Health Reimbursement Account (HRA)

Distributions are not required at the time of retirement, but are required beginning in the year you attain the age of 72 years. However, you may elect to take your distribution at termination of employment as a lump sum, monthly, quarterly or annual payment. You may also choose to roll over your funds as permitted in your plan document. North Shore Bank will assist you in structuring your repayments to meet your individual needs and goals.

The minimum deferral is $10.00 per pay period. The maximum deferral may change annually. As of tax year 2024, the contribution limit is $23,000. Employees age 50 and older are eligible for catch up contributions of an additional $7,500 with total allowable to $30,500.

Since the inception of the North Shore Bank Deferred compensation program, the bank has assessed no service charges or administrative fees for funds allocated to a North Shore Bank Certificate of Deposit. A small annual asset fee is incurred when funds are allocated to the mutual fund options.

Note:

• Our representatives may not give legal or tax advice. Please consult your attorney or tax advisor for answers to your specific tax questions.
• Your North Shore Bank 457(b) Plan can be funded by both FDIC insured North Shore Bank Certificates of Deposit (CDs) and/or non-Bank investments provided through TransAmerica Funds.
• Investments held in North Shore Bank CDs are FDIC insured.
• However, investments other than North Shore Bank CDs are NOT a deposit or other obligation of the Bank or its affiliates; NOT insured by the FDIC or any other agency of the United States; are subject to investment risk, including possible loss of value.