Online Deferral Changes
Key Takeaway
Employee deferrals are the dollars you elect to contribute to your retirement plan. The maximum dollar amount you can contribute to your plan changes annually and is determined by the IRS and does not include any employer contributions. Each year, you can contribute a percentage of your annual salary until you reach the IRS dollar maximum.
Check with your human resources representative for the current limits. The range of your contribution is determined by your company’s plan document and if you are age 50 or over, you may be eligible to contribute an additional catch-up contribution to the plan.
Always read a fund’s prospectus before investing. Prospectuses are available on the participant website or by calling the Alerus Client Service Center.
Automatic Contribution Increases
Experts suggest saving 10-15% of salary toward retirement. Setting up an Automatic Contribution Increase is a good step to take toward reaching that suggested contribution. Contributions increase slowly — by 1-2% per year — until the deferral goal is met. Participants who set Automatic Contribution Increases report barely noticing the small decrease in their pay and find it well worth the increased savings. Not all plans have an automatic contribution increase function, see your enrollment materials or contact your plan sponsor for details about your plan.
To Change Your Deferral Rate:
- 1
Log into your account. If you need help logging in, visit Retirement Account Access.
- 2
From the My Alerus home page, select your plan under Retirement, then click Change My Contributions.
- 3
For each Source listed, select the Type of contribution and enter your desired future deferral amount or check the box in the No Deductions column if you do not wish to defer.
- You must make an election for each money source listed.
- If you do not want to contribute to a source, you must check the No Deductions box for that source, even if you wish to contribute to another source.
- 4
Make your selections for the Automatic Contribution Increase feature if available.
- 5
Click Continue.
- If the Continue button is inactive, you have not made all the necessary elections.
- 6
View a summary of your changes, if everything is correct, click Finish.
- Your transaction is not complete until you click the finish button and receive a confirmation.
- 7
Check your next pay stub. It is your responsibility to ensure your changes were implemented. If you don’t see the deferral change on your next pay stub, contact the Alerus Client Service Center.