About Crestwood’s Retirement 401(k) plan
Auto Enrollment: The Crestwood 401(k) Plan is set up for automatic enrollment. This means you will be automatically enrolled in the plan at a rate of 5% pre-tax per paycheck approximately after 30 days has passed from your Date of Hire. You will receive prior notification before this happens and you can always opt out or choose another % at any time by accessing the Fidelity netbenefits website.
About our Crestwood 401k Plan: How to Get Started and Invest in Your Future.
Crestwood’s Per Pay Period Company Match: Crestwood proudly offers a company, per pay period, matching contribution to Crestwood 401(k) accounts! Crestwood matches 50% of our employees’ 401(k) contributions, up to the first 4% contributed for each pay period! This means that if you contribute 4% or more, Crestwood will contribute 2% to your 401(k) account. Example: if an employee’s 4% 401(k) contribution was $100 for the pay period, Crestwood will contribute an additional $50 to their 401(k), for a total of $150.
Information: Click here for more information about the company match, including the vesting schedule.
Instructions: Click here for instructions on how to view your employer match on your Fidelity Net Benefits account.
Roth 401(k) Option: You now have the choice of contributing to a traditional pretax 401(k), a Roth 401(k), or a combination of the two. With a Roth 401(k), you pay income taxes now on your contributions so you can withdraw your money tax free in retirement. Learn more about the benefits of having a Roth 401(k) by clicking on the resources below.
Information: Click here to learn more about the Roth 401(k).
Crestwood 401(k) Plan – Webinar (Should I Contribute by Roth, PreTax or Both?).
Fidelity Article – Is a Roth 401(k) Right for You?.
FAQs: Click here for Fidelity’s answers to frequently asked questions.
Video: Click here to watch a short video about the Roth 401(k).
Calculator: Click here to compare a traditional 401(k) to a Roth 401(k), or model combined contributions.
- To access the calculator, login to netbenefits.com
- Click on “Plan & Learn” from the top menu
- Select “Articles, videos, workshops” below “Learn”
- Select “Retirement” as your topic and filter by type by choosing “Tool” and clicking Apply
- Select “Compare the differences between pre-tax and post-tax retirement contributions” to access the calculator
401(k) Plan Loans: There are pros and cons to taking out a loan from your workplace savings account. Use the references below to help you better understand your options.
Video: Click here to watch a workshop on the pros and cons of taking out a plan loan.
Information: Click here for more information on plan loans.
Summary Plan Description (SPD): Click to view SPD
Why Save to a 401(k) plan?
There are many great reasons to contribute to your workplace savings plan. Here are just a few:
Traditional 401(k) Tax-deferred contributions and earnings: Generally, you don’t have to pay income tax on the part of your earnings that you contribute to your plan until you take a withdrawal. If you wait until retirement age, you may be in a lower tax bracket than you are now. You can lower your current income tax bill and delay paying income taxes on your contributions and any earnings until you withdraw them from the plan.
Compounding: If your retirement investments earn interest, that interest can start earning interest as well. this is called compounding and can make a huge difference in helping to grow your retirement savings.
Employer contribution: Crestwood is investing in you and your retirement by offering a per pay period matching contribution to your 401(k) account. Crestwood matches 50% of your 401(k) contribution, up to the first 4% per pay period!
Flexibility: You decide where to invest your money. Crestwood offers a variety of investment options to choose from—and you can change your investment mix as your needs change.
Automatic payroll deduction: Makes the process of saving easy.
Dollar cost averaging: By contributing a set amount of money from each paycheck into a variable-cost investment like a mutual fund, you purchase more shares when the price is low and fewer when the price is high, so your average cost is actually less than the average market price of the fund’s shares.
Access to your savings: Under certain circumstances (such as a hardship), you may be able to take a loan or withdrawal from your account, if serious needs arise.