One of the best ways to save for your retirement is through a 401(k) Plan. Even saving a small amount can help you down the road.

Eligibility

All full-time and part-time employees, interns and temporary employees are eligible to enroll in the Plan. Employees residing in Puerto Rico or any employee performing services in Puerto Rico are not eligible to participate in the Plan.

Your Contributions

Pre-tax and Roth (after-tax contributions) are available. If you are or will be 50 years old or older during the calendar year, you may elect additional “catch-up contributions.”

Employer Matching Contributions

Inovalon provides a great employer match! Inovalon will match 100% of your first 5% in eligible earnings that you contribute each paycheck. You will be immediately 100% vested in employer matching contributions.

Example of How the Match Works:

Annual IRS Maximums

The IRS limits the amount you may contribute each year. For 2023, the maximum you may contribute is $22,500. If you are age 50 or older in 2023, you may contribute an additional $7,500. These limits include both your pre-tax and Roth contributions.

The payroll system will automatically stop your contributions, and the employer match, once your contributions have reached the IRS limit. Your contributions will automatically resume again beginning with the first paycheck in the next calendar year. A few things to note about the annual IRS maximum:

The annual IRS maximum applies to your contributions only. It does not include the employer matching contributions.
The maximum applies to all employee contributions you have made for the year under all 401(k) Plans. If you are a new hire and contributed to your prior employer’s 401(k) plan during the year, you need to take into account the amount you contributed under your prior employer’s plan when electing your contribution percentage. The payroll system will not take into account the amount you contributed to your prior employer’s 401(k) plan when tracking the annual IRS limit.
If you reach the IRS annual limit early in the year, you may miss out on 401(k) match. In order to receive employer match, you must contribute. If you reach the IRS maximum early in the year and your contributions stop, the corresponding employer match will also cease and you will no longer receive any employer match for the year.

Rollovers

You may roll over your pre-tax assets from another qualified retirement plan, such as a former employer’s 401(k) Plan, at any time. The 401(k) Plan rollover form and instructions can be found in the 401(k) Plan Enrollment Guide or by contacting Prudential at 877.778.2100.

Investments

The Plan offers a variety of investments to include target date funds. For a list of investments, log onto prudential.com/online/retirement or refer to the 401(k) Plan Enrollment Guide.

401(k) Loan

For more detailed information, see the Summary Plan Description.

Enrolling and Making Changes to Your 401(k) Account

You must take action and enroll for your contributions, and the employer matching contributions, to begin. To enroll, change or stop your contributions, contact Prudential at prudential.com/online/retirement or at 877.778.2100. If you are a new hire, you may enroll generally after you receive your first paycheck. When you enroll, you’ll need to decide if you want to make pre-tax contributions and/or Roth (after-tax) contributions. A separate election is required to enroll in catch-up contributions and to have 401(k) taken from any bonus payments you may receive. You may enroll, change or stop your contributions at any time.

If you enroll or make a change to your current contribution %, your enrollment and/or change will be effective generally within one to two pay checks.

Ready to enroll or make benefits changes?

Contact the Inovalon Benefits Center for questions and enrollment help (M-F 8:00 a.m. – 5:30 p.m. ET)

1-888-896-8031

inovalon@assuredpartners.com