The Ricoh Electronics, Inc. Employees’ Savings and Retirement Plan will assist employees in reaching financial goals for retirement. Employees are automatically enrolled in the 401k savings and retirement plan at a deduction rate of 2%. Pre-tax contributions, a new Post-tax contribution option, as well as employer contribution matching are available. Please see the 401(k) 2023 overview document below:
+2023 401(k) Overview
For the full 401(k) plan details, please see the Summary Plan Document provided below:
+401(k) Summary Plan Document
401(k) Enrollment
It’s easy to join the plan and make that next great investment in yourself!
Here’s how:
- First, go to Prudential’s login site at prudential.com.
- Next, click to “Register Now” and then click to “Register for Online Access” in the “Retirement” category.
- If you have questions or need help before getting started, call Prudential at 1-877-778-2100.
- If requested, REI’s group number with Prudential is 880121.
+401(k) Get Started Guide
Upcoming Changes
REI is excited to announce that a Roth (post-tax) option is becoming available! Please see the flyer below for additional details:
+Important Roth Update
+Roth Flyer
401(k) Account Management
Staying up to date on your account’s status, managing your contributions, and tracking your progress towards retirement goals can all be handled though Prudential’s site.
Reference the following document to assist your navigation of the site’s various features:
+401(k) Account Management Information
IMPORTANT DOCUMENT: It is critical that you complete and submit the Beneficiary Designation form below, so that in the event that something happens to you, your designated beneficiary can gain access to the account.
+Beneficiary Designation
Contribution Limits
Through automatic payroll deductions, you may contribute between 1% and 30% of your eligible pay on a pre-tax basis, up to the annual IRS dollar limit (2023=$22,500). You may change your deferral percentage as applicable at the beginning of each payroll period.
If you are age 50 or over by the end of the calendar year and have reached the annual IRS limit or Plan’s maximum contribution limit for the year, you may make additional salary deferral contributions to the Plan up to the IRS Catch Up Provision Limit (2023 = $7,500).
REI Contribution Matching and Vesting
Ricoh Electronics will make matching contributions in an amount equal to 50% of your deferral contributions up to 10% of your eligible compensation. In addition, REI may also make a discretionary profit-sharing contribution to all participating employees, provided they are employed on December 31.
Vesting in the Employer Match is as follows (Note: 1,000 hours worked in a plan year constitutes a year of service for vesting purposes):
- 25% of the employer contribution after 2 years of service
- 50% of the employer contribution after 3 years of service
- 75% of the employer contribution after 4 years of service
- 100% of the employer contribution after 5 years of service
Automatic Contribution Notices
As a means of assisting our employees in retirement planning, please be aware that you will be automatically enrolled in a 2% payroll contribution unless you contact Empower to decline or change your investment election. Please see the automatic enrollment documents below:
+2022 Automatic Contribution Notice
+2023 Automatic Contribution Notice
