Enhancements to 401(k) Plan Coming in 2023
November 17, 2022
At CoolSys, we continually evaluate our employee benefits. We recently reviewed and enhanced one of our most important benefits: the 401(k) plan. The best part? These enhancements go into effect on January 1, 2023!
Plan Enhancements for 2023
- Company Match: CoolSys will match 100% of the first 3% of your eligible contributions, then 50% of the next 2%; earn the full company match by deferring 5% of your paycheck.
- Vesting: We are eliminating the five-year waiting period for vesting on the company match effective January 1; vesting begins immediately for plan members regardless of how long they have been contributing.
- Eligibility: We are eliminating the eligibility waiting period to enroll in the 401(k) plan; new employees will no longer be required to wait before signing up for the plan.
How is Your Financial Health?
With the new year just around the corner, now is an ideal time to take your own “temperature” and check your financial health. The 401(k) plan is an excellent place to start. Are you taking full advantage of the company match by contributing at least 5% of your paycheck? Log in to principal.com/contributions to review your contributions. For questions or more information, visit principal.com or call (800) 547-7754 to speak to a retirement specialist, Monday through Friday, 5 a.m. to 7 p.m. PT.
Flex Spending Accounts
Did you contribute to a flex spending account for 2022? To be fully reimbursed, you must use all the funds you contributed by December 31, 2022. Check your plan account for balance and guideline details.