Page 25 - Eden Housing 2022 Benefit Guide

401(k) Retirement Plan – Savvy

Saving for a Secure Future Keep Track of Your
401(k)
Preparing for retirement is a top priority of smart financial planning.
Eden Housing sponsors a 401(k) Plan through Transamerica to help Transamerica
you start saving now. Transamerica offers a variety of investment Call 800-401-8726
options to grow your earnings.
Online at:

www.ta-retirement.com
Eligibility

Employees hired after November 1, 2014 will be automatically
enrolled in the plan unless you opt out. 401(k), contributions will be deducted from your paychecks on a pre-
tax basis and the money in your account will grow, tax-deferred, until you begin using it for retirement. The
401(k) will allow you to save money on taxes now, which may be important if you believe that you will be in a
lower tax bracket after retirement than you are in currently.

Shortly after joining Eden Housing, new employees receive information from HR that provides the plan
details. If you are new to Eden Housing, enrollment in the 401(k) is automatic, although all Plan participants
can change their contribution percentage and/or investment choices at any time.

Company 401(k) Contributions
Eden Housing will begin contributing to 401(k) after one year of service, first day of the following month. To
be eligible for the Eden Housing match of 5% (Up to the IRS maximum allowed) you need to be 18 years or
older and complete 3 years of service with a minimum of 1,000 hours worked for each year. You do not need
to participate in the 401(k) to be eligible for the Eden Housing match.

401(k) at a Glance
• In 2022, you may contribute up to the IRS maximum of $19,500.
• If you are age 50 or over, you can make “catch-up” contributions up to $6,500 to save even

more.

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