Key’s 401(k) plan supports employees by helping them take steps to save for retirement.
Eligible employees are enrolled and can begin contributing to the 401(k) plan upon hire. After one year of service, employees are eligible for Key’s $1 for $1 matching contribution, up to 6% of pay. Employees immediately vest in the matching contribution. Key may also make a discretionary profit-sharing contribution to employees with at least one year of service and who are employed on the last day of the year. Employees don’t have to contribute to the plan to qualify for the discretionary profit-sharing contribution and will be vested in such contributions after three years of service.
The plan features the ability to make both pretax and Roth employee contributions. There are a variety of investment options, including actively managed and index funds as well as target date funds.
Things to consider:
- You can save 1-100% of your eligible compensation, up to the IRS limit, as a before-tax or Roth after-tax contribution or both.
- If you’re age 50 or older, you’re eligible to save an additional catch-up contribution.
- You are automatically enrolled in the 401(k) plan at a 2% contribution rate if you don’t actively enroll.
- You can select your own investment approach from a wide variety of fund options or consider a target date fund.