Retirement Savings Plan
Description: Sonesta offers both Traditional 401(k) and Roth 401(k) investment options.
Employee instructions: You can enroll in or change contributions to the 401(k) plan at any time during the year at www.principal.com.
If you are contributing to Sonesta’s 401(k) plan, Sonesta will match 100% of the employee contribution up to 3% of pay, and an additional 50% of the next 2% of pay. Both employee and Sonesta’s contributions are immediately vested. You will become eligible to begin receiving matching contributions on the first of January, April, July, or October following your completion of eleven months of service.
Carrier: Principal
Eligibility: If you are an eligible employee, you may begin to make 401(k) contributions on the first of January, April, July or October after your completion of three months of service.
Phone: 800-547-7754
Principal 401(k) Site Link
Traditional 401(k)
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Allows employees to invest pre-tax money among mutual funds.
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No taxes are paid until you retire and withdrawals being at 59.5 years old.
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Required distributions at age 73 years old.
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2024 Maximum is $23,000
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2024 Catch up for 50+ years old is $7,500
Roth 401(k)
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Allows employees to invest money that has already been taxed among mutual funds.
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To make withdrawals, account must be at least five years old and participant must be 59.5 years of age.
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Avoid minimum distributions at 73 years old