A 401(k) is an employer-sponsored retirement savings plan that lets you save and invest a piece of your paycheck, pre-tax or post-tax. It’s never too soon to start planning for the future!
2025 401(k) Enhancements
Let’s see how this impacts specific individuals...
Meet DJ, an ambassador at CLEAR
About DJ:
Annual salary: $40,000
Current 401(k) balance: $10,000
Meet Sam, a manager at CLEAR
About Sam:
Annual salary: $80,000
Current 401(k) balance: $30,000
Meet Ali, an engineer at CLEAR
About Ali:
Annual salary: $120,000
Current 401(k) balance: $50,000
Interactive Calculator
Visit www.empowermyretirement.com to view and manage your 401(k) or call Empower at 877-456-4015.
From the Empower portal and mobile app you can:
Change your contribution amount/source
Change investment selections
Utilize planning tools and calculators
Plan Features & Highlights
Match dollars are deposited into your 401(k) each pay cycle. Until you vest, you'll see both a vested and unvested balance in your account.
To better help you save for retirement, CLEAR will auto-escalate your 401(k) contribution by 1% each year on January 1 up to an annual maximum of 6%. If you are currently contributing 6% or more, this auto-escalate will not impact you.
You will be able to opt out of the automatic increase in the Empower portal before January 1 each year.
Do you still have a retirement plan account balance from a past employer?
Consolidating your outside retirement accounts into a single qualified retirement plan may save you time and make it easier to achieve the future you want.
Convenient — Review, access and adjust your account via a single statement and one website.
Holistic — Use our innovative income projection calculator to get a more accurate view of where you stand in reaching your retirement income replacement goal.
Simple — Easily manage your assets and reduce the need for multiple accounts.
Get started today — Click here or contact the Empower Solutions Center at 888-737- 4480
Consolidate your retirement accounts - Roll in.pdf
Did you know that the government offers a tax credit to eligible filers just for participating in a retirement plan?
The Saver's Credit is available to eligible workers who have contributed to a company-sponsored retirement plan or an IRA in the past year and earn under certain thresholds.
Learn more here.
To give you greater flexibility in times of need, you may obtain a loan or hardship withdrawal from your 401(k) account. Visit www.empowermyretirement.com or call 877-456-4015 to discuss the options available to you.
Note: Withdrawing money from your 401(k) plan can result in penalties, fees, and tax liability. Please contact Empower to understand the financial impact of taking a loan or withdrawal.
New Team Members Are Auto-Enrolled at 3%
If you start before January 1, 2025:
You will be eligible to participate in the plan after 90 days of employment.
You will be auto-enrolled at 3% on your 91st day of employment.
If you start on or after January 1, 2025:
You will be eligible to participate in the plan after 6 months of employment.
On your 6-month anniversary date you will be auto-enrolled at 3%.
Register www.empowermyretirement.com to view and manage your 401(k) or call Empower at 877-456-4015.
Important note for anyone maxing out their 401(k)!
If you are hired by CLEAR mid-year and have already contributed to a 401(k) plan under a previous employer, you may be at risk of going over the IRS contribution limits.
The IRS annual limit applies to your total contributions across all 401(k) plans, the limit is NOT per employer.
It is your responsibility to keep track of this and ensure your CLEAR contributions + contributions under a prior employer(s)’ plan do not exceed the annual IRS limit.
2024 CLEAR Match Details
Clear Match
Up to 3.5% of your base salary will be matched by CLEAR:
100% of the first 1% you contribute, then
50% on the next 5%
Vesting Requirements
New matching funds will vest in just 2 years, down from 3, so you access those funds sooner.
*Based on most recent hire date
CLEAR Vesting Details
Understanding Your 401(k) Vesting Schedule:
CLEAR updated its 401(k) vesting schedule. Here's what you need to know if you joined and contributed to the plan before January 1, 2025:
Contributions made before January 1, 2025: These contributions will vest after three years, as per the original schedule. This means your employer match from your start date will fully vest on your 3-year* anniversary.
Contributions made on or after January 1, 2025: These contributions are subject to a two-year vesting schedule.
In summary, you have two vesting schedules:
Pre-2025 contributions: 3-year* vesting
2025 and later contributions: 2-year* vesting
If you have any questions, please don't hesitate to contact the HR benefits team here.
*Based on most recent hire date
Investment Options
Personalized investment advice
Schwartz & Co. will meet 1:1 with participants to discuss their optimal deferral rate, contribution source, asset allocation strategy, and long-term financial goals.
Contact our Schwartz team today at (866) 644- 2701 or chris.mackenzie@gjsco.com.
General FAQs
How much can I contribute to my 401(k) each year?
The 2024 IRS annual limit for employee contributions is $23,000. If you are age 50 or older, you are eligible to make an additional catch-up contribution of $7,000 allowing you to contribute a total of $30,000.
Important note! If you are hired by CLEAR mid-year and have already contributed to a 401(k) plan under a previous employer, you may be at risk of going over the IRS contribution limits. The IRS annual limit applies to your total contributions across all 401(k) plans, the limit is NOT per employer. It is your responsibility to keep track of this and ensure your CLEAR contributions + contributions under a prior employer(s)’ plan do not exceed the annual IRS limit.
How do I contact Empower?
Website: www.empowermyretirement.com
Telephone: 877-456-4015
Customer Service Hours: Monday - Friday 8 a.m. - 10 p.m. ET, and Saturdays 9 a.m. - 5:30 p.m. ET
Mobile App: You can download the Empower Retirement mobile app to manage your account on the go.
How do I register online?
At the top right corner click the green "Register" button
Click "I do not have a Pin"
Enter the information below:
Legal last name
Date of Birth
Full Social Security Number
Zip Code (must match address in Ultipro)
Select method to receive verification code (text, email, or voice call).
Enter verification code
Create Username and Password
Supplemental Documents
The information contained on this page should not be considered specific legal, investment, or tax advice.