401(k)
Benefits Enrollment & Changes
You may enroll or make changes to your 401(k) contributions anytime during the year. No change in status is required, and there is no special annual enrollment period for this plan. However, the annual open enrollment period (November 1 - 15) is a good time to take a moment to review your current contribution levels and investments, and make changes if needed.
401(k) elections & changes (including beneficiary designations) are made on the T Rowe Price website (not in Workday).
Maritz Investment Plan 401(k)/ T. Rowe Price
The Maritz Investment Plan (MIP) is available for regular full-time and regular part-time employees. Part-time employees are eligible to participate once they have worked 500 hours in a calendar year. This 401(k) benefit plan allows employees to accumulate funds for future financial security through special investment opportunities while sheltering part of your salary from taxes today.
By participating in the plan, you authorize Maritz, through payroll deductions, to contribute a portion of your pay (determined by you) to your MIP account on a before-tax basis. You can also make after-tax contributions to the plan. All contributions can be invested in one or a combination of T. Rowe Price investment funds of your choice.
Go to the T. Rowe Price portal to enroll, change current elections, rollover funds from a prior 401(k), request a loan or hardship withdrawal, change investment options, add or change your 401(k) beneficiary, or review your balance.
401(k) Contributions & Changes
You are eligible to contribute up to 90% of your compensation pre-tax, up to an annual contribution limit of $22,500 for 2023. The annual contribution limit is $23,000 for 2024. If you are age 50 or over, you may contribute additional catch-up contributions up to $7,500. You are also eligible to contribute up to 6% of your compensation on an after-tax basis. However, the total pre-tax and after-tax contributions cannot exceed 90% of your compensation.
Company Matching Contributions
With matching contributions, for every pre-tax dollar you contribute up to 2% of your eligible base and bonus pay, Maritz will contribute one dollar to your Plan account each pay period. For the next 5% of your eligible pay you contribute, the company will match 50 cents for every dollar. If you defer 7% for your employee contribution, Maritz will add 4.5%. There is no company match on your after-tax contributions.
|
Your Pre-Tax Contribution Percentage |
Maritz Matching Percentage |
|
1% |
1% |
|
2% |
2% |
|
3% |
2.5% |
|
4% |
3% |
|
5% |
3.5% |
|
6% |
4% |
|
7% |
4.5% |