A 401k minimum deferral of 10 percent is in effect. This means:
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An annual auto escalation of one percent increase per year until a 10 percent deferral is reached is in effect for employees enrolled in a 401k plan.
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If you wish to opt out of auto escalation, you must complete this form and send it to Leeann Carnes, controller, by 5 p.m. on Friday, Oct. 27.
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Rea will continue its three percent safe harbor contribution in addition to your personal deferral.
Why a 10 percent minimum deferral?
To help you prioritize your future, it's recommended you save between 10-15 percent of your take-home pay for retirement. This recommendation is agreed upon by retirement savings expert and principal, Paul McEwan, and other investment professionals. When you reach 10 percent, and consider Rea's three percent safe harbor contribution, you'll be putting away at least 13 percent of your income for retirement each pay.
Participant fee disclosure
In response to the 404(a)(5) fee disclosure regulations, the annual plan-specific documents for plan participants regarding fees are available on Transamerica's website.
Deferral changes can be made at any time!
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Login to UKG(Ultipro)
- Under the “myself” section, click “life events”
- Select “Change 401k and Roth Deferral”
- Select reason ‘change deferral’.(the system will automatically put your DOH as the effective date)
- Verify your beneficiary information
- Click “next”
- Choose your desired amount