Retirement
What does retirement look like for you? Maybe you plan to travel the world. Or maybe you’d like to take up some hobbies closer to home. Whatever your goal, it’s important to plan for your own finances so you have the income you’ll need in the future.
One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 401(k) savings plan allows you to save for retirement on a pretax basis. You can begin contributing to the plan at any time once you become eligible and can start making contributions to your account through convenient payroll deductions.
AVID offers both a 403(b) and 457(b) plan through Principal to help you reach your retirement goals while enjoying significant tax advantages. You can contact Principal at any time at 800-986-3343 or by logging in to principal.com for more information about the plan, your account balance, making contributions, changing investment elections, initiating a rollover or requesting a loan or withdrawal.
Increase Your Retirement Savings
- Contribute using convenient payroll deductions up to the IRS limit of $24,500 per year.
- Change the amount of your contributions or stop your payroll contributions at any time.
- Decide how to invest your funds or allow the plan to choose for you.
- The 401(k) contribution limit for employees age 50 or older is $32,500 per year.
- The 401(k) contribution limit for employees age 60-63 is $36,000 per year.
403(b) Plan
Who is Eligible for the 403(b)?
All regular, full-time employees are eligible to participate in the 403(b) plan.
How Do I Enroll in the 403(b)?
- You will be automatically enrolled on your date of hire. You may increase, decrease, or opt out at any time by logging into principal.com.
- Automatic contributions will be 6% of your eligible pay each period. However, you can choose to contribute more, less or even nothing.
- AVID also contributes 10% of your eligible pay each period which begins at 90 days of employment.
- Vesting begins after 1 year of service.
- Unless you elect not to participate in the automatic increase program, the percentage withheld from your pay will be increased by 1% every January. The amount withheld from your pay and contributed to the plan under the automatic increase program will not exceed 12%.
457(b) Plan
Who is Eligible for the 457(b)?
All directors and above are eligible to participate in the 457(b) plan.
How Do I Enroll in the 457(b)?
- Enrollment opens upon hire or transfer into an eligible role. Action is required within the enrollment window. Visit principal.com to get started.
- You may choose to contribute as little as nothing or as much as the IRS maximum. Catch up provisions apply.
- AVID will begin contributions on the 1st payday after the enrollment window has closed. AVID contributes $5,000 per year.