401(k) Mid-Year Check-In
As we approach the halfway mark of 2023, it is an ideal time to check in on the CoolSys 401(k) plan — whether you’ve already enrolled in the plan or are considering it.
If you are already enrolled, you’re likely well aware of the plan’s many benefits. You can check your account balance, review and/or make changes to your investment options and more by visiting principal.com/contributions. If you have additional questions and would like to speak to a Principal retirement specialist, call (800) 547-7754, Monday through Friday, 5 a.m. to 7 p.m. Pacific time.
It’s a good idea to regularly review your retirement plan, whether you’re 20 years, 20 months or 20 days away from retirement. Are you making the most of your investment contributions? Are you taking full advantage of the company match by contributing at least 5% of your paycheck? No matter where you currently stand in terms of retirement, you owe it to yourself — and your financial future — by taking an active role in your 401(k) plan.
Ready to Start Saving for Retirement?
If you haven’t yet signed up for the 401(k) plan, keep reading for a refresher on the plan and its highlights.
Company Match
CoolSys matches 100% of the first 3% of your eligible contributions, then 50% of the next 2%. That means you can earn the full company match by deferring just 5% of your paycheck.
Vesting
On January 1, 2023, the five-year waiting period for vesting on the company match was eliminated. Now vesting begins immediately for plan members, regardless of how long they have been contributing to the plan.
Eligibility
As with the vesting waiting period, the eligibility waiting period to enroll in the 401(k) plan for new employees is no longer required. New employees can sign up on their first day of work or anytime after.
As you can see, there are a number of great reasons to check in on or sign up for the CoolSys 401(k) plan. Remember, log in to principal.com to get started.