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The MAA 401(k) Savings Plan is a valuable employee benefit and one of the best ways to save for retirement. To assist you in saving and investing wisely, the Plan offers easy-to-understand retirement planning tools and a broad range of competitive investment options through its record-keeper, Empower Retirement (“Empower”). ELIGIBILITY All associates are eligible to participate in the 401(k) Plan after six (6) months of service. You will become a participant in the Plan on the Entry Date, which is the first day of the month immediately following or coinciding with the date you complete six (6) months of service. AUTOMATIC ENROLLMENT AND INVESTMENT OF YOUR CONTRIBUTIONS MAA is committed to helping you get the most out of your Plan. When it comes to making contributions to the Plan, we help you get started and continue to invest in your retirement throughout your career at MAA. To make saving for retirement under the MAA 401(k) Savings Plan easy, the Plan offers an automatic enrollment feature using a default contribution election of 2% of your pre-tax eligible pay each pay period. Additionally, your contributions will be automatically invested in the Plan’s qualified default investment alternative, unless you make a different election. You can make changes to your contribution and investment allocations at any time, however, if you do not take action prior to your Plan Entry Date, 2% of your pre-tax eligible pay will be deducted each pay period starting with your first paycheck following your Plan Entry Date. Visit Empower’s website empowermyretirement.com, or call (844) 465-4455, to register your account, setup or change your contribu- tion and investment allocations or to opt out of the Plan. Empower’s service center representatives are available weekdays from 7am to 9am Central time and Saturdays from 8am to 4:30pm Central time. *Rehire eligibility varies. Contact the benefits team at 877-277-2327 or benefits@maac.com for more information.
YOUR CONTRIBUTIONS You may elect to contribute 1% to 75% of your pre-tax eligible pay, up to the annual contribution limit established by the IRS. The annual contribution limits for 2020 are listed below.
MAA MATCHING CONTRIBUTIONS MAA will match 100% of each dollar for the first 3% of eligible pay you contribute, plus 50% of each dollar for the next 2% of eligible pay you contribute, for a total of 4%. The matching contributions are funded to your account each pay period and immediately vested.
Under age 50 = $19,500 in 2020
Age 50 or older = $26,000 in 2020
The MAA 401(k) Savings Plan is designed to help you reach your long-term financial goals. To ensure that you are maximizing this benefit, consider the questions below:
Am I contributing enough to maximize the company match?
If you are not contributing at least 5% of your eligible pay, you may want to think about increasing your contribution election.
You can review your investment options by visiting empowermyretirement.com, or by calling Empower at 844-465-4455. Licensed call center staff and additional services such as My Total Retirement and Online Advice can provide you with personalized investment and savings advice. Call (844) 465-4455 for more information.
Have I chosen the right investments under the Plan?
Have I designated a beneficiary?
Visit empowermyretirement.com to enter, review or update your beneficiary designation.
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