401(k) Savings Plan

ELIGIBILITY

All team members are immediately eligible to participate in the 401(k) plan.

TEAM MEMBER CONTRIBUTIONS

The maximum employee deferral amount for 2023 is $22,500 with a catch-up contribution maximum of $7,500. If you are 50 or older, you may contribute a maximum of $30,000 for 2023.

Team members can contribute up to 50% of their eligible compensation through either pretax or Roth contributions, up to the IRS limits. All funds contributed by the team member are 100% vested. A vesting schedule of one year applies to funds completed by Evoque.

EMPLOYER CONTRIBUTIONS

Maximum Employer Contribution is 5% of eligible compensation up to the IRS limit of $330,000 in 2023.

AUTO ENROLLMENT

All new hires will be automatically enrolled into the Plan at a 3% pretax contribution rate. You are immediately eligible to participate. If no elections are made within 60 days, these team members will be auto-enrolled at 3%. These elections can be decreased or increased at any time by the team member.

In addition, auto-enrolled participants will be able to direct contributions to any of the investments available in the Plan. However, if you do not make an investment election, your money will be invested in the default fund for the Plan, the Principal target date fund (based on age and estimated retirement age of 65).

AUTO INCREASE

The plan also provides the opportunity to elect automatic rate increases to help you reach your goals. Also, if you have been auto-enrolled into the plan, Evoque will increase your contribution by 1% on January 1 each year until you reach 10%. You may change this amount or opt out at any time. Auto-increase will occur each January 1 until you achieve 10% unless you change it.

OPTING OUT OF AUTO ENROLLMENT

If you want to contribute a different amount or do not want to contribute to the Plan, you will have 30 days from your hire date to opt out using one of the below two ways:

  • By phone: Contact Principal at 800-547-7754, then enter 0# to speak with a Principal representative. You cannot opt out using the automated telephone system. Representatives are available to take your call weekdays between 7:00 am and 9:00 pm Central Standard Time.
  • Online: Log on to principal.com using your username and password.