Overview
Additional Information from Principal
Financial Wellness Videos
How to Elect/Change Your Variable Comp Deferral
Overview
One of the best ways to make sure you will be financially secure in your retirement years is to begin saving right now. The 401(k) plan is administered by Principal.
- Employees who have completed 90 days of service are eligible with the following pay period to receive 50% employer match up to first 6% contribution.
- Employees are always 100% vested in their contributions, and in any earnings resulting from their contributions. For the company matching portion, a 5-year vesting schedule is followed:
401(k) Plan | Vesting Schedule |
---|---|
Years of Service | Vesting Percentage |
1 year | 20% |
2 years | 40% |
3 years | 60% |
4 years | 80% |
5 years | 100% |
Catch-Up Contribution
If you are age 50 or over or will turn 50 during the plan year, and you are contributing the maximum allowed, you may contribute up to an additional $7,500 (2024 IRS limit) during the year to help you increase your savings in the remaining years left before you reach retirement5
Additional Information from Principal
Financial Wellness Videos
How to Elect/Change Your Variable Comp Deferral