Welcome Ricart Employee

Pension Advisors

• 1-877-595-0833

        

Principal:

• You have access to your account on the Principal website to view your account, change your investment options or manage your beneficiary election.  The website is www.principal.com/welcome.  You can also call the Retirement Service Center (RSC) at 1-800-547-7754 and speak to a representative.

Automatic Enrollment:

• You will be automatically enrolled at 4% unless you choose to opt out of the plan.  This means your annual salary will be reduced by 4% per year and that amount will be invested in your plan account.
• If your annual salary is $22,000 then approximately $73 a month will be deposited to your account in the plan.
• When you are automatically enrolled into the plan your money will be invested in the plans Target Date fund.
• The maximum amount you can contribute in 2018 is $18,500 if you are under age 50 or $24,500 if you are 50 years old or older.

Automatic Deferral Increase: 

• Your deferral percentage will be automatically increased by 1% each year until your deferral percentage reaches 7% unless you opt-out of the auto-increase program.

Target Date Funds

1. The Ricart 401(k) Plan offers Vanguard Target Date funds.
2. A Target Date fund is a mix of investments (stocks/bonds/cash) that are strategically allocated with your retirement date in mind (or your 65th birthday).
3. Here’s how Target Date Funds work:  if you will be retiring in 2050 your Target Date Fund will have an aggressive allocation (approximately 90% in mutual funds and 10% in bonds) while if you will be retiring in 2020 you will be more conservative (with approximately 55% in mutual funds and 45% in bonds).
4. Not quite sure . . . give us a call we are here to help!

 

Company contributions - Vesting Schedule

• Ricart's contribution is subject to a vesting schedule, which means how much of the company contribution you are entitled to, based on your years of service. 

Years of Service               Vesting %

Less than 2                                                0%

2                                                                20%

3                                                                40%

4                                                                60%

5                                                                80%

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28601 Chagrin Blvd., Suite 550, Cleveland, OH 44122
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