Retirement 401(k)
401(k) Benefits
401(k) Plan:
Colonial Group offers a 401(k) savings plan to help you save for the future. The Colonial Group, Inc. Retirement Saving Plan is offered through Principal Financial. Some of the highlights of our plan includes:
- Eligibility: You are eligible to participate as of first pay period after your hire date.
- Contribution Flexibility: You can choose between deferring your income on a pre-tax basis or Roth (after-tax) or combination of both. Your total contributions may not exceed IRS contribution limit of $23,000 ($30,500 if you are over 50) adjusted annually. There are no income restrictions on Roth contributions.
- Company Match: Colonial Group matches your contribution on a per period basis. The first 3% is matched at 100% and 50% on the next 2%. You are immediately vested in the employer match.
- Profit Sharing: Colonial Group may also make a profit sharing (i.e. discretionary) contribution each year depending on company performance. You are eligible for these contributions, regardless of whether you are contributing to the plan, if you are an active participant on the last day of the plan year. You are vested in profit sharing after 3 years.
- Investment Flexibility: The plan offers a wide arrangement of funds for you to choose from including: target date funds, index funds and actively managed funds.
- Loans: If you need to borrow money, for any reason, you can take a loan from your vested balance. You can borrow 50% up to $50,000 and you pay yourself back the interest.
How to Enroll:
Enroll online or call Principal Financial at 800-547-7754
Online Enrollment | First Time Users:
Visit principal.com/Welcome
- Select Get Started
- Verify your identity
- First and Last Name
- Date of Birth
- SSN
- Zip Code
- Create unique Username and Password and add your email address
- Select and answer three security questions.
