IF YOU HAVE BEEN FURLOUGHED OR DIRECTLY IMPACTED BY THE CORVID-19 OUTBREAK PLEASE VISIT OUR CORVID-19 UPDATE PAGE FOR ADDITIONAL INFORMATION REGARDING YOUR 401(k) SAVINGS PLAN. ON MARCH 27, 2020 CONGRESS PASSED THE CARES Act – 401(k) Legislation WHICH FEATURES ADDITIONAL 401(k) PROTECTION FOR IMPACTED ASSOCIATES.
- You can start saving in the plan immediately upon hire or promotion to a benefits-eligible position (with a short administration set up time)
- Associates are required to be at least 21 years of age to participate in the PSEB 401(k) Savings Plan
- Eligible associates will receive an enrollment packet directly from Empower Retirement at their home address on file.
- After receiving your packet, enroll by calling Empower Retirement at 1-888-411-4015 or visiting https://participant.empower-retirement.com/participant/#/login (plan number 194396)
- You may contribute from 1% to 80% of eligible pay on each payroll through convenient payroll deductions on a pretax (401(k)) or after-tax (Roth 401(k)) basis (up to the IRS annual maximum)
- PSEB will match your pretax and Roth 401(k) combined contributions at a rate of 100% on the first 3% you contribute and 50% on the next 2% you contribute each payroll. Matching funds are deposited to your account on a quarterly basis.
- You are immediately 100% vested in your own contributions and the employer matching contributions
- You have a variety of investment options to choose from
- You can make changes to contributions and investments at any time
- Once enrolled, it’s important to verify your contribution rate on your UltiPro pay statement; your first deduction should occur within two pay cycles after making your election.
Take Advantage of the Company Match!
Each pay period, PSEB matches your contributions dollar for dollar on the first 3% and 50 cents on the dollar for the next 2% of pay deferred into the plan.
The PSEB match is computed on a per pay period basis and will be reflected in your Empower Retirement account on a quarterly basis.
Empower Retirement manages the PSEB 401(k) plan. More details are included below for your reference…
Call Center and voice response phone number.
Contact Empower Retirement’s call center and voice response phone number:
- Monday through Friday 9 a.m. – 10 p.m. Eastern Time.
Access the plan’s robust website.
Get 24-hour access to your plan account, retirement calculators, and a state-of-the art planning tool that allows you to see where you stand — and where you need to be.
Choose from a broad range of investments.
Investing for the future has never been easier. You can choose a single prediversified fund. Or, you can choose from a mix of investments available in the plan to build your own portfolio.
Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, a summary prospectus if available, or an offering statement containing this and other information about any fund, please call 1-888-411-4015. Please read the prospectus or offering statement carefully before investing.
Investments in mutual funds are not guaranteed or insured and will fluctuate in value.
While every effort has been made to ensure the accuracy of the information in this material, in the case of a discrepancy, the official plan document will govern.
Eligible associates will receive an enrollment packet directly from Empower Retirement at their home address on file.
After receiving your packet, enroll by calling Empower Retirement at 1-888-411-4015 or visiting https://participant.empower-retirement.com/participant/#/login (plan number 194396)