My Retirement Savings Plan
Aegis offers a 401k retirement savings program administered by The Standard. The program allows you to start or continue saving for your retirement through convenient payroll deduction. And, Aegis will match your contributions! For example, if you contribute 4% or more to the plan, Aegis may match 2%.
Eligibility
You are eligible if you are an employee who is at least 18 years of age. You may begin participation in the plan as soon as the first day of the month following your date of hire. Once you become eligible you may enroll or change your paycheck contributions at any time.
Making Contributions
You decide what percentage of your pay you want to contribute directly from your paycheck. In 2023 you may contribute:
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Up to $22,500 in pre-tax and/or Roth after-tax contributions, or
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Up to $30,000 in 2023 if you are over the age of 50 in the year.
Why Contribute to a 401k Plan?
Opportunity for Tax Savings Now
You may contribute pre-tax paycheck contributions, meaning your contribution is deducted from your pay before income taxes are calculated. In other words, pre-tax contributions lower your taxable income now.
Pre-tax Contribution
Example:
If you make $30,000 per year and contribute 2% to the plan, you will contribute $600 to the plan annually, meaning it will reduce your taxable income by $600. You would pay income tax on your withdrawals in your retirement years.
You may also make Roth After-tax payroll contributions. These contributions are deducted from pay after income taxes are calculated. Money in the Roth account and any earnings will be distributed tax-free if withdrawn after age 59½, death, disability and at the end of the five-year taxable period during which your payroll deduction is first deposited into the Roth 401(k) account.
Opportunity for Growth of Your Balance Over Time
An additional benefit of starting to save now is that your paycheck contributions and their investment earnings have the opportunity to grow over time. The example below shows the effect of contributing just $23.20 each pay period. After 35 years you would contribute $21,112 in payroll contributions, however, due to compounding of your contributions and their investment earnings, your balance would be $72,011, an increase of nearly $51,000! It is never too early to start!
Aegis Matching Contributions
Aegis may make a discretionary matching company contribution equal to 50% of pay up to 4% of pay you contribute to the plan.
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Aegis may match 50 cents for each dollar you contribute up to 4% of pay you contribute (maximum 2% match).
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The match will be calculated on both pre-tax and Roth after-tax contributions.
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You are eligible for a company match after one year of service.
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Any matching contribution for 2022 will be made to your 401k account in 2023.
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You gain ownership of the match (called "vesting") over five years at the rate of 20% for each year of service, meaning you are fully vested after five years of service. If you leave Aegis before becoming 100% vested, you will lose any unvested portion of your match.
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Your service prior to 2023 will count towards your eligibility and ownership (vesting) of the company matching contribution.
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You must be employed on the last day of the calendar year to be eligible for the match.
For vesting purposes, a “year of service” is granted for each calendar year you work at least 1,000 hours.
You must be employed on the last day of the calendar year in order to be eligible for the matching contribution. The match will calculated on both pre-tax and Roth After-tax contributions. If you leave Aegis before becoming 100% vested, the non-vested portion will be forfeited.
How is the Company Matching Contribution Calculated?
Here are three examples:
Juan earns $35,000 annually
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He contributes 3% of pay in 2023 = $1,050
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Aegis will contribute 50% of Juan’s contribution – $525
Anna earns $40,000 annually
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She contributes 4% of pay in 2023 = $1,600
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Aegis will contribute 50% of Anna’s contribution = $800
Marco earns $45,000 annually
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He contribute 6% of pay in 2023 = $2,700
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Aegis matches 50% up to 4% contribution
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His 4% contribution = $1,800
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Aegis will contribute up to 50% of Marco’s contribution
How is Vesting Calculated?
Vesting means the portion that Aegis Living matches for you becomes yours after a defined period of time. You earn ownership of the match over 5 years at the rate of 20% for each year of service.
For vesting purposes, a “year of service” is granted for each calendar year you work at least 1,000 hours.
How to Enroll
To enroll
Register and enroll conveniently online at: www.standard.com/retirement. First time users, click on Don’t have an account? Start here link. Once registered, you can then set up your payroll deductions and select your investment options.
Questions
Contact our 401(k) partners below.
The Standard: Call 1-800-858-5420 or email savings@standard.com for
questions about enrollments, or help with the website.
Assured Partners MCM: Contact Stephany Primitivo or Rich Hultquist at 206-343-2323 or email mcm.401k@assuredpartners.com for questions about advice on your investments.