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401(k) Retirement Plan

401(k) Retirement Plan

Start saving now for a stronger financial future. CHPW’s 401(k) plan, administered by Empower, offers investment options plus a company match to grow your retirement savings.

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Eligibility & Enrollment Contribution Details
Eligibility All employees are eligible on their first day of employment. You can enroll in the 401(k) plan, designate beneficiaries, or allocate asset distribution anytime.
Salary Deferral Start Date Salary deferrals will begin on the first pay date following the first day of the month coinciding with or following your date of hire.
Your Contribution You may contribute pre-tax (Traditional) or post-tax (Roth), up to 90% of your salary, up to annual IRS maximums.
Automatic Enrollment Employees who do not make elections within 30 days of their first paycheck will be automatically enrolled at a 3% pre-tax deferral amount.
Contribute via Payroll Deduction Contributions are deposited into your account through convenient payroll deductions and are immediately vested (100% yours).
Company Match CHPW matches employee contributions dollar-for-dollar up to 6% of salary. Company contributions are immediately vested (100% yours).
Key Dates
  • Entry: First of the month coinciding with or following date of hire.
  • New Hire: Automatic enrollment occurs approximately 30 days after your first paycheck unless you opt out.
  • Annual Re-Enrollment: On January 1, you are automatically re-enrolled at a 3% pre-tax deferral if your election is below 3%.

Helpful Tips on Saving for Retirement

  • Start saving as soon as possible to grow your retirement account.
  • Begin with small contributions, if necessary, and increase contributions over time.
  • Make setting aside money for retirement a habit.
  • Understand investment returns may fluctuate.
  • Let it sit. Avoid penalties by leaving funds in your 401(k) until retirement.
  • If you change jobs, you can roll over your retirement account.

For more information or to access your account, visit empower-retirement.com or call 800-338-4015.

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