Virginia Property Insurance Association

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401K Savings Plan

All full time employees working at least 1000 hours a year are entitled to participate in the employee savings plan 401(k) after completing one year of service. 

Prudential Financial has extensive information outlining the features of this program online. You may refer to their website at www.retirement.prudential.com if you have questions concerning this program. Retirement representatives are also available Monday through Friday, 8 a.m. to 9 p.m. ET at 1-877-PRU-2100.

Employees are allowed to put up to 50% of their annual salary, up to the annual limit set by the IRS, into the plan.  Up to 50% pre tax dollars can be contributed.
The company contributes $1.00 for every dollar that you save up to a maximum of 6% of your contributions, regardless of whether you save on a before tax or after tax basis.

You are always 100% vested in your pre tax and after-tax contributions, your rollover contributions, and the earnings on these amounts.  The vesting schedule for employer contributions and earnings is as follows:

Years of Service	Vested Percent
2	20%
3	50%
4	75%
5	100%

You have a number of options for the investment of contributions and must provide direction on where those contributions are to be invested.  Please refer to the Prudential website for details on the options available.
Your contributions to the plan are automatically deducted from each payroll check.  A separate account is established and maintained for each participant in the plan.
Employees over the age of 50 are eligible to make “catch-up contributions” which are additional before-tax contributions.  The amount of these contributions varies annually.  Please refer to the Prudential 401k website for complete details.
Beginning July 1, 1991 the employee may borrow from their own vested balances.  You can take a tax free loan for any reason.  Your vested account balance includes your pre tax contributions, any after tax contributions, and any vested employer contributions.  You can borrow up to one half of your vested account balance to a maximum of $50,000.  The minimum you can borrow is $1,000.  There is a $50 loan processing fee for each loan and only one outstanding loan is allowed at a time.  Refer to the Prudential 401k website for full details.