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401(k) Savings Plan
One way to save for your future retirement is to participate in a 401(k) Plan now. Inframark offers employees a 401(k) Savings Plan to help you save for your retirement. The 401(k) Plan is managed by Empower Retirement. The plan enables you to contribute to a tax-deferred savings account to increase your
retirement income.

The value of your account balance is based on:

  • your contributions (pre-tax, after-tax or Roth)
  • Inframark’s matching contributions (subject to a vesting schedule)
  • investment performance. 

Enrolling in the Plan

You are automatically enrolled in the 401(k) savings Plan with a 6% contribution after the completion of 90 days of service, unless you contact Empower to enroll sooner, to opt out, or to change your contribution level. Call Empower at +1 888-411-4015 or log on to www.empowermyretirement.com

Features and Benefits of the 401(k) Plan

The 401(k) plan offers many attractive features and benefits, including:

  • Reducing your current taxable income by saving on a pre-tax basis
  • Growing your account over time by saving on a tax-deferred basis or with tax-free growth on Roth contributions
  • Convenient payroll deduction of your pre-tax, after-tax or Roth contributions
  • A broad range of investment options

Voluntary Contributions

  • The maximum amount of pre-tax money you can contribute is limited by the IRS. The maximum contribution is updated each year, and for 2021 it is $19,500.  
  • Catch-up Contributions: You may contribute an additional $6,500 pre-tax if you are age 50 or older and have reached the annual IRS contribution limit.
  • If you are considered highly compensated under IRS rules, your annual contributions may be further limited by Inframark in order to comply with non-discrimination requirements.
  • Your contributions will automatically be escalated by 1% each year around July 1, until you are contributing 10%, unless you opt out.

Company Match

Inframark matches 50% up to the first 6% of your salary that you contribute.

Vesting

The money you deposit into the 401(k) Plan is immediately 100% vested. This means you automatically own all of the contributions you made to the plan. The contributions that Inframark makes on your behalf, will be fully vested after five years of service (20% per year).

Rollover Contributions

Inframark allows money from other eligible retirement plans to be deposited into the 401(k) Plan. if you would like to “rollover” your retirement savings from another plan, please contact Empower.

Investment Options

There are a variety of investment options available for you to choose from within the 401(k) Plan. Empower also offers target date funds based on your estimated retirement date, that are professionally managed and designed to become more conservative the closer you are to retirement. More information is available online at www.empowermyretirement.com If you do not choose your own investments, your money will automatically be deposited in the target date fund that most closely matches the year you will turn age 65.

Click the image below to learn more about Target Date Funds.
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