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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. Please see below for the annual IRS salary deferral limits. If you meet a salary deferral contribution limit, you may continue to defer up to the catch-up contribution limit if you are eligible to defer catch-up contributions.
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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).
