Retirement

What does retirement look like for you? Maybe you plan to travel the world. Or maybe you’d like to take up some hobbies closer to home. Whatever your goal, it’s important to plan for your own finances so you have the income you’ll need in the future.

One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 401(k) savings plan allows you to save for retirement on a pretax basis. You can begin contributing to the plan at any time once you become eligible and can start making contributions to your account through convenient payroll deductions.

Who is Eligible for the 401(k)?

All regular full-time employees 18 years of age and older are eligible to participate on the first of the month following their hire date.

All other employees are eligible to participate upon completion of 1,000 hours in a consecutive 12-month period or two consecutive years with 500+ hours of service and are 18 years of age or older.

You will be Automatically Enrolled

Automatic Enrollment: Three percent (3%) of your pre-tax pay is automatically contributed to the plan 30 days following your date of eligibility, unless you elect not to contribute. The 3% contribution is automatically invested in a Target Date Fund selected using your estimated retirement year based on your date of birth. If you would like to change or waive the automatic deduction or make elections regarding how you would like your contributions invested, you can contact Vanguard at 1-800-523-1188 or visit www.ownyourfuture.vanguard.com

Increase Your Retirement Savings with a 401(k)

Biweekly, the company may make a discretionary match of up to 100% of the first 3% and 50% of the next 2% of compensation you defer into the plan during the pay period, up to a maximum of $5,200 per calendar year.
Contribute using convenient payroll deductions up to the IRS limit of $24,500 per year.
Change the amount of your contributions or stop your payroll contributions at any time.
Decide how to invest your 401(k) or allow the plan to choose for you.
The 401(k) contribution limit for employees age 50-59 can contribute an extra $7,500*.
And if you’re 60-63 years of aged you can contribute an extra $11,250*.

*If you are age 50+ and earned more than $145,000 in FICA wages last year, any catch-up contributions will automatically be switched to a Roth Catch Up.