401 ܽǪܾǯƎǻ 8LI1%% O 7EZMRKW4PERMWEZEPYEFPIIQTPS]IIFIRIƼXERHSRISJXLIFIWX[E]WXSWEZI 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 par ticipate in the 401(k) Plan after 6 months of service. You will FIGSQIETEV XMGMTERXMRXLI4PERSRXLI)RXV](EXI [LMGLMWXLIƼVWXHE]SJXLIQSRXL immediately following or coinciding with the date you complete 6 months of service. *Rehire eligibility varies. Contact the benefits team at 877-277-2327 or benefits@maac.com for more information. Automatic Enrollment & 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 star ted 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 TIVMSHWXEV XMRK[MXL]SYVƼVWXTE]GLIGOJSPPS[MRK]SYV4PER)RXV](EXI Visit Empower ’s website, or call (844) 465-4455, to register your account, setup or change your contribution and investment allocations or to opt out of the Plan. Empower ’s service center representatives are available weekdays from 7am - 9pm CT and Saturdays from 8am - 4:30pm CT.
Your Contributions
MAA Matching 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 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
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