting and fees

After contributing at least 4% on a pre-tax basis, participants may also elect to make Roth contributions on an after-tax basis.

Notes receivable from participants – Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of one-half of the participant’s vested account balance or $50,000 reduced by the highest outstanding loan balance in the participant’s account during the prior 12-month period. All loans must be repaid within five years, unless a participant’s loan was used to purchase a primary residence, in which case the loan must be repaid within a reasonable period of time not to exceed 15 years. The loans are secured by the balance in the participant’s account and bear interest at a rate determined by the plan administrator based on prevailing commercial interest rates. The interest rate will remain fixed during the duration of the loan. Principal and interest are paid by the participant directly to Fidelity over the term of the loan. Participants are limited to having one outstanding loan at any given time, unless the participant had two loans outstanding as of January 1, 2020. As of December 31, 2024, the rates of interest on outstanding loans ranged from 3.25%–10.25% with various maturities through February 2040.