Venafi / Retirement Plan

A 401(k) is a savings and investing plan that gives you a tax break on money you set aside for retirement.

Contributing to a 401(k) plan may be one of the most important things you can do to prepare for your long-term financial needs. Being on track to meet your financial goals will provide you and your loved ones peace of mind. A 401(k) plan allows you to contribute a portion of your compensation per pay period in order to prepare for retirement. If you are already contributing to the 401(k) plan, now may be a good time to increase your contributions.

What is a 401(k) plan?
401(k) refers to a section of the IRS Code that allows you to save part of your compensation on a Traditional PRE-TAX Basis. This lowers your current taxable income and helps your long- term saving grow faster. You may also choose to save part of your compensation on an AFTER-TAX Roth Basis. Roth contributions are taxed before they are contributed to the Plan. This allows tax-free growth and distribution contributions and the earnings on those contributions (assuming the contributions have been invested for at least 5 years and you have reached age 59 1/2).

Investment changes
You can switch between investment alternatives as often as permitted under the chosen investment.

Vesting
You always own 100% of the contributions you make to the 401(k) and their earnings. Company contributions, if any, are based upon your years of service, and vest at 3 years with a 1 year cliff. At the end of year 1, 33% will be vested. After year 1, 1/36 vests per month for the remaining 24 months. Only the company match has a vesting schedule.

Team Member contributions
Team Member contributions on a pre-tax basis up to 100% of income, to a maximum of $19,500 in the 2021 calendar year (adjusted annually). If you are 50 by the end of the 2021 calendar year, you may make additional pre-tax contributions up to $6,500 (adjusted annually). Team members are auto enrolled at 4%. If you do not make any changes, your contributions will increase 1% each year until the maximum election reaches 10%.

Company contributions
Current company contributions are 50% on the first 5% capped at $3,000 annually. The company contribution stops once your contribution reaches 10% of your pay.

Contribution changes
You may change the amount of your contribution whenever you like.

Investment choices
Contributions to the Plan are held in a trust account. The plan trustees regularly review the investment options offered. You can: 1) build a customized investment portfolio, 2) select an investment option based on your investment style, or 3) select an investment option designed by experts based on your age and projected retirement date.

Enrollment
You are eligible to enroll in the Plan if you are 21 or older. Team members are eligible and auto enrolled 30 day from date of hire. Team members can opt out at any time by making a change to their election online. Go to participant.empower-retirement.com/participant/#/login. The first time you go in, you will need to establish your account. Call 855-756-4738 for assistance.