Principal is the recordkeeper for the Alera Group 401(k) Retirement Savings Plan.
Whether you picture your retirement as restful and relaxing or filled with travel and hobbies, planning and saving is critical for your future financial well-being. It’s realistic to plan for a retirement lasting 30 years or more.
To help you plan and save for the future, Alera Group provides the 401(k) Retirement Savings Plan — including a company matching contribution to help boost your savings.
Contributions
- You can contribute up to an annual maximum of the lesser of 50% of your eligible compensation or the annual IRS deferral limit on a pre-tax basis through payroll deduction — $23,000 for 2024.
- If you are age 50 or older during the plan year, you can make an additional catch-up contribution up to $7,500 for 2024.
- Alera Group matches 100% of the first 1% you contribute and then 50% of the next 5% you contribute. Contribute at least 6% to receive the maximum Alera Group matching contribution, which is 3.5%.
- After 30 days from your hire date, you will be automatically enrolled in the Plan with a 3% deferral rate on the first of the following month. If you want to contribute more than 3%, create an account and select the deferral percentage that is right for you.
- For example: If you are hired on April 14, you will be automatically enrolled on June 1.
- If you prefer, you may choose to make after-tax (Roth) contributions instead of pre-tax contributions, up to the annual IRS limit.
- If you want to contribute more than the annual IRS limit, you can make additional after-tax contributions — up to $20,000.
Investment Options
- You can choose from a variety of investment options.
- Unless you make an investment election, your contributions will be directed into the Plan’s qualified default investment alternative (QDIA).
Vesting
- Any money you contribute is always 100% yours to keep.
- After two years of employment, you are 100% vested in your company matching contributions, meaning they are yours to keep.