For plan details and to determine if you’re eligible for your employer’s 401(k) plan, call Transamerica at
1-800-401-8726.
It’s never too early or too late to plan for retirement. Take advantage of the following benefits
when you sign up:
A 401(k) plan is a great savings vehicle for retirement. First, your contributions during the year are tax-deductible. Secondly, any earnings in the account grow tax-free until they are withdrawn. The earlier you join and start saving, the more time you have to let your nest egg grow.
Visit www.transamerica.com or download the MY TRSRETIRE app from the App Store or Google Play to learn more.
You can start as low as 1% of your eligible earnings up to the 2020 maximum amount of $19,500. If you are age 50 and older, you are able to contribute an additional catch-up of $6,500. The IRS annual maximum limits may change year to year.
Yes, you have the option to elect either a pre-tax and/or after-tax (ROTH) contribution towards your 401(k) retirement savings plan.
Once you have met eligibility, you can increase or decrease your contribution amount at any time and it will be effective on the first of the following month. If you decide to stop your contributions, it will be effective on the next applicable pay date.
If you have questions or need assistance with your employee benefits, contact the ProService Hawaii Open Enrollment Hotline between Monday – Friday, 8am – 5pm.