Current Plan: We match 50% of employee contributions, up to $2,000 per year.

New Plan (effective 1/1/2025): 

We will match 100% of your contributions up to 1% of your eligible deferrals, after which CLEAR will match 50% of your contributions up to a maximum of 6%. 

This means you can receive a maximum match of 3.5% of your base salary.

CLEAR match dollars earned before 2025: will remain subject to the 3-year cliff vesting schedule.

CLEAR match dollars earned in 2025+: will be fully vested after 2 years of service, based on your hire date. 

Eligible compensation includes base salary and commissions.

You may not defer bonus compensation into the plan, nor is it eligible for the CLEAR matching contribution.

While no one loves paying fees, it's important to remember that all 401(k) plans come with administrative costs to ensure your retirement savings are managed efficiently and securely. The good news is we’ve negotiated lower fees so more of your money stays in your account, working for you! 

Current Fees (before 2025):

• Empower recordkeeper fee: 0.44% of assets

• Investment advisor fee: 0.28% of assets

New Fees (effective 1/1/2025):

• Empower recordkeeper fee: $45 per participant per year

• Investment advisor fee: 0.18% of assets

• New 401(k) plan in 2025 is considered a safe harbor plan, eliminating the need for refunds to highly-compensated employees.

• Compliance testing required for 2024 plan year, results expected in Q1 2025.

• No action is required if you're already enrolled. Your current deferral elections will carry over. However, you may want to review your contribution percentage to maximize the new match.

• View and update your contribution at empowermyretirement.com.

Under the new plan, you can receive a maximum match of 3.5% of your pay if you contribute at least 6% of your eligible compensation.

Yes, any company match contributions made before January 1, 2025, will continue to vest according to the 3-year cliff vesting schedule.

For additional information or personalized support:

• Contact Empower at 877-456-4015, or

• Submit a ticket to the CLEAR Benefits Team here.