The Intact USA Retirement Savings Plan offers tax advantages, savings incentives and investment options to help you achieve your financial goals.
plan # 092133
The Intact USA Retirement Savings Plan offers tax advantages, savings incentives and investment options to help you achieve your financial goals.
Employees are immediately eligible for participation on their first day of employment. Employees may elect to contribute on a pretax, after-tax or Roth basis up to 40% of salary. Employees age 50 or older are also eligible for pre-tax and Roth catch-up contributions (IRS limits apply to maximum contribution amounts). New hires who do not enroll after 60 days are automatically enrolled in pretax contributions at 6% of pay, with an automatic 1% increase each April. The default for their investments is the age appropriate Target Retirement Fund.
Employees who are eligible for the Plan receive a bi-weekly company match contribution of 100% on up to 3% of your pre-tax or Roth contributions. Investment of these contributions will follow the investment elections that you have on file for your own Plan contributions. If you do not have an investment election on file, these contributions will be invested in the age-appropriate Target Retirement Trust fund, which is the default fund for our Plan.
For 2024, the maximum annual contribution that the IRS permits to your 401(k) account is $23,000 on a pre-tax (or Roth) basis.
Additionally, if you are 50 or over in 2024, you may defer an additional $7,500 pre-tax (or Roth) during 2024, under the IRS "catch-up" provision, for a total combined pre-tax and Roth contribution amount of $30,500. You must make a separate deferral election for catch-up contributions.
A wide variety of investment options are available in the Plan, allowing for broad diversification of your retirement assets.
Employees become 100% vested after three years of employment.
Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, a New York insurer; Homeland Insurance Company of New York, a New York insurer; Homeland Insurance Company of Delaware, a Delaware insurer; OBI America Insurance Company, a Pennsylvania insurer; OBI National Insurance Company, a Pennsylvania insurer; or The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076. This material is intended as a general description of certain types of insurance coverages and services. Coverages and availability vary by state; exclusions and deductibles may apply. Please refer to your insurance policy or consult with your independent insurance advisor for information about coverages, terms and conditions. Some coverage may be written by a surplus lines insurer through a licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.