MAA 2023 Benefits Guide

401 (k) Plan 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. Eligibility All associates are eligible to participate in the 401(k) Plan after 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 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 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 . Contribution Options Under the MAA 401(k) Savings Plan, associates have the option of making traditional pre-tax contributions, after-tax Roth contributions or a combination of the two, up to the annual IRS deferral limit. With traditional pre-tax contributions to a 401(k) plan, you do not pay taxes on the contributions until you withdraw them (for example, at retirement). Earnings on pre-tax contributions are also taxable when you withdraw them. With Roth 401(k) contributions, you pay taxes on the money when you contribute it. However, you do not pay taxes on the earnings when you withdraw them as long as: • You’re at least 59 ½ years ol d at the time of the withdrawal or the withdrawal is made after your death or qualifying disability AND • Your Roth 401(k) account in the Plan was established for at least five tax years before the time of the withdrawal. Empower provides a Pretax vs Roth calculator to help you assess whether the traditional pre-tax option, the Roth option, or a combination of both is best for your specific situation. Rollover Options Associates may rollover both traditional pre-tax and Roth 401(k) contribution accounts from other eligible retirement plans with no waiting period. Contact Empower at (844) 465-4455 for more information. Empower Resources Visit Empower’s website, empowermyretirement.com, 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.

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