Page 20 - CPSS Benefit Guide Class 3 Employee

401(k) Retirement Savings Plan

Whether retirement is way down the road or just around the corner, it’s important to have savings goals and specific
investment objectives. To help you meet your goals and objectives, we offer a 401(k) Retirement Savings Plan, administered
by American Funds, with multiple investment options and a company match. Key details and features of our plan are listed
below.

• After tax Roth contributions may be made with a new Roth rollover option
• You can now enroll in the plan and make changes to your contributions at any time by registering and logging
into your American Funds account.
Vesting
Contributions
Vesting refers to your ownership of the money in your
You can contribute up to $19,500, and if you are age 50 401(k). You are always 100% vested in your
or older, you may contribute up to an additional $6,500 contributions to the plan.
as a “catch-up” contribution.
Contributions may be made on a pretax basis or now by Vesting Schedule
Roth an after-tax basis. Years of Service Percentage
CPS&S will match up to $.50 per $1.00 of the first 5% of
eligible compensation. Participants will be auto-enrolled Less than 2 0%
at the 2% level (employees can opt out within the first 90 2 20%
days).
3 40%
4 60%
5 80%

6 100%

For More Information
• You can now enroll in the plan and make changes to your contributions at any time by registering and
logging into your American Funds account.
• American Funds has many different investment options for you to choose from, along with tools and
resources you can use to determine which options best meet your investment objectives.
• Easy Account Access by visiting www.myretirement.americanfunds.com
• When accessing your account for the first time, click on REGISTER
• You can also access your account using the American Funds Plan Premier app, which is
available from the App store and Google Play
• If you need help accessing your account call Participant Services at (800)204-3731

20