401k Changes

CMA Team,

We are always researching and looking for ways to enhance our retirement Plans here at CMA to help you save for your future retirement.  Beginning July 1, 2023, we will be doing just that!  The following changes have been made to our 401(k) Plan.

New 401(k) Participants – Once you have met eligibility to participate in our 401(k) Plan, age 18 or older and have completed 6 month(s) of service, you will be automatically enrolled at a Before Tax deferral rate of 4%.  Then annually, your Before Tax deferral percentage will increase 1% each year until you reach 9%.  You will be Automatically Enrolled unless you select a different deferral percentage or choose to opt out of the Automatic Enrollment during the 30 day wait period prior to your participation date. 

Existing Participants – If you have already been Automatically Enrolled and your deferral percentage is less than 4%, you will be receiving a letter from Empower Retirement by either regular mail service or email notifying you of the deferral percentage increase to 4%.  If you were not automatically enrolled or have elected a deferral percentage yourself, this change does not affect you. 

If you need to make a deferral percentage change or to opt out, you can either log into your 401(k) account at www.empowermyretirement.com or you can call (855) 756-4738 and a customer service representative will be able to help you.