401(k) Savings Plan

401(k) Savings Plan

It's never too early to start planning for retirement. What are your retirement goals? Do you want to travel? Spend time with your family? Start your own business? Retirement isn't just the end of your working life—it's a planned change to your lifestyle.

The Company helps you save for retirement with the 401(k) Savings Plan. This is a tax-deferred plan that lets you save money now and defer taxes on that money—and any investment earnings it makes—until later in retirement, when you're typically in a lower tax bracket.

To help your savings go even farther, each pay period the Company matches your contributions at 50%, up to 8% of your pay. If you contribute 8% or more of your eligible pay, you will receive the full Company matching contribution and maximize your savings potential. Your pre-tax contribution and the Company' matching contribution is deposited into your 401(k) account each pay period, up to annual IRS contribution limits.

Calculate how much you need to retire!

Automatic enrollment

Automatic enrollment ensures that you benefit from the 401(k) Savings Plan as soon as you are eligible. Written notice of your pending automatic enrollment will be mailed to you at least 30 days prior to the effective date of your automatic enrollment in the plan. If you do nothing after receiving your automatic enrollment notice letter, your plan contributions will begin as soon as administratively possible following the automatic enrollment date specified in your enrollment letter. 8% of your pre-tax pay will be deducted from your paycheck each pay period and automatically invested in the T. Rowe Price Retirement Fund with the target date closest to the year you turn 65. If you opt out of the Plan entirely within 30 days of your date of hire, no contributions will be made to your retirement account.

Contributions

• Your contributions:
  • Pre-tax contributions from 1% to 75% of your pay (up to the IRS contribution limit) through convenient payroll deductions that reduce your current taxable income.
  • Roth contributions from 1% to 75% are made with after-tax dollars—money that has already been taxed. However, if you take a qualified distribution, you will not have to pay taxes on the money you've contributed or on any earnings generated by your Roth account.
  • Pre-tax and Roth contributions may not total more than 75% of your pay (in whole percentages only). Pre-tax and Roth contributions are subject to IRS annual limits.
  • The 2025 IRS contribution limit for pre-tax and Roth after-tax contributions is $23,500.
  • If you are age 50 or older (or will turn 50 during the calendar year) and defer the maximum amount allowed annually by the IRS for 401(k) plan deferrals, you may also contribute a "catch-up contribution" up to the IRS annual catch-up limit. For 2025, if you are age 50-59 and 64 or older, the catch-up contribution is $7,500. If you are age 60-63, the catch-up contribution is $11,250.
• Company contributions:
  • The Company will match your pre-tax, Roth, and catch-up contributions (if any) at 50%, up to 8% of your pay.
  • The Company may also make a discretionary contribution of up to 3% of your pay, deposited into your 401(k) account at the end of the calendar year. You do not need to contribute to the plan to be eligible for the discretionary contribution. To receive the discretionary contribution, you must be at least age 21 and employed by the Company on the last day of the calendar year.
• Automatic increase—this feature helps keep your savings on track by increasing your retirement contribution each year, automatically. 
• True-up feature—the Company makes its Company matching contribution each pay period. If you reach your IRS pre-tax maximum before the end of the year, your bi-weekly contributions will stop as will bi-weekly Company matching contributions. At the end of the year, the Company will look back at your contributions and determine if you missed out on any Company matching contributions because you reached the IRS limit earlier in the year. If so, and you are employed by the Company at any time during the last pay period of the year, the Company will deposit a lump sum true-up matching contribution into your 401(k) account early the following year. 

Investments

You choose how to invest all contributions:

• You can take a hands on approach to managing your portfolio with a variety of investment funds ranging from more conservative to more aggressive.
• You can take a simpler approach by choosing the age-based retirement fund closest to your retirement date. These professionally managed funds have built-in diversification and automatically rebalance to a more conservative mix over time. Automatic rebalancing helps keep your asset allocation on target. This may be a good option if you don't want to spend a lot of time creating your own diversified account.

Retirement Planning Tools and Advice

T. Rowe Price offers a variety of online retirement planning tools on the T. Rowe Price website.

CMSU and T. Rowe Price have also partnered with Morningstar® Retirement Manager^SM to offer investment advice services. This online service considers your unique situation and provides you with personalized recommendations for how much to save, when to retire, and how to invest in your retirement account. To learn more, log in to your account at the T. Rowe Price website.

Vesting

You always own (are fully vested in) your own contributions. Company matching and Company discretionary contributions are vested according to the following schedule:

For more information

Visit T. Rowe Price 24/7 or call 800-922-9945 to:

• Elect or change your contribution amount
• Adjust your investment allocations
• Use tools and calculators to create a customized plan specific to your retirement needs
• View educational resources to help you with your financial planning
• Request a loan from your 401(k) account

If you call, you will need to enter your Social Security Number and PIN that T. Rowe Price mailed to your home. T. Rowe Price can send you a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

See the 401(k) summary plan description for more information about these benefits