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401(k) Retirement Plan

401(k) Retirement Plan Overview

Empower Retirement is the record keeper for the Company’s 401(k) plan. Employees age 21 or older are automatically enrolled in the plan at a pretax contribution rate of 6% after completing 1,000 hours of service. You may choose a different contribution amount, choose to make Roth 401(k) contributions, or opt out at any time. 

Please Note: If you choose to contribute less than the 6%, your contribution rates will automatically be increased to 6% each year in July. A 30-day notice will be sent prior to the increase to allow you to opt out during the dates specified in the notice. 

 

The Company makes contributing to the 401(k) Retirement Plan a win/win benefit. We encourage you to save by matching your contributions $1.00 for every $1.00 you contribute up to 6% of your compensation. By deferring 6% of your eligible compensation you maximize your match.

If your weekly deferral is:Your annual contribution would be*:The annual Company match would be:Total annual account contribution would be:
3%$1,200$1,200$2,400
4%$1,600$1,600$3,200
5%$2,000$2,000$4,000
6%$2,400$2,400$4,800

* Based on an annual salary of $40,000

The Company’s matching contributions are deposited in your account quarterly and you are 100% vested in the employer matching contributions after 3 years of service (with a minimum of 1,000 hours each calendar year).

You can choose to create your own portfolio from an array of investment options or choose a single, pre-diversified target date fund based on your expected retirement date. Visit empowermyretirement.com to:

  • Access your account.
  • Name your 401(k) beneficiary.
  • Set your communication preferences.
  • Roll over money from other retirement accounts.
  • Learn whether Roth 401(k) contributions are right for you.

Or, contact Empower Retirement by phone at 844-372-8473 weekdays from 6:00 am to 8:00 pm MST.

Wondering what the difference is? It’s about when you have to pay taxes, and you’ll need to determine which route is best for you. You can choose one or a combination of roads on your retirement journey.

 

Roth and Pretax Infographic

1 Contributions are made prior to tax withholding
2 Contributions made after tax withholding
* Subject to requirements: Roth contributions must be in your account for at least five years and the money withdrawn after age 59½, death or disability. If distribution is not qualified, the earnings are taxed as ordinary income and may be subject to early withdrawal penalties.

Your 401(k) beneficiary will receive the cash benefit from your retirement account in the unfortunate event that you pass away. It is important for you to designate a beneficiary and to keep the information up to date.

Remember, the beneficiary you have listed in Workday for your Life Insurance Policy is not the same as your 401(k) beneficiary. You can add or update the beneficiary for your 401(k) retirement account at any time by going to empowermyretirement.com.

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Representatives of Empower Retirement do not offer or provide investment, fiduciary, financial, legal or tax advice, or act in a fiduciary capacity, for any client unless explicitly described in writing. Please consult with your investment advisor, attorney and/or tax advisor as needed.

Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker-dealers.