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Humana Retirement Savings Plan Highlights
Withdrawing Your Funds

The Humana Retirement Savings Plan is designed for retirement savings. Because the HRSP is qualified with the IRS, you receive various tax advantages. In addition, the IRS places certain restrictions on withdrawing funds from qualified plans. You may withdraw your savings from the HRSP as described below. If you have questions about withdrawing your funds, contact Participant Services at
1-800-724-7526 (en Español call 1-877-905-2553).

Rollover Withdrawal

Associates may make a withdrawal from your rollover account at any time.

You must withdraw at least $1,000 or entire rollover account balance, if less. Only 2 withdrawals may be made within any Plan year.

Age 59½ Withdrawal

Associates who are age 59½ or older may elect to receive an in-service withdrawal at any time. Withdrawals will be applied proportionately against all your available accounts (to the extent vested), unless you elect a different priority. You must withdraw at least $1,000, or your entire account balance, if less. No more than one withdrawal may be made within any six-month period.

After-Tax Withdrawal

You may make a withdrawal from your after-tax account at any time.

You must withdraw at least $1,000 or your entire after-tax account balance, if less. Only one withdrawal may be made within any six-month period.

Loans

While actively employed, you may borrow money from the HRSP, and the loan amount will be deducted proportionately from your available accounts and proportionately liquidated from all investment funds in which those accounts are invested. You may borrow up to 50% of the vested portion of your account balance, or $50,000, whichever is less. The minimum loan amount is $1,000. You may have no more than two loans outstanding at a time. General purpose loans must be repaid within four years. Residential loans must be repaid within 10 years. Loan repayments are deducted from your paycheck on an after-tax basis and include interest. The interest rate will be equal to the Prime Rate at the time you take your loan, plus 1%. In addition, your account will be charged a one-time set up fee. Loan payments, including principal and interest, are credited to your account and will be invested in the same manner as your regular contributions. After your loan request is received and approved, a check for the requested loan amount will be mailed to you in approximately four business days. To apply for a loan, log on to workplace.schwab.com, or you may call Participant Services at
1-800-724-7526 (en Español call 1-877-905-2553).

Hardship Withdrawal

Active associates may be eligible to make a hardship withdrawal. IRS regulations allow hardship withdrawals for the following reasons:

  • To prevent eviction from or foreclosure of your primary residence;
  • To repair damage to your primary residence that would qualify for a casualty deduction on your federal income tax return;
  • To purchase a primary residence;
  • To pay for post-secondary education for you or an immediate family member;
  • To pay for uninsured medical expenses; or
  • To cover funeral expenses for a parent, spouse, child or dependent.

To be eligible for a hardship withdrawal you must exhaust all other reasonable financial resources, including loans from the HRSP, and you must withdraw a minimum of $1,000 or the entire amount available, if less. When you take a hardship withdrawal, the distribution will be proportionately deducted from all your available accounts and proportionately liquidated from all investment funds in which those accounts are invested. If you make a hardship withdrawal you will not be permitted to make contributions to the HRSP for six months. No more than two hardship withdrawals may be taken during a Plan year and there is a fee associated with each withdrawal. Please contact Participant Services for additional information about hardship withdrawals.

Termination

Upon termination of employment, you may withdraw all of your vested account balances. You may request the distribution as a lump sum, rollover or an installment. If you have more than $1,000 in the HRSP, you may elect to keep your savings in the HRSP. Please note: if your vested account balance is $1,000 or less, it may automatically be paid to you upon termination of employment, unless your elect to rollover your account.

Disability

If you become permanently disabled, as defined in the HRSP document, you will be eligible to withdraw your funds from this plan.

Death

Should you die, your account balance will be paid to your beneficiaries in accordance with your beneficiary designation.



How to Enroll
Welcome
My 401(k) Plan
Eligibility
Associate Contributions
Company Matching Contributions
Vesting
Withdrawing Your Funds
Investing Your Savings
Managing Your Account
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Investment Basics
Choose Your Investments
Disclaimers