« For Employees

401(k) & retirement plan

Prevea offers a competitive retirement plan administered through Transamerica where individuals can contribute to both the 401(k) plan and/or the Roth 401(k) plan.

You can contribute up to 90% of your income per check to the 401(k) plan or the Roth 401(k) plan. After one year of service from your Date of Hire then the following January 1 or July 1 you are eligible for the employer match and discretionary contribution. Prevea will match your deferral dollar-for-dollar up to 6% plus the additional discretionary contribution which is currently 3%. You must be employed on December 31 and have worked 1,000 hours in the year to receive that year’s employer contributions. Employer contributions are always placed in your account at Transamerica in March following that plan year.

Please visit transamerica.com/portal/prevea to make changes to your 401(k) and Roth 401(k) at any time throughout the year,  view Summary Plan Description (SPD), Rollover Instructions, and other retirement resources.  

Click here to download the retirement account rollover instructions.

FAQs

As a new hire at Prevea, you are automatically enrolled in the Prevea 401(k) retirement plan at a 3% deferral rate. Enrollment is automatic and there are no forms to complete. You will be automatically enrolled in the plan after you become eligible or 45 days after your date of hire, whichever is later. Unless you make an alternative election or opt-out, 3% of your pay will be deducted from your paycheck each pay period on a pre-tax basis and contributed to your 401(k) account automatically. See the Automatic Enrollment Notice for further information regarding Auto Enroll.
IRS plan limits for your retirement plan for 2024
  • The elective deferral (contribution) limit for employees who participate in a 401(k) is $23,000.
  • The catch-up contribution limit for employees age 50 and over who participate in a 401(k) is $7,500.
  • The limitation for defined contribution plans is $69,000 (maximum combined employee and employer contribution).
  • The annual compensation limit is $345,000.
IRS plan limits for your retirement plan for 2025:
  • The elective deferral (contribution) limit for employees who participate in a 401(k) is $23,500.
  • The catch-up contribution limit for employees age 50-59 and 64 and over who participate in a 401(k) is $7,500.
  • The catch-up contribution limit for employees age 60-63 who participate in a 401(k) is $11,250.
  • The limitation for defined contribution plans is $70,000 (maximum combined employee and employer contribution).
  • The annual compensation limit is $350,000.

Traditional versus Roth 401(k)

Unlike a traditional pretax retirement plan, a Roth account is funded with after-tax dollars. Those dollars grow tax deferred, and if you hold the account for at least five years and don’t withdraw the money until at least age 59½, you won’t owe a dime in taxes on your earnings. The trade-off: Because contributions are after tax, your take-home pay will be reduced by the amount you save.

This can make a Roth especially attractive if you expect your tax rate to be higher when you retire than while you’re working — maybe due to a combination of a savings plan, Social Security, and other income you expect to receive, a rise in income tax rates, or a combination of both. Also, if you’re just starting out, you might not earn enough today to really benefit from pretax savings; so, a Roth account might make sense, at least early in your career.

Roth FAQs

If your retirement plan allows it, anyone who can save through a traditional pretax plan can fund a Roth account. And unlike a Roth IRA, there are no income limits on Roth eligibility.
You may be able to convert pretax balances* (from your own contributions and any employer matching contributions in which you’re fully vested) to a Roth account within your plan. Important: The move will trigger regular income taxes on the amount you convert. Also, unlike a Roth IRA, the balance will be subject to required minimum distribution (RMD) rules (generally, income must start by April 1 after the year you reach age 70½, unless you’re still working). However, you can avoid an RMD by rolling over the Roth account to a Roth IRA when you retire.

Consider a Roth if:

  • You think you’ll be in a higher tax bracket when you retire than you are today.
  • You’re not earning enough to reap much benefit from a pretax account. (You can always shift to traditional pretax savings if your income — and tax rate — spike upward.)
  • You want to diversify your tax risk — that is, hedge at least some of your savings against the chances that your tax rate will rise later on.

Consider converting to a Roth if:

  • You can afford to pay the regular income taxes on the balance you convert.
You may contribute up to the IRS annual limit (currently $22,500, though other plan limits may apply) to your entire retirement plan- traditional, Roth, or a combination of both.  Also, if you’re age 50 or older at any time during 2024 and  your plan allows, you can contribute an additional $7,500 in “catch-up” contributions to your accounts.  

Accessing your account

Easy access to your account

Your plan website is the first stop for everything you need to know about your account. Sign in to your account to get information about your retirement plan benefits and learn more about saving for your future.

How to enroll online?

Enroll in your plan online with this step-by-step guide.

Vesting and employer match

  • If an employee starts employment between Jan. 1, 2025 through July 1, 2025. 
  • Eligibility date for employer dollars will be July 1, 2026. 
  • The allocation of both employer match and profit sharing will be based on your compensation from 7/1/2026 to 12/31/2026 (a half-year eligibility). 
  • If an employee starts employment between July 2, 2025 through Dec. 31, 2025. 
  • Eligibility date for employer dollars will be Jan. 1, 2027. 
  • The allocation of both employer match and profit sharing will be based on your compensation from 1/1/2027 to 12/31/2027. 
  • Must work 1,000 hours in the plan year to receive that year’s employer match and discretionary contribution. 
  • Employer match and profit sharing contribution are placed in your account after that plan year closes and is audited, which is completed in March following that plan year. 
  • If you are not 18 years of age you will be eligible for the employer contribution after one year of service and the following July 1 or Jan. 1 that follows your 18th birthday (the years of service prior to being 18 do count toward the vesting schedule).
Vesting would be calculated:
  • Date of hire to one year anniversary (1,000 hours worked) = One year of service thus one year of vesting (20%)
  • Date of eligibility for the employer match and employer discretionary profit sharing contribution:
    • Is one year from date of hire (if worked 1,000 hours within the 12 consecutive month period from date of hire) and is based on the next semi- annual entry date.

Questions or need help making changes?

Contact Shari Baer at Shari.Baer1@prevea.com or Marcy Clark at Marcy.Clark@prevea.com