Scan your future

When it comes to the future, talking about planning is inevitable. After all, planning is precisely what’s required in order to ensure a great tomorrow. But as we get busier as a society, it becomes harder to focus on planning something as “far away” as retirement. We understand that, so RadNet is taking care of that for you with our 401(k) Matching Program.

What is a 401(k)?

A 401(k) is an account – similar to a savings account – that you put money into for the purpose of saving for retirement. You put money in now and it grows over time. When you retire, you withdraw money for living expenses as needed

Our new 401(k) matching program

The brand new 401(k) Matching Program is an exciting achievement for our team. For each $1 you save, RadNet will add $0.25. That match applies to the first 4% of your invested savings. To receive this match, you must be employed on the last day of the plan year. RadNet’s contribution is then deposited into your account after the close of the plan year (December 31st). Simply put, RadNet’s contribution is free money. So, we recommend that you get on board right away by making — at minimum — a 4 % investment. If you opt out, you are essentially leaving part of your salary behind.

1

All RadNet employees are eligible to participate in the 401(k) Plan and earn matching contributions.

2

RadNet will automatically enroll you in the plan after 90 days. This way, you can easily get started.

3

As soon as you’re enrolled, 6% of your paycheck is put aside before taxes and invested into your 401(k) account with The Principal.

4

As an incentive, RadNet will match $0.25 for each $1 that you save, up to 4%.

5

On the automatic enrollment path, every January, your 401(k) savings will increase 2% until it reaches 10%.

6

You can change your investment savings at any point, or even stop investing completely. However, experts and financial advisors recommend you save between 10% and 15% to plan for a comfortable retirement.

Why should i participate?

We understand that the idea of “retirement” seems far away, but it will become reality one day. We strongly believe that planning for retirement is key to long-term happiness. That’s why we started the 401(k) Matching Program – it is our way of saying we care about your future, and that we hope to be part of your life for a long time to come.

If you’re still skeptical about needing to save for your retirement, we’d like to share additional reasons why we believe it’s important to participate in the program:

1

When you save with a 401(k), you pay less in income tax.

When you save to the 401(k), taxes on income are deferred until later. In other words, the money you place in your 401(k) account is not taxed right now.

2

The sooner you begin saving, the more time your money has to grow.

Each year's gains can generate their own gains the next year — a powerful wealth-building technique known as compounding. Ideally, you should start saving in your 20s, when you first enter the workforce and begin earning a paycheck.

3

Free company money!

Some employees are not saving enough to receive the full company match. This means employees are losing money the company has earmarked for them — money that could be growing on their behalf.

4

Many experts believe that Social Security likely won’t provide enough income to live on when you retire.

5

Planning on being able to meet your needs later — with enough left over to comfortably do the things you enjoy during retirement — is worth forgoing treats now and then.

6

You cannot control future changes to Medicare, Social Security, tax rates and inflation, but you can control how much you save today.

Calculator

One of the biggest benefits of a 401(k) is the employer match. This is basically free money that an employer provides when a worker adds to the company’s plan. This additional money can add up quickly over the course of an employee’s career.

Curious to see how RadNet’s matched contribution can impact your future? Use the calculator below to “scan your future.”

Faq

Here are the most common questions about our plan:

I’m a new employee, can I participate?

Yes, all new employees (full-time, part-time and PRN) can participate after 90 days of employment. You will receive detailed information by email and mail approximately a month before you are eligible to begin saving.

I’m a rehire, can I participate?

Yes, all rehires can participate after 60 days of employment. You will receive detailed information by email and mail approximately a month before you are eligible to begin saving.

Where is my money being invested?

You have the freedom to select your own investments from the mutual funds within the plan’s lineup. If you do not make an investment election, you will be placed in the plan’s default investment option, and age based target date fund.

Is there anybody I can work with to help select my investment plans?

Yes. If you want assistance in selecting your fund portfolio, you can work with the plan’s registered investment advisors, DH Consulting of Raymond James. We encourage all participants to take advantage of their services.

Who is eligible for RadNet’s 401(k) Matching program?

All employees – full-time, part-time or PRN – are eligible to receive a 401(k) matched savings investment to the plan. However, all employee physicians and employees covered under collective bargaining agreements are excluded from receiving the company match, unless it’s provided for in the collective bargaining agreement.

How can I make sure I receive the maximum match from RadNet?

In order to receive the maximum matched contribution from RadNet, you need to save at least 4%.

Can I change the amount I’m saving or opt out of the plan?

Yes, you can change the amount you’re saving or opt out by going online to principal.com or by contacting Principal's client contact center at 1-800-547-7754 7AM – 9PM CT, Monday through Friday. Ask a representative to change your percentage for you. Reference RadNet’s Contract Number: 716258.

Will RadNet’s 401(k) contribution count toward my annual 401(k) limit?

No. Matched savings are not included in the annual IRS 401(k) deferral limits.

When does RadNet make its matching contributions?

RadNet will add its matching contributions after the close of the calendar year.

If I leave before the end of the year, will I still receive a matching contribution?

No, you will not. The RadNet 401(k) Matching Plan has a last day rule requirement. This means in order to receive a plan year’s savings, you must be actively employed on the last day of the calendar year, December 31st.

Are 401(k) matching contributions included on my W-2?

No, matching contributions are not included on your W-2. Matching contributions deposited into your 401(k) account are not taxed until the time of distribution, when you take receipt of the money.

Other questions

401(k) is a complex topic. We get it. If you still have questions, don’t hesitate to contact us!

How can we help you?