Highlights of the 401(k) Plan
- 401(k) Plan participation is voluntary. This means that you must enroll in the Plan to participate.
- When you enroll, you decide the amount of pretax pay you want to contribute to your account. Pretax contributions lower your taxable income; this means you save money now by paying less in current taxes.
- You may contribute up to $22,500 for 2023 (or $30,000 if you’re age 50 or older) to your 401(k). This is an IRS limit that can change each year.
- You choose how to invest your 401(k) funds in one or more of the Plan’s investment options. If you don’t choose an investment option, your money is invested automatically in the retirement target-date fund corresponding to your age.
- Each investment option has a different level of risk—that is, the degree to which the investment could gain or lose value.
- You can roll over your money from another employer’s or multiemployer’s tax-qualified retirement plan into your account. That will keep your money tax-free until you withdraw it.
- You are always 100% vested in your 401(k) Account (and your Rollover Account).
- To start contributing to the 401(k) Plan, visit Empower’s website for an enrollment kit. The kit contains general information, prospectuses, enrollment/deferral change form, investment election form, beneficiary form, and instructions on where to send them. Or call Empower at 833-390-4832, identify the plan (# 770430-01), and request an enrollment kit.
- Your contributions will start as soon as administratively possible.
- Once your employer processes your enrollment form, Empower—the Plan’s administrator and recordkeeper—will send you a confirmation report. Please keep this for your records.
After you’ve received your confirmation, access your account on Empower’s website to take advantage of all the online tools MassMutual offers. You’ll need to register and create a PIN.
Investing and managing your 401(k)
The Plan offers a wide variety of investment options, including stocks, bonds, and short-term investments such as money market funds and certificates of deposit. See Empower’s website for investment option details.
Empower also offers planning tools, calculators, and educational information to help you set financial goals and make the investment decisions that are right for you.
How to change your plan elections
- To change your 401(k) contribution rate, suspend your 401(k) contributions, or re-start your contributions, complete the 401(k) enrollment/change form, and submit it to your employer.
- To change your Annuity and 401(k) beneficiary, complete the beneficiary form for the Elevator Constructors Annuity and 401(k) Retirement Plan, and mail it to the Benefit Office.
- To change your 401(k) investment elections, you may access your account on Empower’s website and make the changes online or complete the investment election form and mail it to Empower. Visit Empower’s website for the investment election form.
Learn more about your 401(k) retirement benefits!
This video explains the important advantages of saving for retirement with the 401(k) Plan.Watch now
If you have money in a former employer’s or multiemployer’s tax-qualified retirement plan, you can consolidate your savings by rolling over that money into this Plan and investing it in the Plan’s investment options. Log in at Empower.com to learn more.