The Heritage Group Retirement Savings Plan gives you the option to invest on a pre-tax basis, a Roth basis or a combination of the two. You can also get free money from your employer through a generous 7% company match. That means for each dollar you contribute up to 6% of your eligible pay, your employer matches with a $1.17 contribution. The company match is given pre-tax regardless of whether your personal contribution is pretax or Roth.

If you elect to contribute pre-tax dollars, you save and invest a piece of your paycheck before taxes are taken out. The result is that you enjoy two significant tax breaks today: First, the money you contribute to your 401(k) doesn’t count toward your gross income, thus lowering your taxable income for the year. Second, your earnings and deferrals are not taxed on that money until you withdraw it.

Choosing the Roth after-tax contribution gives you the option to pay taxes on your contributions to your 401(k) today. While you will not be benefiting from reducing your taxable income levels today, your earnings grow taxfree and you pay no taxes when you withdraw the funds when eligible in retirement (provided withdrawals are taken after age 59 ½ and they’re held in a Roth account for at least five years prior to withdrawal).

Unless you opt out, you are automatically enrolled in this savings plan when you begin your employment, with an initial pre-tax employee contribution of 6% of your eligible pay. This rate automatically increases 1% each year until you reach a total of 15% or make a change to your initial election. You may increase or decrease your contribution rate, or opt out entirely, any time. Contact Empower Retirement directly at 1-844-465-4455 or empowermyretirement.com with questions or to adjust your contributions. All employees are eligible to participate in the 401(k). Only full-time employees are automatically enrolled. Parttime and interns can sign up by contacting HRSS to enroll.

Everyone needs a little help now and then

• Get ongoing investment management from a team of professionals. They’ll create a personalized strategy, choose investments based on your needs, and help you stay on track to retire when you want.
• Visit the empower website to enroll in participant management program (subject to additional annual fees disclosed upon enrollment)

Visit the participant portal to access the plan investment lineup, view your current investment elections and performance, and to request to change your investments

• You will find additional information on these items and applicable forms and steps required to initiate a request on the Empower participant portal
• Please call a Service Representative at 1-844-465-4455 for additional assistance