Pace Industries’ 401(k) savings plan makes it easy for associates to prepare for retirement. The program is offered through Principal Financial and is available to any associate after at least three (3) months of employment with Pace.
Associates may begin contributing to the plan on the first day of the month following these three (3) months. Union employees covered by a collective bargaining agreement, leased employees and independent contractors are not eligible for Pace’s 401(k) plan.
| Vesting Schedule | |
| Years of Service | Percentage |
Less than 1 year
| 0% |
| 1 year | 20% |
| 2 years | 40% |
| 3 years | 60% |
| 4 years | 80% |
| 5 years | 100% |
Contribution Limits and Employer Matching
You can contribute 1% to 50% of your total salary – up to $22,500 – the maximum allowable by the IRS, to Pace’s 401(k) plan. Associates age 50 or older may qualify to make additional pre-tax or “catch-up” deferrals of up to $7,500.
Pace matches a portion of associate contributions at a rate of $0.40 for every $1 contributed, up to 7% of total compensation. The employer match will be made annually to each person who is an Active Participant on the last day of the Plan Year.
Principal Financial offers a variety of funding options for retirement funds. Associates enrolling in the 401(k) plan should contact Principal Financial at principal.com or (800) 547-7754 to learn more and designate beneficiaries.
Account Access Help
