401(k) Retirement Savings Plan

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Key Updates About Spending Accounts in 2026

The Basics

You are automatically enrolled in the plan with a 3% deferral rate on the first of the month following your eligibility date. For example, if you're hired on April 14, you become benefits-eligible on May 1, and are automatically enrolled in the 401(k) plan on June 1.

You can adjust your deferral rate at any time through Principal, but if you do not change it, there will be an automatic 1% increase each year on your deferral. You can also choose a flat dollar amount to contribute.

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 of 3.5%.

After two years of employment, you are 100% vested in your company matching contributions.

You can choose from a variety of investment options. If you don’t make an investment election, your contributions will be directed into the Plan’s qualified default investment alternative (QDIA).

Your Contributions

You can contribute up to an annual maximum of the lesser of 50% of your eligible compensation or the annual IRS deferral limit ($24,500 for 2026) on a pre-tax basis through payroll deduction.
You can choose to make after-tax (Roth) contributions instead of pre-tax contributions, up to the annual IRS limit, if you prefer.
If you want to contribute more than the annual IRS limit, you can make additional after-tax contributions. The plan limit for after-tax contributions is $35,000.
Total contributions cannot exceed $72,000 in 2026. This includes your contributions, pre-tax and after-tax, and Alera Group’s contributions.
The deadline to change your contribution is the Thursday prior to Payroll at 3 p.m. CT.

Age 50 or Older?

If you are age 50 or older during the plan year, you can make an additional catch-up contribution of up to $8,000.
If you are ages 60 to 63, new legislation allows you to make “super” catch-up contributions of up to $11,250 (an additional $3,250).
Catch-up deferrals require a separate election in Principal. You can select either a dollar amount or a percentage.
If you earned $150,000+ in 2025, your catch-up contributions must now be Roth (after-tax).
Your regular pre-tax deferral and catch-up deferral will deduct at the same time until each reaches its respective IRS limit. You can also elect your catch-up contribution to begin only after you’ve hit the maximum for pre-tax deferral.

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