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This retirement plan includes an automatic contribution arrangement that applies to new participants as they enter the plan.  If you are a new participant, you will be automatically enrolled in the traditional 401(k) retirement plan, meaning $50.00 of your pre-tax pay will be deducted from paychecks and contributed to the retirement plan on your behalf unless you elect a different salary deferral percentage or change the deferral to an after-tax  tax Roth 401(k) deferral.

The retirement plan also includes an automatic salary deferral increase provision. All 401(k) participants that are auto-enrolled at $50 a month, and who have not made any changes to their auto-enrollment, will see their monthly 401(k) contribution increase by $10 beginning with their January 13, 2017 paystub. This $10 increase will occur every January and will remain in effect until either: 

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Internal Revenue Service (IRS) regulations or the retirement plan may limit the annual amount of your salary deferral contributions.   If you want to contribute more to your account than would be provided automatically, there are limits on the maximum amount.  The IRS limits are described in Part 2 – Contributions to the Plan – Limits - of the Plan’s Summary Plan Description (SPD) and can also be found on the employer website at principal.com or Annual Contribution Limits 401(k).