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  401(k) Plan

Newly-hired benefit eligible lay employees hired at locations participating in the RCAB 401(k) Plan are automatically enrolled in the 401(k) Plan with a 3% pre-tax deferral if no election is made within 45 days from the date of hire (sample Notice of Automatic Enrollment). Employees can opt out of auto-enrollment and request a contribution amount other than 3%.  Contributions can be made on a pre-tax or Roth after-tax basis and can be a percentage of pay or a specific dollar amount per pay period by completing a RCAB 401(k) Plan Salary Deferral and Waiver form and returning it to their location’s payroll contact.  TIAA mails welcome packets to new enrollees within 10 days of the first deferral being deposited with TIAA.

The 401(k) Plan’s employer matching contribution is 100% of the first 3% contributed plus 50% of the next 2% contributed, for a maximum of 4% for employees who contribute at least 5% of their eligible wages.

Free virtual financial counseling sessions are available from TIAA.  Watch for periodic emails from the Benefits Office.

You can log in to your TIAA account at www.tiaa.org to review and change your investment options and to designate a beneficiary.  For questions about your 401(k) account, please contact the Benefits Office at 617-746-5640 or benefits@rcab.org, or TIAA at 1-800-842-2776.

 

 
RCAB 401(k) Plan Annual Safe Harbor Notice (2021)
RCAB 401(k) Plan Annual Automatic Enrollment Notice (2021)

RCAB Salary Deferral Form + Waiver Form
RCAB Salary Deferral Form + Waiver Form – Portuguese
RCAB Salary Deferral Form + Waiver Form – Spanish

RCAB 401(k) Plan Overview
TIAA Presentation – Getting a Head Start on Retirement Saving

 
 
 

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