Retirement & 401(k)
Paycor believes it's critical to help support our Associates foundational needs which includes retirement planning. We're pleased to support you and your retirement goals by partnering with Empower to provide a 401(k) Retirement Plan. Empower is committed to providing the highest level of customer service and state-of-the-art technology to help you plan for your future.
2023 Retirement & 401(k)
Planning for retirement doesn’t need to be intimidating. Paycor has partnered with Empower to help you achieve the retirement you want - reaching your goals through saving, investing, and managing your 401(k).
Eligibility
Full, Part time and Seasonal Associates are eligible to start participating in Paycor's 401(k) on the 1st of the month following three months of employment (you must be 21 or older).
Newly hired Associates are automatically enrolled in the Plan at a 3% contribution rate. This means money will automatically be deducted from your pay and contributed to your 401(k) account at a pre-tax contribution rate of 3%, unless you choose a different contribution percent or choose not to contribute. Your contributions will automatically be increased by 1% each January 1st until you reach 8%.
Newly hired Associates will receive communications from Empower and our People Operations team outlining important plan information and key steps approximately one month prior to your eligibility date. Contributions will begin as of the 1st of the month following three months of employment and you may opt out prior to the start of the contributions or change your enrollment contributions at any time through Empower. If you would like to make changes to your contributions, you will need to submit the changes by noon, the Thursday before the next pay period.
Unless you make a different election, contributions will be automatically invested in the plan’s default investment option(s).
Associate Contributions
You may contribute up to 100% of your compensation per pay. The 2023 IRS Annual Maximum contribution limit is $22,500. If you are 50 or over, you can save an additional $7,500 through catch up contributions. Paycor Associates can contribute pre-tax dollars (up to the annual IRS limit) to your account each year. After tax contributions (Roth) and eligible rollovers from other qualified retirement plans are also permitted.
- Traditional - Traditional 401(k) payroll deductions are made on a tax-free basis; taxes are paid on your contributions and earnings when you withdraw funds
- Roth - Roth 401(k) payroll deductions are taken after income taxes are calculated; the money grows tax-free so no taxes are paid when the funds are withdrawn.
Highly compensated individuals are not limited to a contribution rate. A highly compensated Associate is defined as an individual annually making $125,000 or more.
Paycor Contributions
Paycor has a matching contribution of 65% up to 6% of your eligible earnings each pay period. This equates to Paycor contributing $0.65 for every $1.00 you contribute, up to 6% per pay.
It pays to save:
| If your average bi-weekly pay is | $1,280.00 |
| And you contribute 6% to your 401(k) | $76.80 |
| Paycor will GIVE you an additional | $49.92 |
Over the course of the year you will accumulate nearly $3,300.00 before any interest your savings might earn.
Investment Options
You may choose from a menu of investment options to designate the funds in which your contributions are invested. If you do not make an election, your contributions will be invested in the default fund based on your age and anticipated retirement date.
Vesting
Effective January 1, 2019 matching contributions you receive from Paycor are subject to a 3-year graduated vesting schedule. This means that the funds you receive from Paycor are 100% vested, or yours to keep, after 3 full years of employment.
A year of service is defined as the completion of 1000 hours worked within a calendar year. Click here to view all vesting schedules.
Accessing Your 401K Account
Your online account includes balances, investment elections, contribution rates, savings tools, and general information. You can log in several ways. Through the HR Application > People > Benefits > Retirement, online at www.Empower-Retirement.com/participant, or you can call 844-465-4455.
First Time Access
- Log in and select ‘Register’
- Choose the ‘I don’t have a PIN tab’
- Follow the prompts to create a username and password
Existing Accounts
If you have an existing Empower account (from a former employer, for example) you will need to re-register to access your new plan account. Please call the Participant Services team to assist at 888-411-4015.
Mobile Access
Use the FREE mobile app - Empower Mobile to easily access your account information anytime, anywhere.
Download for Android | Download for iPhone/iPad
Beneficiary Designation
It is important to designate a beneficiary for your 401(k) account. A beneficiary is a person, trust, or entity that you designate to receive some or all the assets in your account in the event you pass away.
It is important to review your beneficiary elections periodically and update them should you have a change in status, personal relationships, establish a Trust or Will, etc.
To Designate or Change your Beneficiary
You can edit your beneficiary online through your Empower account. You may choose to elect a Primary or Contingent beneficiary(s):
- Primary Beneficiary - A Primary Beneficiary is the first in line to receive the assets in the account. You may designate more than one Primary Beneficiary as long as the percent of benefit to be received totals 100% among all beneficiaries designated.
- Contingent Beneficiary - A Contingent Beneficiary is next in line to receive the assets in the account should the primary beneficiary(s) not to be alive to collect the assets. You may designate more than one Contingent Beneficiary as long as the percent of the benefit to be received totals 100% among all beneficiaries designated.
Note: If you are married, your spouse will be the beneficiary of your entire account unless you designate a different beneficiary. If you wish to designate a different beneficiary, your spouse must consent to waive their rights to your account.
Rollovers
Do you have a retirement account from a previous employer? Qualified rollovers are accepted after your first paycheck. Balance transfers can be completed by check or direct wire to Empower. Instructions can be found here.
Loans and Withdrawals
The 401(k) Savings Plan is designed to be a long-term savings vehicle. However, we understand there are times when you may need to access your money for important purchases or emergency situations.
Contact Empower to inquire about:
- Traditional Loans
- Residency Loans
- In-Service Distributions
2024 Retirement & 401(k)
Planning for retirement doesn’t need to be intimidating. Paycor has partnered with Empower to help you achieve the retirement you want - reaching your goals through saving, investing, and managing your 401(k).
Eligibility
Full, Part time and Seasonal Associates are eligible to start participating in Paycor's 401(k) on the 1st of the month following three months of employment (you must be 21 or older).
Newly hired Associates are automatically enrolled in the Plan at a 3% contribution rate. This means money will automatically be deducted from your pay and contributed to your 401(k) account at a pre-tax contribution rate of 3%, unless you choose a different contribution percent or choose not to contribute. Your contributions will automatically be increased by 1% each January 1st until you reach 8%.
Newly hired Associates will receive communications from Empower and our People Operations team outlining important plan information and key steps approximately one month prior to your eligibility date. Contributions will begin as of the 1st of the month following three months of employment and you may opt out prior to the start of the contributions or change your enrollment contributions at any time through Empower. If you would like to make changes to your contributions, you will need to submit the changes by noon, the Thursday before the next pay period.
Unless you make a different election, contributions will be automatically invested in the plan’s default investment option(s).
Associate Contributions
You may contribute up to 100% of your compensation per pay. The 2024 IRS Annual Maximum contribution limit is $23,000. If you are 50 or over, you can save an additional $7,500 through catch up contributions. Paycor Associates can contribute pre-tax dollars (up to the annual IRS limit) to your account each year. After tax contributions (Roth) and eligible rollovers from other qualified retirement plans are also permitted.
- Traditional - Traditional 401(k) payroll deductions are made on a tax-free basis; taxes are paid on your contributions and earnings when you withdraw funds
- Roth - Roth 401(k) payroll deductions are taken after income taxes are calculated; the money grows tax-free so no taxes are paid when the funds are withdrawn.
Highly compensated individuals are not limited to a contribution rate. A highly compensated Associate is defined as an individual annually making $125,000 or more.
Paycor Contributions
Paycor has a matching contribution of 65% up to 6% of your eligible earnings each pay period. This equates to Paycor contributing $0.65 for every $1.00 you contribute, up to 6% per pay.
It pays to save:
| If your average bi-weekly pay is | $1,280.00 |
| And you contribute 6% to your 401(k) | $76.80 |
| Paycor will GIVE you an additional | $49.92 |
Over the course of the year you will accumulate nearly $3,300.00 before any interest your savings might earn.
Investment Options
You may choose from a menu of investment options to designate the funds in which your contributions are invested. If you do not make an election, your contributions will be invested in the default fund based on your age and anticipated retirement date.
Vesting
Effective January 1, 2019 matching contributions you receive from Paycor are subject to a 3-year graduated vesting schedule. This means that the funds you receive from Paycor are 100% vested, or yours to keep, after 3 full years of employment.
A year of service is defined as the completion of 1000 hours worked within a calendar year. Click here to view all vesting schedules.
Accessing Your 401K Account
Your online account includes balances, investment elections, contribution rates, savings tools, and general information. You can log in several ways. Through the HR Application > People > Benefits > Retirement, online at www.Empower-Retirement.com/participant, or you can call 844-465-4455.
First Time Access
- Log in and select ‘Register’
- Choose the ‘I don’t have a PIN tab’
- Follow the prompts to create a username and password
Existing Accounts
If you have an existing Empower account (from a former employer, for example) you will need to re-register to access your new plan account. Please call the Participant Services team to assist at 888-411-4015.
Mobile Access
Use the FREE mobile app - Empower Mobile to easily access your account information anytime, anywhere.
Download for Android | Download for iPhone/iPad
Beneficiary Designation
It is important to designate a beneficiary for your 401(k) account. A beneficiary is a person, trust, or entity that you designate to receive some or all the assets in your account in the event you pass away.
It is important to review your beneficiary elections periodically and update them should you have a change in status, personal relationships, establish a Trust or Will, etc.
To Designate or Change your Beneficiary
You can edit your beneficiary online through your Empower account. You may choose to elect a Primary or Contingent beneficiary(s):
- Primary Beneficiary - A Primary Beneficiary is the first in line to receive the assets in the account. You may designate more than one Primary Beneficiary as long as the percent of benefit to be received totals 100% among all beneficiaries designated.
- Contingent Beneficiary - A Contingent Beneficiary is next in line to receive the assets in the account should the primary beneficiary(s) not to be alive to collect the assets. You may designate more than one Contingent Beneficiary as long as the percent of the benefit to be received totals 100% among all beneficiaries designated.
Note: If you are married, your spouse will be the beneficiary of your entire account unless you designate a different beneficiary. If you wish to designate a different beneficiary, your spouse must consent to waive their rights to your account.
Rollovers
Do you have a retirement account from a previous employer? Qualified rollovers are accepted after your first paycheck. Balance transfers can be completed by check or direct wire to Empower. Instructions can be found here.
Loans and Withdrawals
The 401(k) Savings Plan is designed to be a long-term savings vehicle. However, we understand there are times when you may need to access your money for important purchases or emergency situations.
Contact Empower to inquire about:
- Traditional Loans
- Residency Loans
- In-Service Distributions
2024 401(k) Summary Plan Description - Coming Soon
Benefit Options
- Medical & Prescription Drugs
- Dental
- Vision
- Health Savings Account (HSA)
- Flexible Spending Accounts (FSA)
- Life & AD&D
- Paid Time Off (PTO)
- Retirement & 401(k)
- Employee Stock Purchase Plan
- Disability & Leave of Absence
- Tuition Reimbursement
- Adoption Assistance
- Voluntary Benefits
- Life Events
- PerkSpot
- Important Notices