• Profit Sharing and 401(k) Savings Plan

For Your Financial Wellbeing

You are eligible to participate in the plan immediately upon employment, provided you are at least age 18 and meet all other eligibility requirements. You can enroll and change your contributions at any time. The plan lets you:

  • Save from 1% to 80% of your earnings on a pre-tax or after-tax basis
  • Receive an automatic boost to your savings from MAPFRE’s matching contribution (50¢ for each $1 you save on the first 6% of your pay) and any profit sharing contribution MAPFRE may allocate
  • Invest the money in your account for possible future growth

Your contributions are subject to an annual limit determined by the IRS. For 2024, that amount is $23,000. If you are age 50 or older and you have contributed the IRS annual maximum dollar limit, you may make an additional “catch-up” contribution of $7,500 in 2024. This provision allows qualified participants the ability to maximize their 401(k) savings.

For more information about the plan and the investment options, contact the Retirement Benefits Department at ext. 14693.

Learn More

Fidelity

800-890-4015

www.401k.com

Plan Documents

Statistics That Will Get You Thinking…
and Hopefully Saving

  • 46% of American households are at risk of not being able to cover essential expenses in retirement.
  • Even small increases in saving can make a big difference.
  • Over confidence is common – 54% of households Fidelity considers “needing attention” believe they are on target to cover all or essential expenses in retirement.
  • Americans who report having a health savings account (HSA) – regardless of income level – tend to have more retirement savings.
  • Millennials (ages 23-38) have surpassed Generation X (ages 39-54) in terms of retirement preparedness.

It’s never too late to start saving!

Source: Fidelity Retirement Savings Association Executive Summary – 2020

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