Retirement Savings 401(K)

As an Associate of Coke Florida, you are eligible to participate in the 401(K) Retirement Savings Plan which includes a Qualified Automatic Contribution Arrangement. You are eligible to participate in the plan if you have completed 60 days of service with the company. You may elect to defer a percentage of your pay each pay period. Your current taxable income is reduced by the amount you contribute through pre-tax salary deferral. This plan allows you to defer 100% of your pay. In addition, you may also elect to defer a percentage of your pay each pay period as Roth deferral, which are after-tax contributions. For any contributions up to 6% of your pay, Coke Florida will match $1.00 for each dollar you invest for the first 1% and $.50 for every dollar for the next 5%.”


This retirement plan includes an automatic contribution arrangement that applies to all eligible participants. If you are a new participant, you will be automatically enrolled in the retirement plan, meaning 3% of your pay will be deducted from paychecks and contributed to the retirement plan on your behalf unless you elect a different salary deferral percentage.” 


The 401(K) plan is administered by Principal. Form more information, call 1-800-547-7754 Monday – Friday between 7 a.m. and 9 p.m. (CT). To log in or set up your account, visit Principal Financial Group > Welcome.

You are eligible to participate in the plan if you have completed at least 60 days of service with the company.

You may elect to defer a percentage of your pay each period. Your current taxable income is reduced by the amount you contribute through pre-tax salary deferral. This lets you reduce your current federal and most state income taxes. This plan allows you to defer from 1% to 100% of your pay.

You may also elect to defer a percentage of your pay each pay period as Roth Deferrals, which are after-tax contributions.

You can contribute money to the Roth 401(K) plan using after-tax dollars. Unlike earnings on traditional contributions, qualified distributions from your Roth 401(k) contributions will not be subject to income tax at retirement.

The IRS has a combined limit on your 401(K) + Roth 401(K) of $20,500 (+ $6,500 catch up if age 50 or older) as of 2022.

This retirement plan includes a Qualified Automatic Contribution Arrangement (QACA) that applies to all eligible participants.
 

You will be automatically enrolled in the retirement plan, meaning 3% of your pay will be deducted from paychecks and contributed to the retirement plan on your behalf unless you elect a different salary deferral percentage.

If you are a rehired participant who did not have automatic salary deferral contributions for an entire plan year, then you will be automatically enrolled in the retirement plan at the same percentage as new participants indicated above. Otherwise, you will be re-enrolled in the retirement plan at the automatic salary deferral percentage that would have applied had you always been automatically enrolled in the retirement plan.

The retirement plan also includes an automatic salary deferral increase provision. Salary deferral contributions for automatically enrolled participants will automatically be increased by 1% every April 1st up to 6%.

If you do not wish to be automatically enrolled, you may elect not to defer or to defer another percentage. You can enter into an agreement to change your salary deferral contribution on any date. You will need to complete and sign the salary deferral agreement or complete an election online before the date on which it is effective. Once an agreement is in effect, salary deferrals will be payroll deducted from your future paychecks. You can terminate your agreement at any time.

IRS regulations limits the annual amount of your salary deferral contributions.

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For contributions up to 6% of your pay, Coke Florida will match $1.00 for each dollar you contribute for the first 1% and $.50 for every dollar for the next 5%.

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You are always 100% vested in the part of the account resulting from the following:

  • Employee Pre-Tax

  • Rollover

  • After-Tax Rollover

  • Catch-up Deferral Rate

  • Roth

  • Roth Rollover

  • Roth Catch-up

You are 100% vested in the Safe Harbor match after 2 years of vested service.

As you change jobs during your career, its easy to forget about retirement accounts you leave behind. Moving, or rolling over, your retirement savings into on account can make managing your retirement savings easier.

Login to your Principal account or contact Principal at 1-800-547-7754 and a retirement specialist can assist you with the process.

We are excited to share that the CCBA 401k Retirement Savings Plan (401k Plan) has added a brokerage account option, also known as a Personal Choice Retirement Account (PCRA), in December 2022. The PCRA is managed by Schwab and participants can elect to transfer up to 50% of their 401k Plan account balance into the account to begin investing into mutual funds, individual stocks, fixed income, CDs and more. Participants will be charged $25/quarter to utilize PCRA and should carefully consider the option and associated transaction/trade fees, policies etc.

Notes:

  • To get started, participants will log in to their Principal account and select PCRA option.

  • Once they complete the application, they will set up a Schwab username and password.  If they already have a Schwab username from outside accounts, that can be used for this account.

  • Once established, the participant will need to initiate the fund transfer via the Principal site. They can transfer up to 50% of their balance- calculated one-time at the time of transfer.

  • Trades are placed through Schwab.

  • The fee to use the PCRA is $100/year- collected in installments of $25 each quarter.

  • Participants can move funds back into their 401k at Principal at any time.

 

PCRA Fact Sheet

 

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