Page 21 - Optima Tax EE Guide 01-20 CA

Retirement Savings

TransAmerica | 401(k)
You are encouraged to participate in Optima Tax Relief’s 401(k) plan. This plan allows
you to fund your retirement with pre-tax dollars. You can defer a percentage of your
annual salary to IRS benefit maximums. If you are 50 years old or older during the plan
year, you may contribute a catch-up deferral. Contact the Human Resources Department
to confirm eligibility and enrollment dates.

401(k) IRS Maximums 2020 2021

Elective Deferral $19,500 Indexed for
Catch-Up Deferral (Age 50+) $6,500 Inflation

Contribution Limits Loans & Hardship Withdrawals
Please refer to the table above for IRS Maximums. Contact the Human Resources Department for
Please note, if you work for multiple employers information / requirements for loans and hardship
during the year, these limits are combined for all withdrawals.
plans that you contribute to during the year.
Restrictions may apply to these limits based on plan Rollover Contributions
documents and annual testing requirements. If you have an outside qualified retirement plan or
account such as a 401(k), 403(b), 457(b) or IRA, you may
Employer Contributions transfer that account into your new plan with Optima
Optima Tax Relief offers an excellent 401(k) program Tax Relief. Please contact TransAmerica or the Human
that will match 50% of your contribution up to 3% of Resources Department for additional information.
your annual income.
Termination of Employment
Contribution Changes Upon termination of employment from Optima Tax
You may stop your contributions entirely at any time, Relief, regardless of reason, you will be entitled to
but be sure to check with Human Resources request a full distribution of your vested account
Department for frequency and process for changing balance. This may be done as a rollover to another plan
your contributions. Requests to change or stop your or IRA. You may also request a lump-sum cash payment
contributions must be submitted through your online to yourself. Please be aware of possible taxes and
account at www.ta-retirement.com. penalties which may apply to any payment other than a
rollover.

Enrollment and Account Access % of
• Attend a monthly 401(k) Enrollment Meeting to learn Vesting Year Ownership
more about the 401(k) plan. 0 0%
• Email HR@optimataxrelief.com to enroll in the 401(k) 1 20%
and set up an account. 2 40%
3
60%
• Go to www.ta-retirement.com to check your 401(k) 4 80%
account balance, view your contributions, change your 5 or more 100%
investments, and more.

Employee Benefits 21