Resources
401(k)
Principal
1 (800) 547-7754
www.principal.com
Contributions to the 401(k) Plan
- You may contribute up to the IRS maximum. 2024 contribution limits $23,000 & Catch-Up Limits $7,500
- Employer Match Contribution: 100% up to 6% of deferrals
- Your plan also accepts rollovers from other qualified plans & IRA’s
- Eligibility: Age 20 ½ & 6 months of service
- Entry Dates: 1/1, 4/1, & 10/1
- You may change your contributions by visiting www.principal.com or (800) 547-7754
- Automatic Enrollment 3%
- Employer Discretionary Profit-Sharing Contribution
Distributions from the 401(k) Plan
You may take a distribution at:
- Retirement (NRA 65)
- Death
- Disability
- Separation from service
- Age 59 ½ In Service
Options Include:
- Cash Distribution
- Rollover to IRA
- Rollover to qualified plan
Target Date Funds
Your plan offers target-date portfolios. Each portfolio is: Diversified, Automatically Rebalanced, an Age-based Allocation, meant to be diversified investment option and has passive index funds underlying. Professionally managed and diversified across investment styles. A single, complete investment option based on a specific retirement year. Adjusted toward a more conservative risk level over time.
