The Center provides eligible employees with retirement savings options through Principal. Employee contributions are processed weekly through a pre-tax or Roth payroll deduction and deposited into employee-specified investing options. Eligibility (for employee contributions): First day of the quarter following 90 days employment and at least 21 years of age. Employees can begin contributions any time following the date of eligibility.
Employer-sponsored (Center) contributions begin on the first day of the calendar quarter following one year of employment and having worked 1,000 hours. Participants must also be at least 21 years of age. The contribution amount is subject to change, and is currently equal to 3% of employee gross compensation. Employer contributions are processed weekly.
Loans against pension balances are permitted and administered by Principal. A minimum fund balance may apply. The interest rate for any borrowed amount is 2.5% above the prime interest rate (subject to change). Borrowed amounts are generally repaid through weekly payroll deductions. Check with Principal directly regarding loan interest rates.
| Contribution limits | 1% – 100% of your pay, up to $20,500. Age 50+? You can contribute an extra $6,500/year in catch-up contributions. You can update or change your contribution amount at any time within the IRS annual limits. |
| What kind of contributions can I make? | Pre-tax or Roth (post-tax) contributions. |
| Employer Contribution | The employer contribution is currently equal to 3% of employee gross compensation. Employer contributions are processed weekly through payroll. |
| Can I invest the money in my account? | Yes. You choose how all money in your account is invested. You may change your investment allocation at any time. |
| Can I track my account online? | Yes, at principal.com |
| When will my contributions be vested? | You are immediately vested in all of your contributions. The employer contribution will also vest immediately. |
| Eligibility (for employee contributions) | First day of the quarter following 90 days employment and at least 21 years of age. |
Resources
Provider: Principal
Plan ID# 8-22857
Phone: 800-547-7754
Should you need retirement advice, reach out to The Center’s retirement advisors at Brio Benefits Consulting at [email protected].