401(k) Retirement Plan

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An integral part of enjoying retirement is financial wellness. The key to being ready for retirement is to start saving now.

The Aristocrat 401(k) Plan, administered by Charles Schwab, offers a variety of investment options. Our company generously matches employee 401(k) contributions to help grow your retirement savings.

Eligibility

You are automatically eligible for the Aristocrat 401(k) plan on your date of hire, but your deferral can take up to at least 30 days to be taken from your check. Charles Schwab will receive your demographic data after you receive your first paycheck. They will then create an account for you and auto-enroll you for a 4% deferral the first of the month after 30 days. If you would like to opt out of the plan or defer a different percentage, you will need to contact Charles Schwab at (800) 724-7526 or online at www.workplace.schwab.com.

Please note that you will not be able to make these changes until your account is set up with Charles Schwab and that will not occur until after your first paycheck is received.

401(k) Contributions

Once eligible and enrolled, Aristocrat matches 100% up to the first 4% of your contributions. If you are age 50 or older, you’re allowed to make catch-up contributions up to annual limits. To elect this catch-up contribution, you will need to contact Charles Schwab and elect a catch-up deferral percentage separately from your standard 401(k) deferral.

You have a choice to have your personal contributions either tax-deferred or taken after tax by enrolling in a Roth 401(k), or you can elect to contribute to both. Your contributions are added to your account(s) through payroll deductions. You can contribute 1% – 100% of your eligible earnings up to IRS limits and your match amounts are 100% vested after two years of employment.

New: After-tax contributions.

Made to your Plan account after taxes are deducted from your eligible pay, these contributions allow you to save beyond the IRS limit placed on pre-tax and Roth 401(k) contributions. You may contribute up to 100% of your eligible pay in combined pre-tax, Roth 401(k), and after-tax contributions, not to exceed the annual additions limit. The annual additions limit is the total dollar amount that you and your employer may contribute to your Plan account each year.^‡ This limit for 2024 is $69,000, excluding any catch-up contributions. Any earnings on after-tax contributions are taxable upon withdrawal. After-tax contributions are not eligible for the employer match.*

*Your employer may have a maximum contribution rate as well as other restrictions. Employer contributions are paid on a pre-tax basis and may be taxable at withdrawal.
‡After-tax contributions are subject to the annual additions limit, which is a limit on the total dollar amount that can be contributed to your Plan account annually. The annual additions limit for 2024 is the lesser of 100% of your eligible compensation or $69,000 ($76,500 if you will be age 50 or older by year-end). Other Plan limits may apply.

New: In-plan Roth rollovers.

In-plan Roth rollovers allow you to convert all or a portion of your eligible pre-tax and/or after-tax balances to Roth savings while leaving the money in your Plan account. You can also set up a standing election to convert any new after-tax contributions to Roth savings automatically. When you retire, you will not pay taxes on the converted balances and any related earnings, as long as certain criteria are met.^†

While there is no fee for in-plan Roth rollovers, you must pay income taxes on any money you roll over that has not been taxed before. Specifically, pre-tax contributions (including any earnings on them) and any earnings generated on after-tax contributions before conversion are taxable in the year they’re converted. Income taxes are not withheld at conversion. You will receive an annual Form 1099-R by early February that includes the amount of any in-plan Roth rollover you made the year prior.

Talk to a tax advisor for help deciding if an in-plan Roth rollover makes sense for you.

†Earnings on Roth 401(k) contributions are eligible for tax-free treatment as long as the distribution occurs at least five years after the year you made your first Roth 401(k) contribution and you have reached age 59½, have become disabled, or have died.

You can elect from a wide range of investment options to help you grow your account balance. Charles Schwab can assist in picking your investment lineup and answer any 401(k) questions you may have through their Learning Center.

Rollovers: A way to combine retirement accounts

One great thing about a 401(k) retirement savings plan is that your retirement assets are often portable when you leave a job. But what should you do with them? Rolling over to a new 401(k) plan is one way. But there are other options you should consider before making a decision. Additionally, there are several important factors to consider based on your personal circumstances. Explore your rollover options.

Helpful Tips on Saving for Retirement

• Start saving as soon as possible to grow your retirement account.
• Begin with small contributions, if necessary, and increase contributions over time.
• Make setting aside money for retirement a habit.
• Understand investment returns may fluctuate.
• Let it sit. Avoid penalties by leaving funds in your 401(k) until retirement.
• If you change jobs, you can roll over your retirement account.

For more information, to make changes, or to access your account, visit workplace.schwab.com or call (800) 724-7526.

What’s the Difference Between a Traditional and Roth 401(k)?

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