401(k) RETIREMENT SAVINGS PLAN
Whether you are just a few years away from retirement or in the early planning stages for your future, Southwest Human Development offers a 401(k) retirement savings account to help you plan for your future.
ELIGIBILITY
All regular part- and full-time employees may participate in the 401(k) through Principal upon their date of hire.
EMPLOYEE CONTRIBUTIONS
You can make contributions up to the maximum allowed by the IRS on either a pre-tax or post-tax basis. You can also increase, decrease or stop your contributions at any time.
Southwest Human Development plan’s includes an automatic enrollment provision. When employees become eligible to join the plan, 3% of their pay will be contributed automatically.
You can opt out of the auto enrollment or change your election any time by accessing your account online at principal.com, via the Principal app, or by contacting Principal directly at 800-547-7754.
If you have an existing retirement plan account with a prior employer, you can roll over that account into the Southwest Human Development plan at any time. Information about how to initiate a rollover of a retirement account from a prior employer is available at principal.com.
EMPLOYER CONTRIBUTIONS
Southwest Human Development provides a defined contribution that is equal to 3% of your eligible earnings.
VESTING
Vesting refers to an employee’s “ownership” of their account. You are always 100% vested in your contributions to this plan, including any rollover or transfer contributions, plus any earnings on those contributions. Employer contributions are subject to vesting. An employee is considered 100% vested after two (2) years of service.